A1 Flashcards
The tax rate to owner occupied residential property is:
a. 10%
b. 12%
c. 14%
d. 16%
A. 10%
Arizona Property taxes are based on
a. pro rata share
b. assessed value
c. front footage
4. transfer value
b. assessed value
Which of the following liens would have priority?
a. recorded mechanics lien
b. Unrecorded mechanics lien
c. IRS liens
d. Property taxes
d. Property taxes
Property taxes become a lien the first day of:
a. January
b. October
c. November
d. March
A. january
If a property is not bid at a tax lien sale:
a. the excess rebate goes to the property owner
b. anyone can later buy the tax lien from the treasurer
c. All other liens are terminated
d. The property can only be sold next February
b. Anyone can later buy the tax lien from the treasurer
Rank the following liens in the order of their priority from highest to lowest: IRS lien, Property Taxes, Special Assessments
a. IRS lien, Property taxes, Special Assessments
b. Property taxes, Special Assessments, IRS Liens
c. Property Taxes, IRS Liens, Special Assessments
d. IRS Liens, Special Assessments, Property Taxes
B. Property Taxes, Special Assessments, IRS Liens
When a broker misappropriates funds, this is called?
a. Conversion
b. Commingling
c. Conveyance
d. Consideration
a. Conversion
What type of property would have the highest tax rate?
a. Vacant land
b. Shopping center
c. Parking lot
d. Residential housing
b. Shopping center
What is the priority of property tax liens?
a. Date recorded
b. After IRS liens
c. Always in first position
d. After the homestead exemption
c. Always in first position
When are the first half property taxes delinquent?
a. October 1
b. November 1
c. March 1
d. May 1
b. November 1
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
Taxes are assessed on:
a. Improvements on the land
b. Value of the property
c. Amount paid for the property
d. Assessments on the property
b. Value of the property
The Doctrine of water usage in Arizona is known as:
a. Riparian
b. Prior appropriation
c. Reliction
b. Reliction back
b. Prior appropriation
Water rights in Arizona are:
a. A constitution right of property owners
b. Indefeasible by right of law
c. Federal right
d. First in time, first in right
d. First in time, first in right
In Arizona, property taxes are payable:
a. Twice a year
b. 90 days after the bill received
c. January 1st of every year
d. On the fiscal year
a. twice a year
When a party owns land on a non-navigable stream, it is said that they hold title to:
a. Low water mark
b. High water mark
c. As stated in the original legal description
d. Must be determined by a surveyor
a. Low water mark
When the county assessor evaluates real estate for the purpose of taxation, this is called:
a. Loan to value
b. Dollar to value
c. Mill to value
d. Assessed value
d. assessed value
In Arizona real estate taxes are levied:
a. Twice a year
b. Once a year
c. Every five years
d. Quarterly
b. Once a year
Second half real estate taxes are due:
a. January 1st
b. October 1st
c. November 1st
d. March 1st
d. March 1st
Once a homeowner’s association establishes the assessments, they are paid:
a. Annually based on costs
b. Quarterly based on costs
c. Annually based on the homeowner’s association’s budget
d. Quarterly based on the developer’s budget
c. Annually based on the homeowner’s association’s budget
Which of the following liens are paid first after a foreclosure?
a. 1st mortgage
b. Mechanics liens
c. IRS liens
d. Property taxes
d. property taxes
At the end of the three-year redemption period, a person who holds the certificate of purchase:
a. Must foreclose
b. May extend the period
c. Will automatically obtain title
d. The period is automatically extended
b. May extend the period
Which of the following best describes prior appropriation?
a. Reliction
b. First in time, first in right
c. Riparian Rights
d. Adequate Water Supply
b. First in time, first in right
Ad valorem would apply to which of the following:
a. Income tax
b. Rent
c. Property taxes
d. Net income
c. Property taxes
The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued:
a. 1 year
b. 2 years
c. 3 years
d. 90 days
c. 3 years
Of the following liens: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006, which has a second priority?
a. IRS lien
b. 2nd year property taxes
c. Mortgage
d. 3 year’s property tax
c. Mortgage
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:
a. Property taxes for the current year for the property being sold
b. Back taxes on the property being sold
c. Sellers’s note and deed of trust against the property being sold
d. IRS lien against the seller
a. Property taxes for the current year for the property being sold
