ASREB (Arizona specific) B Study Questions and
Answers Verified 100% Correct
The doctrine of water usage in AZ is known as: - ANSWER Prior appropriation
Water rights in AZ are: - ANSWER First in time, first in right
In AZ property taxes are payable: - ANSWER Twice a year
When a party Owns land on a non-navigable stream, they hold title to: - ANSWER Low
water mark
When the county assessor evaluates real estate for the purpose of taxation this is called:
- ANSWER Assessed value
AZ real estate taxes are levied: - ANSWER Once a year
Second half of real estate taxes are due: - ANSWER March 1
Once a homeowners association establishes the assessments, they are paid: - ANSWER
Annually based on the homeowners associations budget
This lien is paid after a foreclosure: - ANSWER Property tax lien
At the end of the 3 year tax redemption period, a person who holds the certificate of
purchase: - ANSWER May extend the period
, This best describes prior appropriation: - ANSWER First in time, first in right
Ad valorem would apply to: - ANSWER Property tax
The redemption period in a property tax foreclosure would be how long after the
certificate of purchase has been issued: - ANSWER 3 years
A buyer is obtaining a new loan. The buyer will accept title with this lien remaining
unpaid as of closing: - ANSWER Property taxes for the current year for the property
being sold
The homestead exemption in AZ is set at: - ANSWER $150,000
Homestead exemptions will protect against: - ANSWER Unforeseen personal
judgements
This will NOT terminate a homestead exemption: - ANSWER Buying other property
Husband and wife own community property, husband dies, who receives husbands half?
- ANSWER Heirs
This action will void a homestead: - ANSWER Declaring primary residence in another
state
In AZ, property owned before marriage is sole and separate, property acquired after
marriage is: - ANSWER Community property
Answers Verified 100% Correct
The doctrine of water usage in AZ is known as: - ANSWER Prior appropriation
Water rights in AZ are: - ANSWER First in time, first in right
In AZ property taxes are payable: - ANSWER Twice a year
When a party Owns land on a non-navigable stream, they hold title to: - ANSWER Low
water mark
When the county assessor evaluates real estate for the purpose of taxation this is called:
- ANSWER Assessed value
AZ real estate taxes are levied: - ANSWER Once a year
Second half of real estate taxes are due: - ANSWER March 1
Once a homeowners association establishes the assessments, they are paid: - ANSWER
Annually based on the homeowners associations budget
This lien is paid after a foreclosure: - ANSWER Property tax lien
At the end of the 3 year tax redemption period, a person who holds the certificate of
purchase: - ANSWER May extend the period
, This best describes prior appropriation: - ANSWER First in time, first in right
Ad valorem would apply to: - ANSWER Property tax
The redemption period in a property tax foreclosure would be how long after the
certificate of purchase has been issued: - ANSWER 3 years
A buyer is obtaining a new loan. The buyer will accept title with this lien remaining
unpaid as of closing: - ANSWER Property taxes for the current year for the property
being sold
The homestead exemption in AZ is set at: - ANSWER $150,000
Homestead exemptions will protect against: - ANSWER Unforeseen personal
judgements
This will NOT terminate a homestead exemption: - ANSWER Buying other property
Husband and wife own community property, husband dies, who receives husbands half?
- ANSWER Heirs
This action will void a homestead: - ANSWER Declaring primary residence in another
state
In AZ, property owned before marriage is sole and separate, property acquired after
marriage is: - ANSWER Community property
