AZ SCHOOL OF R.E.-AZ SPECIFIC
STATE EXAM REVIEW
Arizona Property Taxes are based on:
a) Pro rata share
b) Assessed Value
c) Front Footage
d) Transfer Value - CORRECT ANSWER -b) Assessed Value (A-1)
The tax rate applied to owner occupied residential property is:
a) 10%
b) 12%
c) 14%
d) 16% - CORRECT ANSWER -a) 10% (A-1)
ASSESSMENT RATIOS:
Residential - 10%
Vacant Land - 10%
Commercial / Industrial - 19%
Which of the following liens would have priority?
a) Recorded Mechanics Lien
b) Unrecorded Mechanics Lien
c) IRS Lien
d) Property Taxes - CORRECT ANSWER -d) Property Taxes (A-1)
ORDER OF TAXATION:
,1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
Property taxes become a lien the first day of:
a) January
b) October
c) November
d) March - CORRECT ANSWER -a) January (A-1)
Tax Due Dates: Owe, No, More, Money
O - Oct (1st 1/2 due)
N - Nov (1st 1/2 late)
M - Mar (2nd 1/2 due)
M - May (2nd 1/2 late)
If a property is not bid at a tax lien sale:
a) The excess rebate goes to the property owner
b) Anyone can later by the tax lien from the Treasurer
c) All other liens are terminated
d) The property can only be sold next February - CORRECT ANSWER -b) Anyone can later by
the tax lien from the Treasurer (A-1)
Rank the following liens in the order of their priority from highest to lowest: IRS lien,
Property Taxes, Special Assessments.
a) IRS lien, Property Taxes, Special Assessments
,b) Property Taxes, Special Assessments, IRS liens
c) Property Taxes, IRS liens, Special Assessments
d) IRS liens, Special Assessments, Property Taxes - CORRECT ANSWER -b) Property Taxes,
Special Assessments, IRS liens (A-1)
ORDER OF TAXATION:
1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
When a broker misappropriates funds, this is called:
a) conversion
b) commingling
c) conveyance
d) consideration - CORRECT ANSWER -a) conversion (A-1 & B-1)
Conversion: The misappropriation of other people's money or property (theft/stealing).
What type of property would have the highest tax rate:
a) vacant land
b) shopping center
c) parking lot
d) residential housing - CORRECT ANSWER -b) shopping center (A-1)
Assessment Ratios:
, 1) Residential - 10%
2) Vacant Lot / Parking Lot (if no charge for parking) - 16%
3) Commercial / Industrial - 19%
What is the priority of property tax liens:
a) Date recorded
b) After IRS liens
c) Always in first position
d) After the homestead exemption - CORRECT ANSWER -c) always in first position (A-1)
ORDER OF TAXATION:
1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
When are the first 1/2 property taxes delinquent:
a) October 1
b) November 1
c) March 1
d) May 1 - CORRECT ANSWER -b) November 1 (A-1)
Tax Due Dates: Owe, No, More, Money
O - Oct (1st 1/2 due)
N - Nov (1st 1/2 late)
M - Mar (2nd 1/2 due)
STATE EXAM REVIEW
Arizona Property Taxes are based on:
a) Pro rata share
b) Assessed Value
c) Front Footage
d) Transfer Value - CORRECT ANSWER -b) Assessed Value (A-1)
The tax rate applied to owner occupied residential property is:
a) 10%
b) 12%
c) 14%
d) 16% - CORRECT ANSWER -a) 10% (A-1)
ASSESSMENT RATIOS:
Residential - 10%
Vacant Land - 10%
Commercial / Industrial - 19%
Which of the following liens would have priority?
a) Recorded Mechanics Lien
b) Unrecorded Mechanics Lien
c) IRS Lien
d) Property Taxes - CORRECT ANSWER -d) Property Taxes (A-1)
ORDER OF TAXATION:
,1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
Property taxes become a lien the first day of:
a) January
b) October
c) November
d) March - CORRECT ANSWER -a) January (A-1)
Tax Due Dates: Owe, No, More, Money
O - Oct (1st 1/2 due)
N - Nov (1st 1/2 late)
M - Mar (2nd 1/2 due)
M - May (2nd 1/2 late)
If a property is not bid at a tax lien sale:
a) The excess rebate goes to the property owner
b) Anyone can later by the tax lien from the Treasurer
c) All other liens are terminated
d) The property can only be sold next February - CORRECT ANSWER -b) Anyone can later by
the tax lien from the Treasurer (A-1)
Rank the following liens in the order of their priority from highest to lowest: IRS lien,
Property Taxes, Special Assessments.
a) IRS lien, Property Taxes, Special Assessments
,b) Property Taxes, Special Assessments, IRS liens
c) Property Taxes, IRS liens, Special Assessments
d) IRS liens, Special Assessments, Property Taxes - CORRECT ANSWER -b) Property Taxes,
Special Assessments, IRS liens (A-1)
ORDER OF TAXATION:
1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
When a broker misappropriates funds, this is called:
a) conversion
b) commingling
c) conveyance
d) consideration - CORRECT ANSWER -a) conversion (A-1 & B-1)
Conversion: The misappropriation of other people's money or property (theft/stealing).
What type of property would have the highest tax rate:
a) vacant land
b) shopping center
c) parking lot
d) residential housing - CORRECT ANSWER -b) shopping center (A-1)
Assessment Ratios:
, 1) Residential - 10%
2) Vacant Lot / Parking Lot (if no charge for parking) - 16%
3) Commercial / Industrial - 19%
What is the priority of property tax liens:
a) Date recorded
b) After IRS liens
c) Always in first position
d) After the homestead exemption - CORRECT ANSWER -c) always in first position (A-1)
ORDER OF TAXATION:
1. Property Taxes
2. Assessments
3. Mechanics liens
4. Mortgages
5. Judgments
6. IRS
When are the first 1/2 property taxes delinquent:
a) October 1
b) November 1
c) March 1
d) May 1 - CORRECT ANSWER -b) November 1 (A-1)
Tax Due Dates: Owe, No, More, Money
O - Oct (1st 1/2 due)
N - Nov (1st 1/2 late)
M - Mar (2nd 1/2 due)
