Arizona school of real estate and business
final Exam UPDATED QUESTIONS AND
CORRECT ANSWERS
Shelving and counters are securely fastened in a leased retail store. Such items are -
CORRECT ANSWER Trade fixtures (these are items that a tenant uses in the operation
of a business.)
Which of these is NOT considered when determining whether an item is a fixture or personal
property? - CORRECT ANSWER Value of the annexed item (most often the item is
valuable, but its the intention and manner of the annexation are the most heavily weighted
factor.)
Which is NOT an example of an attachment? - CORRECT ANSWER A basketball
hoop that is moved into the garage in the winter.
When rights transfer with a deed, this is referred to as - CORRECT ANSWER Bundle
of rights (The bundle of rights a proper owner has includes the right of disposition, which
allows the owner to transfer all of some of the rights to other people, as with a deed.)
Which of the following would be considered personal property? - CORRECT
ANSWER Harvested crops (Once a harvested crop is no longer attached to the land, it
becomes personal property.)
Which of the following is personal property? - CORRECT ANSWER Trade fixtures
(Trade fixtures are items owned by the tenant as personal property.)
Patents, trademarks, copyrights, and royalties are an example of: - CORRECT
ANSWER Intangible personalty (Personalty, also called personal property, can be
tangible, such as cars and appliances, or intangible, such as patents, trademarks, copyrights,
and royalties.)
,An article may be changed from realty to personality by - CORRECT
ANSWER Severance (Fixtures can be detached from the land and revert from real to
personal property through the process of severance.)
Which is an example of personal property? - CORRECT ANSWER Wheat just
harvested in the field (Once a harvested crop is no longer attached to the land, it becomes
personal property.)
Real property can be divided into corporeal and incorporeal. Which would be an incorporeal
right? - CORRECT ANSWER An easement (Non-physical attachments are
incorporeal, real property that can be touched is corporeal.)
Physical land, its attachments, and its bundle of rights is known as - CORRECT
ANSWER Real property (Real Property is defined as the actual physical land,
everything both natural and man-made that is permanently attached to it, as well as the
bundle of rights.)
Which is NOT an appurtenance and therefore, does NOT pass with a standard warrant deed?
- CORRECT ANSWER Trade fixtures (Trade fixtures belong to the tenant, who has the
right to remove them at the end of the lease.)
Which item is LEAST LIKELY to be a fixture? - CORRECT ANSWER The curio
cabinet in the living room that matches the room decor.
Brett bought a farm, and two tractors were included in the sale. What is required at the
settlement to transfer ownership of those tractors. - CORRECT ANSWER Bill of sale
(A bill of sale is used to transfer ownership of personal property.)
Building codes are primarily enforced by - CORRECT ANSWER The issuance of
permits (Building codes set construction standards, and plans must comply with the code for
a permit to be issued. Failure to comply with the permit may result in a stop order, fines,
and/or injunctions.)
, Which of the following is NOT properly included in the concept of the power of eminent
domain? - CORRECT ANSWER The right of government to confiscate personal
property from the owner. (Eminent domain is the government's constitutional power (right) to
take (appropriate or condemn) private property for public use, as long as the owner is paid
just (fair) compensation. Eminent domain does not allow the government to confiscate
personal property.)
Ordinarily, first half property taxes are due and payable - CORRECT
ANSWER October 1st ( Arizona property taxes for the first half of the year - Jan 1 to
Jun 30 are due and payable on October 1
The word "ad valorem" best means - CORRECT ANSWER According to value (ad
valorem property taxes are imposed on property owners by local government entities based
on the assessed value of the property.)
As defined in local zoning ordinances, the distances between lot lines and improvements are
known as - CORRECT ANSWER Setbacks (setback requirements indicate a specific
distance between the front property line to the building line, as well as from the interior
property lines.)
If an Arizona property owner does not pay her property tax, a lien can be attached against her
property on what day? - CORRECT ANSWER First Monday in January (unpaid
property taxes can result in a lien against the property as of the first Monday in January)
Fiona bought a lot to build a home. The zoning for that town said that the lot had to be 100
feet wide, but to Fiona's surprise, she learned that the lot was only 98 feet wide when she
applied for a building permit. The land is worthless to Fiona if she cannot build the house for
lack of two feet. What does Fiona need from the zoning board? - CORRECT
ANSWER Variance (variances allow property to be used in a way that does not comply
with the literal requirements of the zoning ordinance.)
Which of the following would LEAST LIKELY be a lawful use for taking homes through the
power of eminent domain? - CORRECT ANSWER Shopping center (eminent domain
is the government's constitutional power (right) to take (appropriate or condemn) private
property for public use. A shopping center would most likely be a private commercial
enterprise.)
final Exam UPDATED QUESTIONS AND
CORRECT ANSWERS
Shelving and counters are securely fastened in a leased retail store. Such items are -
CORRECT ANSWER Trade fixtures (these are items that a tenant uses in the operation
of a business.)
Which of these is NOT considered when determining whether an item is a fixture or personal
property? - CORRECT ANSWER Value of the annexed item (most often the item is
valuable, but its the intention and manner of the annexation are the most heavily weighted
factor.)
Which is NOT an example of an attachment? - CORRECT ANSWER A basketball
hoop that is moved into the garage in the winter.
When rights transfer with a deed, this is referred to as - CORRECT ANSWER Bundle
of rights (The bundle of rights a proper owner has includes the right of disposition, which
allows the owner to transfer all of some of the rights to other people, as with a deed.)
Which of the following would be considered personal property? - CORRECT
ANSWER Harvested crops (Once a harvested crop is no longer attached to the land, it
becomes personal property.)
Which of the following is personal property? - CORRECT ANSWER Trade fixtures
(Trade fixtures are items owned by the tenant as personal property.)
Patents, trademarks, copyrights, and royalties are an example of: - CORRECT
ANSWER Intangible personalty (Personalty, also called personal property, can be
tangible, such as cars and appliances, or intangible, such as patents, trademarks, copyrights,
and royalties.)
,An article may be changed from realty to personality by - CORRECT
ANSWER Severance (Fixtures can be detached from the land and revert from real to
personal property through the process of severance.)
Which is an example of personal property? - CORRECT ANSWER Wheat just
harvested in the field (Once a harvested crop is no longer attached to the land, it becomes
personal property.)
Real property can be divided into corporeal and incorporeal. Which would be an incorporeal
right? - CORRECT ANSWER An easement (Non-physical attachments are
incorporeal, real property that can be touched is corporeal.)
Physical land, its attachments, and its bundle of rights is known as - CORRECT
ANSWER Real property (Real Property is defined as the actual physical land,
everything both natural and man-made that is permanently attached to it, as well as the
bundle of rights.)
Which is NOT an appurtenance and therefore, does NOT pass with a standard warrant deed?
- CORRECT ANSWER Trade fixtures (Trade fixtures belong to the tenant, who has the
right to remove them at the end of the lease.)
Which item is LEAST LIKELY to be a fixture? - CORRECT ANSWER The curio
cabinet in the living room that matches the room decor.
Brett bought a farm, and two tractors were included in the sale. What is required at the
settlement to transfer ownership of those tractors. - CORRECT ANSWER Bill of sale
(A bill of sale is used to transfer ownership of personal property.)
Building codes are primarily enforced by - CORRECT ANSWER The issuance of
permits (Building codes set construction standards, and plans must comply with the code for
a permit to be issued. Failure to comply with the permit may result in a stop order, fines,
and/or injunctions.)
, Which of the following is NOT properly included in the concept of the power of eminent
domain? - CORRECT ANSWER The right of government to confiscate personal
property from the owner. (Eminent domain is the government's constitutional power (right) to
take (appropriate or condemn) private property for public use, as long as the owner is paid
just (fair) compensation. Eminent domain does not allow the government to confiscate
personal property.)
Ordinarily, first half property taxes are due and payable - CORRECT
ANSWER October 1st ( Arizona property taxes for the first half of the year - Jan 1 to
Jun 30 are due and payable on October 1
The word "ad valorem" best means - CORRECT ANSWER According to value (ad
valorem property taxes are imposed on property owners by local government entities based
on the assessed value of the property.)
As defined in local zoning ordinances, the distances between lot lines and improvements are
known as - CORRECT ANSWER Setbacks (setback requirements indicate a specific
distance between the front property line to the building line, as well as from the interior
property lines.)
If an Arizona property owner does not pay her property tax, a lien can be attached against her
property on what day? - CORRECT ANSWER First Monday in January (unpaid
property taxes can result in a lien against the property as of the first Monday in January)
Fiona bought a lot to build a home. The zoning for that town said that the lot had to be 100
feet wide, but to Fiona's surprise, she learned that the lot was only 98 feet wide when she
applied for a building permit. The land is worthless to Fiona if she cannot build the house for
lack of two feet. What does Fiona need from the zoning board? - CORRECT
ANSWER Variance (variances allow property to be used in a way that does not comply
with the literal requirements of the zoning ordinance.)
Which of the following would LEAST LIKELY be a lawful use for taking homes through the
power of eminent domain? - CORRECT ANSWER Shopping center (eminent domain
is the government's constitutional power (right) to take (appropriate or condemn) private
property for public use. A shopping center would most likely be a private commercial
enterprise.)
