Arizona Real Estate Salesperson Exam Practice Questions and Answers

Does the anti-deficiency statute apply to investment property? True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? False. What are the two requirements of the property if the anti-deficiency statute is to apply? 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? No. In Arizona, IRS liens do not have priority a mortgage/deed of trust filed prior to it. Does a lien for property taxes filed in 2015 have priority over a mortgage filed in 2014? Yes. In Arizona, state property tax liens do take priority over other liens. What is the title of the person who supervises the estate of someone who died without a will? Administrator. What is the title of the person who supervises the estate of someone who died with a will? Executor. When are property taxes ASSESSED? Once a year, January 1. When are the two dates in Arizona in which property taxes are DUE for January 1? For January 1, 2015, they would be DUE on October 1, 2015 and March 1, 2016. When are property taxes LATE for October 1, 2015 and March 1, 2016? For October 1, 2015, they are late on November 1, 2015. For March 1, 2016, they are late May 1, 2016. If a salesperson represents a seller in ALL real estate transactions, that is considered to be what form of agency? General agent