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State exam > Arizona > Flashcards

Arizona Flashcards

1
Q

Applies to any property that is in the unincorporated are of a county and not in a recorded subdivision

A

Affidavit of disclosure

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2
Q

Is the document that evidences the release of a deed of trust

A

Deed of reconveyance

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3
Q

Someone who for another and for compensation performs real estate services

A

Broker

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4
Q

Is a share or interest in real property with a right to use the facility for a certain period of time

A

Timeshare

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5
Q

Subdividers May only accept prior to issuance of the public report

A

Lot reservations

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6
Q

A statement of important facts relating to a subdivision which allows the purchaser to make an informed decision regarding the property

A

Public report

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7
Q

Land that’s divided into 6 or more lots, parcels or fractional interests created for sale or lease

A

Subdivision

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8
Q

A contract hiring a broker to buy or sell real property for compensation or commission

A

Employment agreement

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9
Q

Issued when someone is found violating any “act, practice or transaction”

A

Cease and desist order

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10
Q

A person engaged to represent a real estate broker

A

Salesperson

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11
Q

Not law but have the force and effect of law on licensees

A

Commissioners rules

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12
Q

Requires real estate contracts to be in writing to be enforced

A

Statute of frauds

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13
Q

Gives licensees the authority to prepare all types of real estate contracts

A

Article 26 of the Arizona constitution

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14
Q

Shows the sales price and is required to record the deed upon property transfer

A

Affidavit of value

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15
Q

Trustor (borrower) can cure default by paying back payments at any time before the forced sale

A

Right of reinstatement

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16
Q

Seller must give buyers a grace period to reinstate the payments

A

Forfeiture action

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17
Q

Is a pledge of real property as security without giving possession of the property to the lender

A

Hypothecation

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18
Q

States the mortgage or trust deed does not convey any ownership to the lender

Arizona is a …….. theory state

A

Lien theory

19
Q

States that litigation is pending against the property owners

A

Lis pendens

20
Q

States legal title is conveyed to the lender

A

Title theory

21
Q

Obtained by a lender when a foreclosure sale brings less that the amount owed

A

Deficiency judgment

22
Q

Allows the lender to foreclose without a court action

A

Trust deed

Deed of trust

23
Q

Outside an AMA a subdivided must provided

A

Water adequacy report

24
Q

Sells tax liens at auction and issues a “certificate of purchase” to the bidder

A

Treasurers sale

25
Q

Determined using standard appraisal techniques at the beginning of each calendar year for the next tax year

A

Full cash value

26
Q

Real property taxes are based on value

A

Ad valorem tax

27
Q

Lien for labor or material supplied to a property

A

Mechanic’s lien

28
Q

Lien against property for public improvements

A

Assessments

29
Q

All real property taxes are calculated based on LPV

A

Limited property value

30
Q

According to value

A

Ad valorem

31
Q

An east-west row of a township

A

Tier

32
Q

Is a parcel which is 24 miles square and contains 16 townships

A

Check

33
Q

Is an area where excessive overdraft is occurring

A

Active management areas

AMA’s

34
Q

The over pumping of ground-water faster than it can be replaced by nature

A

Overdraft

35
Q

43560 square feet

A

1 acre

36
Q

A parcel of land 1 mile by 1 mile

Has 36 in a township

A

Section

37
Q

6x6 mile square parcel of land formed by the intersection of range and township lines

A

Townships

38
Q

Range lines run North and south every 6 miles from the principal meridian

A

Ranges

39
Q

A subdivision map that shows the location and boundaries of individual parcels and is recorded

A

Recorded plat or lot and block

40
Q

Method of describing property boundaries using distances and compass directions from point to point

A

Meets and bounds

41
Q

Based on historical groundwater pumping for a non-irrigation use such as livestock watering

May be sold separately

A

Type 2 non-irrigation right

42
Q

Water use has been retirees from irrigation

May not be sold separately

A

Type 1 non-irrigation right

43
Q

100 year supply

A

Certificate of assured water supply

44
Q

Are areas where irrigation uses threaten to exceed limited water supplies

A

Irrigation non-expansion areas

INA’s

State exam (18 decks)

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