Arizona Real Estate License Exam Preparation Questions and Answers

Police power zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators Hereditament any property, whether real or personal, which is capable of being inherited. Caissions small parcels of land that serve as support foundations Intangible meaning that they have no physical form ie rights of way Tangible capable of being touched Real property land, including land improvements, structures and appurtenances thereto, but excludes movable machinery and equipment. Littoral rights (1) a landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) the ownership rights to land bordering these bodies of water up to the high-water mark. Assessment rates residential 10% Vacant land 16% Commercial property 20% Special assessment taxes payments for improvements Escheat the reversion of property to the state in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned Eminent domain the right of the state to take private property for public use Police power the power to temporarily confiscate land buildings in emergency Riparian rights the right of a landowner to the use of water on or adjacent to his land. Exempt well permit required to drill well Less then 2 acres and pumps maximum of 35 gallons per minute Bill of sale a receipt that serves as written or formal evidence of the transfer of ownership of goods