Arizona real estate Study guides, Revision notes & Summaries

What are the two requirements of the property if the anti-deficiency statute is to apply? - ANSWER-2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - ANSWER-The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - ANSWER-Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage file...

Real estate class final exam(2023- 2024)With complete updated solution Which of the following cannot be a trustee? - answerCPA The discount points are 3%, which represents $2,700. The buyer down payment is 20%. What is the purchase price of the property - answer100%-20%= 80% $2,700/3%= $90,000 90,000/80%= $112,500 A method of legal description that uses definite property lines and starting points is called? - answerFormal metes and bounds The seller wants to net $175, 000 after paying a 6...

What is the form of co-ownership in which two or more persons each have an undivided interest in the property but no right of survivorship? - Tenancy in Common A type of ownership that is considered a long-term lease is best described as: - Cooperative Building codes are primarily enforced by: - the issuance of permits An interest in and possession of any real property is called - An estate Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side setbac...

What are the two requirements of the property if the anti-deficiency statute is to apply? - 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? - No. In Arizo...

Which of the following is NOT a specific lien? a. an unrecorded mortgage b. a mechanic's lien c. a judgement lien d. a blanket mortgage - c. a judgement lien Which of the following is NOT an encumbrance on real property? a. lease b. easement c. homestead right d. restrictive convenant - c. homestead right Which of the following is NOT an appurtenance? a. easement right b. mineral right c. water rights d. trade fixtures - d. trade fixtures The physical characteristics of land incl...

If a commission amount or percentage is NOT stated in the listing agreement: - The broker would not be entitled to a commission Most homes in AZ are cold with legal descriptions that state: - Lot and block In which of the following appraisal methods DOES an appraiser need to determine a dollar amount for depreciation? - Cost Approach Rights of occupancy of an owner in a cooperative are based on: - A proprietary lease If an apartment building's zoning classification changes from multi fami...

Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ - 15 days An example of involuntary alienation is where title to real estate passes by: - Sheriff's deed What event will create an involuntary life estate? - Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: - Signed by grantee The clause in a deed which sets forth or limits the extent of the interests in the title being conve...

Does the anti-deficiency statute apply to investment property? - True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? - False. What are the two requirements of the property if the anti-deficiency statute is to apply? - 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior...

What are the two requirements of the property if the anti-deficiency statute is to apply? - 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" - The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? - Liens for unpaid property taxes and agricultural liens on crops. Does an IRS lien filed in 2015 have priority over a mortgage filed in 2014? - No. In Arizo...