A-1 Property Rights - Private & Governmental Flashcards
Of the services into which the real estate business may be divided, which of the following is least likely to be offered by a real estate office?
a. financing
b. cma
c. property development
d. insurance
D - insurance
Ownership implies everything except:
a. possession
b. enjoyment
c. control
d. destruction
D - destruction
Of the following liens - delinquent property taxes since 2007, mortgage recorded in 2004, IRS lien recorded in 2008 - which has second priority?
a. IRS lien
b. 2nd year property taxes
c. mortgage
d. 3 year’s property tax
C - mortgage
You plan to build a high rise building over a railroad track. You need to purchase:
a. The railroad tracks and the air rights;
b. The air rights only;
c. The air rights and land for caissons for footings of the building
d. All of these
C - the air rights and land for caissons for footings of the building
Real property can be divided into corporeal and incorporeal. An incorporeal right would be:
a. easements
b. fences and walls
c. all improvements
d. house and barn
A - easements
A man leased a building with permission to install heavy machinery. In order to install said machinery, the lessee has to install a special foundation. The foundation so installed becomes a/an:
a. trade fixture
b. equity
c. improvement to the property
d. personalty
C - improvement to the property
Which of the following would be considered an interest in real property?
a. trade fixture
b. fences
c. note
d. chattels
B - fences
An article may be changed from realty to personalty by:
a. attachments
b. detachment
c. verbal declaration
d. order of the commissioner
B - detachment
Which of the following is always personal property?
a. appurtenances
b. fixtures
c. trade fixtures
d. shrubbery
C - trade fixtures
Which of the following would be considered personal property?
a. a tree
b. a bathtub
c. window blinds
d. harvested crops
D - harvested crops
Shelving and counters are securely fastened in a leased retail store. Such items are:
a. realty
b. fixtures
c. trade fixtures
d. none of these
C - trade fixtures
The two designations or classifications of water law in Arizona are:
a. Navigable and non navigable
b. Ground and surface
c. Flowing and stagnant
d. none of these
B - Ground and surface
Except during a time of emergency, property cannot be confiscated through use of:
a. escheat
b. eminent domain
c. police power
d. condemnation
C - police power
Which of the following would be a limitation of use of property by the government:
a. police power
b. escheat
c. taxes
d. deed restrictions
A - police power
In the allodial system of land ownership, which of the following would not apply?
a. police power
b. eminent domain
c. freedom
d. escheat
C - freedom
Zoning laws are the utilizations of a state’s: I. Police power; II. Power of eminent domain.
a. I only
b. II only
c. Both I and II
d. Neighter I or II
A - I only - Police power
What would not be considered commercial property?
a. office buildings
b. garages
c. loft or storage buildings
d. churches
D - churches
Why does a city planner include industrial and commercial areas as part of the total community:
a. to produce jobs closer to home
b. to have a broader tax base
c. to consolidate small communities
d. to slow down growth
B - to have a broader tax base
All of the following are used as a bases in determining whether items of personal property have become real property except:
a. agreement of the parties
b. mobility of the property
c. intent of the annexor
d. cost of the item
D - cost of the item
A master plan adopted by a local planning commission may not be concerned with matters of:
a. flood control
b. sewage disposal
c. recreation
d. deed restrictions
D - deed restrictions
Real estate taxes are levied:
a. biannually
b. annually
c. semi-annually
d. in even number years
B - annually
Ordinarily, first half property taxes are due and payable:
a. March 1
b. May 1
c. October 1
d. Novermber 1
C - October 1
Taxes are collected in the country by the:
a. Country treasurer
b. director of taxation
c. county assessor
d. country collector
A - country treasurer
The word ‘ad valorem’ best means:
a. the adding of value
b. an assessment
c. according to value
d. worth is assumed
C - according to value