- Study guides, Class notes & Summaries

A lease that provides the specified rent increases at set future dates is called: A) A percentage lease. B) A graduated lease. C) An interval lease. D) An adjustable lease. B) A graduated lease. A Quit Claim Deed is commonly used to: (a) Convey title (b) Secure a loan (c) Cloud the title to real property (d) Release an interest in title (d) Release an interest in title *It may also be used to convey title, but that is not is primary use. A graduated lease would mean that: (a) Ren...

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30 pages

Written in 2023/2024

Grade A+

twishfrancis

What must subdivided lots have? Ingress & Egress What action takes place when a buyer defaults on a deed of trust? Notice of sale is sent to the owner/trustor from the Trustee What percentage would a owner-occupied residential house be assessed at? 10% In a property tax foreclosure a homeowner has: a three year right of redemption How many hours of education are required to renew a real estate sales person's license? 24 Hours How many hours of education are required for a real es...

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16 pages

Written in 2023/2024

Grade A+

twishfrancis

When would a broker not be in violation if one of his agents violated the commissioner's rules? Notify the commissioner immediately How often is the assessed valuation of real estate adjusted by the county assessor? Annually A married couple in Arizona wants to purchase a home with only the wife being the sole owner. What must the husband sign for this to be accomplished? Disclaimer deed IF the deed to the conveyance of a property is not recorded, then the deed is? Valid The broker ...

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21 pages

Written in 2023/2024

Grade A+

twishfrancis

~ The maximum amount of money that may be paid for any one licensee from the Recovery Fund is: - $20,000 - $30,000 - $40,000 - $90,000- $90,000 ~ By June 30, the Real Estate Recovery Fund MUST maintain a balance of: - $200,000 - $250,000 - $300,000 - $600,000- $600,000 ~ The real estate Commissioner is appointed by the: - Governor. - Advisory Board. - Legislature. - Brokers within the state.- Governor ~ The primary purpose of real estate licensing is to: - Have trained prof...

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14 pages

Written in 2023/2024

Grade A+

twishfrancis

When does a salesperson have a listing? When the listing is signed. A salesperson and a co-operating salesperson are representing both the buyer and the seller, who would fiduciary be owed to? Both the buyer and the seller. What do the seller and the listing broker have to agree on when listing a property? The ending date of the listing. In an agency relationship, the primary ethical duty of a broker is to: Represent the principal. When a salesperson obtains a listing: It is property...

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24 pages

Written in 2023/2024

Grade A+

twishfrancis

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, ...

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5 pages

Written in 2023/2024

Grade A+

twishfrancis

When you are foreclosing on a tax lien, where would you go? A. County Assessor B. Small Claims Court C. Superior Court D. Justice of the Peace C. Superior Court What is the statutory redemption period on a tax lien foreclosure sale? A. Depends on the equity invested B. 90 days C. 6 months D. 3 years D. 3 years Which of the following is correct about an estate at will? A. Runs with the land B. May be cancelled by the lessor or lessee C. Weakest type of estate D. Must be recorded...

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13 pages

Written in 2023/2024

Grade A+

twishfrancis

All of the following items would have bearing on whether an item is considered personal property EXCEPT: A. damage from removing the item from the property B. the manner of attachment C. any agreement between buyer and seller concerning the item D. the cost of the item D. The cost of the item. In the sale of commercial property, which of the following documents would be used to transfer shelves, counters, and other personal property? A. Chattel real B. Bill of sale C. Security ag...

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132 pages

Written in 2023/2024

Grade A+

twishfrancis

Q1) Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client C. By type of property Q2) Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle B. A lake Q3) A property abuts a non-navigable stream. What does the owner own? A. Land to the l...

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26 pages

Written in 2023/2024

Grade A+

twishfrancis

Article 26 of the Arizona Constitution Gives licensees the authority to prepare all types of real estate contracts but only when preparation is incidental to their function as agent and agent does not charge for preparation. Statute of Frauds Requires real estate contracts to be in writing to be enforceable Commisioner's Rules Not law but have the force and effect of law on licensees Real Estate Commissioner Appointed by the Governor. Needs 3 years of administrative experience and 5 ye...

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13 pages

Written in 2023/2024

Grade A+

twishfrancis

A utility company wants an easement on land, but the landowner doesn't want his property encumbered. What would the owner give the utility? License If the buyer is assuming an existing loan on the property, which of the following is prorated at closing? Interest Any broker or salesperson who initiates a suit to recover a commission for performing a regulated real estate activity must first be able to prove that he/she was properly _____ at the time the claim arose. Licensed Which Encum...

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7 pages

Written in 2023/2024

Grade A+

twishfrancis

REAL ESTATE CODE The cornerstone of the National Association of Realtors ethics training. Redemption period after non judicial foreclosure NO redemption Reinstate after default and trustee's sale has been recorded 90 days Redemption after a sheriffs sale is 6 months ARTICLE XXVI (26) - of the Arizona Constitution Gives licensees the authority to prepare all types of real estate contracts, but only... - When preparation is incidental to their function as agent and - Agent does no...

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9 pages

Written in 2023/2024

Grade A+

twishfrancis

Accession Acquiring property when trade fixtures are not removed on or before the last day the property is rented. They become real property of the landlord. Fixture An article/item that was once personal property but had been attached to land or a structure so it is now real property. Tests of a fixture 1. Agreement 2. Intention (most important) 3. Attachment 4. Adaptation 5. Relationship 6. Cost (not a factor) Annexation Converting personal property to real property Chattel A...

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13 pages

Written in 2023/2024

Grade A+

twishfrancis

Arizona broker price opinions (BPOs) are perfectly legal if all of the following apply EXCEPT an Arizona real estate broker must provide the opinion. What maximum dollar amount can a subdivider/developer accept for a lot reservation? $5,000 If the holder of a judgment against a real estate licensee is going to file a claim against the Real Estate Recovery Fund, the judgment holder must file the claim within _____ of obtaining the judgment. two years The grace period after a license in ...

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11 pages

Written in 2023/2024

Grade A+

twishfrancis

Residential properties in Arizona have an assessment ratio of ______. 10% Arizona licensed contractor DeAngelo was involved in a case against a consumer and can't pay the judgment amount awarded by the residential contractors recovery fund. What will happen to his contractor's license? His license will be suspended until he pays back the amount paid to the consumer, plus interest. Under which of the following types of leases does a tenant rent property with an unfinished interior and agr...

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48 pages

Written in 2023/2024

Grade A+

twishfrancis

Real estate law is based on both statutory and common law Statutory law can be divided into Federal, state and local classifications Common law is based on tradition, custom and usage and is generally unwritten in statute or code. Common law was developed in England and transferred to the United States by the early colonists. Common law is also derived from judicial decisions. Common law is the basis for the legal system where? Throughout the United States with the exception of Lo...

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7 pages

Written in 2023/2024

Grade A+

twishfrancis

Which of the following is false regarding an affidavit of disclosure? The affidavit of disclosure applies only to residential zone properties Arizona real estate laws state that a real estate commissioner may do each of the following except? Hold an active real estate license while acting as real estate commissioner Two parties orally agreed to enter into a residential lease on November 15 for a period to begin January 1 and expire on December 31 of the following year. Which is true The le...

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5 pages

Written in 2023/2024

Grade A+

twishfrancis

Which of the following is not properly included in the concept of the power of eminent domain:The right of government to confiscate property from the owner. This right falls under police power because confiscation doesn't allow for just compensation and eminent domain is a power with just compensation. A valid warranty deed must contain all of the following elements, except:Signed by grantee A valid warranty deed does not require grantee's signature. You plan to build a high rise b...

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18 pages

Written in 2023/2024

Grade A+

twishfrancis

The word "ad valorem" best means: (a) The addition of value (b) An assessment (c) According to value (d) Worth is assumed (c) According to value Ad valorem property taxes are imposed on property owners by local government entities based on the property's assessed value. A body of federal and state laws designed to prohibit and regulate deceptive advertising and sales practices are known as _________ laws. (a) Consumer protection (b) Maritime (c) Constitutional (d) Case (a) Consume...

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30 pages

Written in 2023/2024

Grade A+

twishfrancis

Would the sale of personal property include a...? Bill of Sales What gov't right requires compensation to private property owners? Escheat The state obtains Escheat Property after a person dies Transfer of real property requires a: Deed What is the economic characteristic of real property? Frozen Asset What is considered personal property? Promissoty Note Fixtures are considered...? Real property Three things true about discount points? - They increase the lender's yeild - They are usu...

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10 pages

Written in 2023/2024

Grade A+

twishfrancis