A-1: Property Rights - Private & Governmental

Question 1

Of the following liens - delinquent property taxes since 2007, mortgage recorded in 2004, IRS lien recorded in 2008 - which has second priority?

Answer 1

Mortgage

Question 2

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 installed becomes a/an:

Answer 2

Improvement to the property

Question 3

The two designations or classifications of water law in Arizona are:

Answer 3

Ground and surface

Question 4

All of the following have the right to tax real property in the state of Arizona except: Quasi-public agencies, School boards, County Commissioners, Municipal Governments.

Answer 4

Quasi-public agencies

Question 5

Chattel real would best be described as:

Answer 5

Personal property

Question 6

A buyer is obtaining a new loan to purchase property. The buyer is most likely to accept title with which of the following liens remaining unpaid as of close of escrow: Property taxes for current year, Back taxes on property, Seller’s note and deed of trust against the property, IRS lien against seller.

Answer 6

Property taxes for current year