ARIZONA SPECIFIC-REAL ESTATE 2024,2025 QUESTIONS WITH ALL CORRECT ANSWERS, GRADED A+

When the county assessor evaluates real estate for the purpose of taxation, this is called: - Assessed value What lien has priority first: - Property taxes Property taxes become a lien the first day of: - January If a property is not bid at a tax foreclosure sale: - Anyone can later buy the tax lien from the Treasurer Rank the following in order: IRS lien, Property Taxes, Special Assessments - Property Taxes, Special Assessments, IRS Liens When a broker misappropriates funds, this is called: - Conversion What type of property would have the highest tax rate: - Shopping center What is the priority of property tax liens: - Always in first position When are the first half property taxes delinquent: - November 1 The two designations or classifications of water law in Arizona are: - Ground the surface Taxes are assessed on: - Value of the propertyThe doctrine of water usage in Arizona is known as: - Prior appropration Water rights in Arizona are: - First in time, first in right In Arizona, property taxes are payable: - Twice a year When a party owns land on a non-navigable stream, it is said they hold title to: - Lower water mark Arizona property taxes are based on: - Assessed value Real estate taxes are levied in Arizona: - Once a year The tax rate applied to owner occupied residential property is: - 10 % Second half real estate taxes are due: - march 1st Once a homeowner's association establishes the assessments, they are paid: - Annually based on the homeowner's association's budget What is paid first after a foreclosure: - Property taxes At thend of the three-year tax redemption period, a person who holds the certificate purchase: - May extend the period Which best describes prior appropriation: Reliction First in time first in right Riparian rights Adequate water supply - First in time, first in rightAd valorem would apply to: - Property taxes The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued: - 3 years What lien has second priority: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006 - Mortgage A buyer is obtaining a new loan to purchase property. The buyer is most likely to accept title with what lien that is unpaid as of close of escrow: - Property taxes for the current year for the property being sold The Homestead Exemption in Arizona is now set at: - $150,000 Homestead exemption will protect a person against: - Unforeseen personal judgments What will NOT terminate a homestead exemption: - Buying other property If a husband and wife own community property and the husband dies, who receives the husband's half: - Heirs What action will void a homestead: - Declaring primary residence in another state In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered: - Community property You homestead your property then default on a loan for 50k secured with a note and Deed of Trust. How much does the one foreclosed on own: - 50kWhat is not required to appear on a listing agreement: - Construction cost A property that is in foreclosure has had a valid homestead recorded. What is the status of the foreclosure: - Foreclosure will continue as normal What would NOT apply to community property with right of survivorship: - Willing to a third party In order to qualifty for the 150k homestead exemption, you may have: - Primary residence A person would qualify for a homestead when: - Upon taking ownership and moving in What would not qualify for a homestead exemption: - Family who owns a house in the name of a corporation What deed will NOT convey title: General Warranty Special Warranty Quit Claim Disclaimer - Disclaimer What would NOT appear on a public report: Utilities Title condition Market value Legal description - Market Value When a lot is sold outside of a subdivision, what must appear in the deed: - No ingress or egress existsAn affidavit of value would NOT contain: - Tax transfer stamps What is the purpose of an affidavit of value: - Assist the County Assessor in determining property values In Arizona, you may obtain title under: - Adverse possession What coverage would NOT be included in an owner's policy of title insurance: - Parties in adverse possession What would NOT be covered in a standard owners's policy of title insurance: - Easements obtained by prescription An owner's title policy would protect a buyer against: - Forgery In Arizona, a deed must be signed by the: - Grantor A deed is acknowledged in Arizona to: - Meet state law Who signs a deed of conveyance: - Grantor At what point does recordation take place: - Docket and page number are assigned How long does a subcontractor have to file a mechanic's lien: - 120 days after completion of work What would NOT be involved in a Deed of Trust: - Vendor A defeasance clause in a Deed of Trust allows for: - Cancellation of the lender's claim upon full not paymentIf one was to research the county public records, one would always find: - Mechanic's lien When a Deed of Trust is satisfied, the trustee sends out a: - Deed of reconveyance An owner hires a general contractor to build a commercial project. The owner pays the general in full, but he general fails to pay the subcontractors. What is true: - The subs can file a mechanics lien against the property Who would provide instructions regarding signing of the deed of reconveyance: - Beneficiary Naked legal title best describes the interest of: - Trustee under a trust deed What is NOT true regarding a mechanics lien: - A mechanics lien may be files at any time Property taxesa re what type of lien: - Specific What could NOT be part of a Deed of Trust: - Statutory forfeiture period An assignment of Rents Clause is for the benefit of the: - Beneficiary A mechanic's lien must be placed on title by a general contractor within: - 120 days after job is completed When do you file a mechanic's lien: - Completion of work A mechanics lien may be filed by The utility company Construction employeeThe auto mechanic The lumber supplier - The lumber supplier Mechanic's lien takes priority: - Date work began If you have been given notice of a possible future lien, this lien is probably for: - Mechanic's lien