Arizona Flashcards
Applies to any property that is in the unincorporated are of a county and not in a recorded subdivision
Affidavit of disclosure
Is the document that evidences the release of a deed of trust
Deed of reconveyance
Someone who for another and for compensation performs real estate services
Broker
Is a share or interest in real property with a right to use the facility for a certain period of time
Timeshare
Subdividers May only accept prior to issuance of the public report
Lot reservations
A statement of important facts relating to a subdivision which allows the purchaser to make an informed decision regarding the property
Public report
Land that’s divided into 6 or more lots, parcels or fractional interests created for sale or lease
Subdivision
A contract hiring a broker to buy or sell real property for compensation or commission
Employment agreement
Issued when someone is found violating any “act, practice or transaction”
Cease and desist order
A person engaged to represent a real estate broker
Salesperson
Not law but have the force and effect of law on licensees
Commissioners rules
Requires real estate contracts to be in writing to be enforced
Statute of frauds
Gives licensees the authority to prepare all types of real estate contracts
Article 26 of the Arizona constitution
Shows the sales price and is required to record the deed upon property transfer
Affidavit of value
Trustor (borrower) can cure default by paying back payments at any time before the forced sale
Right of reinstatement
Seller must give buyers a grace period to reinstate the payments
Forfeiture action
Is a pledge of real property as security without giving possession of the property to the lender
Hypothecation
States the mortgage or trust deed does not convey any ownership to the lender
Arizona is a …….. theory state
Lien theory
States that litigation is pending against the property owners
Lis pendens
States legal title is conveyed to the lender
Title theory
Obtained by a lender when a foreclosure sale brings less that the amount owed
Deficiency judgment
Allows the lender to foreclose without a court action
Trust deed
Deed of trust
Outside an AMA a subdivided must provided
Water adequacy report
Sells tax liens at auction and issues a “certificate of purchase” to the bidder
Treasurers sale
Determined using standard appraisal techniques at the beginning of each calendar year for the next tax year
Full cash value
Real property taxes are based on value
Ad valorem tax
Lien for labor or material supplied to a property
Mechanic’s lien
Lien against property for public improvements
Assessments
All real property taxes are calculated based on LPV
Limited property value
According to value
Ad valorem
An east-west row of a township
Tier
Is a parcel which is 24 miles square and contains 16 townships
Check
Is an area where excessive overdraft is occurring
Active management areas
AMA’s
The over pumping of ground-water faster than it can be replaced by nature
Overdraft
43560 square feet
1 acre
A parcel of land 1 mile by 1 mile
Has 36 in a township
Section
6x6 mile square parcel of land formed by the intersection of range and township lines
Townships
Range lines run North and south every 6 miles from the principal meridian
Ranges
A subdivision map that shows the location and boundaries of individual parcels and is recorded
Recorded plat or lot and block
Method of describing property boundaries using distances and compass directions from point to point
Meets and bounds
Based on historical groundwater pumping for a non-irrigation use such as livestock watering
May be sold separately
Type 2 non-irrigation right
Water use has been retirees from irrigation
May not be sold separately
Type 1 non-irrigation right
100 year supply
Certificate of assured water supply
Are areas where irrigation uses threaten to exceed limited water supplies
Irrigation non-expansion areas
INA’s
