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Real Estate > AZ - RE School (A-1) > Flashcards

AZ - RE School (A-1) Flashcards

1
Q

What is the current population of Arizona?

A

6.5 million people

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2
Q

What percent of Arizona residence were born here?

A

24%

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3
Q

Most people from Arizona came from which state?

A

California, Illinois, Ohio, Florida, Michigan (a lot of them own the APT buildings here)

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4
Q

What percent of Arizona land is owned by the US government? Indians? State? Other?

A
  • 43% of AZ Gov’t
  • 26% Tribal
  • 12% State
  • 17% Tax payers
  • 2% city & municipality
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5
Q

What is the common prediction for the population of Arizona in year 2025?

A

9.7 million

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6
Q

What percentage of Arizona population lives in Maricopa County?

A

over 5%

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7
Q

What are the 3 leading AZ counties in population?

A
  • Maricopa (Phoenix)
  • Pema (Tucson)
  • Canal (Casa Grand)
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8
Q

What is commonly considered AZ largest potential drawback?

A

Lack of water & the heat

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9
Q

What is considered AZ biggest asset?

A

Climate

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10
Q

Are there more women or men in AZ?

A
  • Women (51%)

- Men (49%)

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11
Q

Is the average age of AZ population increasing or decreasing?

A

(Decreasing)

35 is Avg age in AZ

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12
Q

What are the top 5 reasons people give for their decision to move to AZ?

A

1) Job employment
2) Health climate
3) Location
4) Relatives
5) Non public education

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13
Q

Who are the largest employers in AZ?

A

1) State
2) Wal-mart
3) Fanner health
4) Kroger-Fry’s
5) Wells Fargo/B of A
6) Rakeon

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14
Q

In which season do most homes sell?

A

Spring & summer (which is prime relocation time)

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15
Q

What are the 5 major real estate services?

A

1) Brokerage
2) Finance
3) CMA (comparative market analysis)
4) Property Mgmt
5) Development

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16
Q

Individual Rights and Ownership in Property

A. Feudal system vs. allodial system of ownership
B. Property
C. Rights of ownership (“Bundle of Rights”)

A

A. Gov’t (king)…we have the right to own but when owner dies, then property goes back to king.

B. Property - the rights of interests a person has in what they own…(private land ownership aka allodial system, can be deeded)

C. Rights of ownership (“bundle of rights”)

  1. Possession (have/hold)
  2. Usage
  3. Transfer (give away)
  4. Encumber (borrow against it)
  5. Exclude (keep people off)
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17
Q

Real Property vs Personal Property

A

You don’t have the right to destroy your own property…cant refuse to sell it under imminent domain.

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18
Q

Real Property

A

Owners rights transfer w/ the deed, land, buildings, fixtures, and appurtenances (anything that runs w/ the land… IE fences barns)

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19
Q

Real Property

  1. Corporeal (Land)
A

You can see & touch it

A. Land

  1. Surface - anything on or attached to the land
  2. Subsurface (mineral rights - appurtenant to land…below the land)
  3. Air rights (IE caissons) - Big air-tight/water-tight support beams that must have surface rights (IE billiards / bridges)
20
Q

Real Property

  1. Corporeal (Tenements)
A

B. Tenements

  1. Definition: anything that is affixed to the land
  2. Legal tests: method of attachment (if it takes a tool to remove then its an a fixture)…Intent of the parties (what has been agreed)…Adaptation (handicap).
  3. Examples - fence, storage shed, trees & shrubbery, chandelier
  4. Natural fruits - not a crop, not raised for commercial use
21
Q

Real Property

  1. Incorporeal (rights and relationships)
A

A. Easements and rights of way - right to use but not own the land of another (IE an easement which is incorporeal)

B. Hereditaments - any property that can be inherited

22
Q

Real Property

  1. Physical Characteristics
A

A. Immobile: can’t move RE…can move house but not the land

B. Indestructible: can’t destroy to core of the earth

C. Non-homogeneous: no two parcels are exactly the same

D. Law of suits aka law of location

23
Q

Real Property

  1. Economic Characteristics
A

A. Scarcity - land is a finite resource

B. Modification - How you alter the land or whats on it

C. Fixity - How easy it is to transfer the property value (RE is
considered a frozen asset)

D. Situs aka location

24
Q

Real Property

  1. Transfer of Title (via deed)
A

A. Voluntary

B. Will: Testate…die w/ a will (you’re provided an executor)
Intestate - die without a will (you’re provided an administrator)

C. Intestate Succession: shut in (person with no heirs…once property sold the county will get the proceedings)

D. Court order: Involuntary transfer of title which would be a share of sale…IE trustee sale or foreclosure

25
Q

Personal Property

  1. Tangible
A

Objects

26
Q

Personal Property

  1. Intangible (rights and relationships)
A

Copyrights, trademarks and patents

27
Q

Personal Property

  1. Test for personal property
A

Method of attachment and what is intended/Agreed

A. If not realty, it is personalty

B. Trade Fixtures

C. Industrial Fruits - rights of emblements

28
Q

Personal Property

  1. Transfer of title
A

via Bill of Sale

29
Q

Personal Property

  1. Manufactured Housing - affidavit of affixture
A

Attaches it to the land

30
Q

III. Water Rights and Concepts

A

First-in-time … first-in-right.

State owns land in AZ…land & water are considered

31
Q

Classifications (water rights & concepts)

  1. Groundwater
A

A. Controlled by Arizona Department of Water Resources

B. Groundwater Permit - any user of sub-surface use must have permit

C. Beneficial use - commercial domestic irrigation

D. Exempt domestic well - amount permitted use max is 35 Gal/minute flow

E. Water table (critical ground water area) level at which water is located

32
Q

Classifications (water rights & concepts)

  1. Surface
A

A. Controlled by Arizona Department of Water Resources

B. Prior appropriation (first-in-time = first-in-right)

C. Surface water permit - appropriation

D. Beneficial use to the land - commercial domestic irrigation

E. Riparian Rights: rivers or streams (adjoining owners have the right to use the water as the like) … NOT IN AZ

F. Littoral Rights (lakes, seas, oceans) not appropriate to AZ

33
Q

Water Volume - how measured

A
  1. CFS (Cubic per second of flowing water)

2. Acre feet (43,560 SF of water 1ft deep)

34
Q

Ownership Abutting Streams

A
  1. Water rights not affected
  2. Navigable streams - “high water mark” (edge of the water, can float a boat)
  3. Non-navigable streams - “low water mark” (can’t float a boat, usually mid stream or center)
35
Q

Police Power

  1. Zoning

a. What is its effect? How is it done?
b. Who oversees zoning regulations?
c. How is it Enforced?
d. Penalty for failure to comply?
e. Rezoning?
f. Variance?
g. Land use classifications?

A

Zoning - regulation of structures and uses of property within districts and zones

A. protect the properties and their values you have to get a permit
B. city & county where property is located
C. enforced through building permits
D. fines…make your title unmarketable
E. zoning changed in mass (IE an entire neighborhood)
F. zoning changed for one property (have to prove special need…and a public meeting is required)
G. residential, commercial, industrial, agriculture (least dense to most dense to the land)

36
Q

Police Power

  1. Code enforcement

a. Building permits
b. Public safety
c. Fire
d. Public Health

A

a. Building permits - to build or reconstruct a property (sellers must disclose)
b. Public safety - certificate of occupancy is issued
c. Fire - minimize danger to life and new
d. Public Health - more important than the individual rights

37
Q

Police Power

  1. City planning

a. General plan
b. Neighborhood plan
c. Urban development vs redevelopment

A

a. General plan - to increase tax and broaden space
b. Neighborhood plan - master plan community which shared CC&R’s
c. Urban development vs redevelopment (city property development) - taking an existing area and revitalizing it

38
Q

What does P.E.E.T. mean?

A

Police Power
Eminent Domain
Escheet
Taxation

39
Q

Police Power

  1. Property control

a. Zoning
b. Deed restrictions

A

a. zoning = government

b. Deed restrictions = private…must sign document for compliance…
CC&R aka
Restrictive Covenants aka
Bi-laws, rules & regulations

40
Q

Taxation

A

A charge against real estate to raise funds to meet public needs of government and to raise money for area improvements

Federal Gov’t & quasi entities cannot tax

41
Q

Taxation

  1. Property taxes

a. Concept of Ad Valorem
b. Taxes based on?
c. Levied annually/paid?
d. Primary property lien
e. Assessment Ratios
f. How paid/ distributed
g. Due dates
h. Delinquency dates
i. Penalty for delinquency

A

a. According to value or assessed value
b. Taxes based on assessed value
c. Levied annually/ paid semi-annually
d. Primary property lien - property tax (ahead of IRS and everyone else)

e. Assessment Ratios
1. Residential (10%)
2. Vacant Land (16%)
3. Commercial / Industrial (19%)

f. How paid/distributed - paid to county treasurer & distributed by treasurers office to school, police and county offices

g. Due Dates
1. first half (Oct 1st)
2. second half (March 1st)

h. Delinquency Dates
1. first half (Nov 1st)
2. second half (May 1st)

i. Penalty for delinquency (16%)

42
Q

Taxation

  1. Property tax Lien Sale

a. Purpose and when held
b. Procedure
c. Bidding process
d. Procedure if no successful bidder
e. Certificate of purchase (a lien)
f. Owners redemption period
g. Issuance of Treasurer’s Deed

A

a. Purpose and when held: (1.5 years behind)
b. Procedure: (have to bid online)
c. Bidding process : (always held in february)
d. Procedure if no successful bidder: (stays w/ county & bidder can then go online)
e. Certificate of purchase (a lien)

f. Owners redemption period
1. 3 years - until person can do tax foreclosure
2. Action taken - tax foreclosure sell

g. Issuance of Treasurer’s Deed: (equals ownership)

43
Q

Taxation

  1. Special tax assessments

a. Pro Rata share
b. Based on benefit
c. Homeowners association (private) vs. ?

A

Special tax assessments are separate from prop tax (IE irrigation, community improvement, etc)

a. Pro Rata share - paid according to the amount of property owned
b. Based on benefit -
c. Homeowners association (private) vs. improvement district (public)

44
Q

Community Facilities District

  1. Purpose
  2. Not an assessment
  3. Property tax bill
A

Community Facilities District is a convenient way for Gov’t to tax individuals w/out vote yet.

  1. Purpose: taxing district for public improvement typically under a bond & will show up as special assessment on tax bill
  2. Not an assessment
  3. Property tax bill: make sure to read it
45
Q

Eminent Domain

  1. Constitutional right
  2. Condemnation process
  3. Compensation required
A

Eminent Domain - taking private for public use

  1. Constitutional right - 1791
  2. Condemnation process - court action (trigger word for eminent domain)
  3. Compensation required - always fair & just
46
Q

Escheat

What is it?
When does it apply?
Where do proceeds go?
Whats the appropriation procedure?

A

Escheat - reversion of property to the state if property owner dies intestate (without a will) or heirs.

  1. Five year absence of heirs presumes under law none exist
  2. Proceeds of sale to state general fund
  3. Appropriation procedure if heir materializes - 7 years (5 + 2 years…whatever state or county got for the property)

Real Estate (6 decks)

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