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AZ Real Estate Agent License 2020 > AZ Real Estate Timelines > Flashcards

AZ Real Estate Timelines Flashcards

1
Q

Eminent Domain: “Right” to Take Private Property for Public Use with Just Compensation.

Before Court Action: Owner is Given ___ Days Prior to Pending Litigation. This will include:

  1. Written - “Just Compensation” Offer
  2. Appraisal (Supporting Compensation)
A

Eminent Domain: “Right” to Take Private Property for Public Use with Just Compensation.

Before Court Action: Owner is given 20 Days Prior to Pending LItigation. This will include:

  1. Written - “Just Compensation” Offer
  2. Appraisal (Supporting Compensation)

Chap 1

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2
Q

Escheat: Reversion of Property to State Due to Owner Dying without “Will (Intestate).”

Heirs have ____ Years to Claim Proceeds of Sale.

A

Escheat: Reversion of Property to State Due to Owner Dying without “Will (Intestate).”

Heirs have 7 Years to Claim Proceeds of Sale.

Chap 1

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3
Q

Priority of Liens:

  1. PT
  2. SpA
  3. M
  4. HA
A

Priority of Liens:

  1. Property Taxes
  2. Special Assessments
  3. Mechanic’s Lien
  4. HOA Assessments

Chap 2

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4
Q

Triangles Formula:

A

Triangles Formula:

A = (.5 base) x Height

Chap 2

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5
Q

Clients Duties to Agent:

  1. C
  2. Ind
  3. Per
A

Clients Duties to Agent:

  1. Compensation
  2. Indemnification
  3. Performance

Chap 3

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6
Q

Agency Termination:

  1. Per
  2. Mut
  3. Exp
  4. Rev
  5. Des
  6. B
  7. D
A

Agency Termination (7 Ways)

  1. Performance
  2. Mutual Agreement
  3. Expiration of Term
  4. Revocation
  5. Destruction of Property
  6. Bankruptcy
  7. Death

Chap 3

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7
Q

Math Main Formula?

A

Math Main Formula is

  • Part
  • Whole x %
  • Part Whole__%
  • Comm Price Rate
  • Income Value Rate
  • Int Amt Prin Rate
  • Loan Value Ratio

Chap 5

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8
Q

Home Inspectors License by?

AZ State Board of T_________ R_______

A

Home Inpectors License by:

AZ State Board of Technical Registration

Chap 4

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9
Q

New Homes Sales Don’t Have Escrows, so Where is “Earnest Money” Deposited?

A

New Homes Sales “Earnest Money” Deposits In:

Home Builders Business Account

Chap 5

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10
Q

Loan with “Principle Payments Only” are called?

A

Negative Amortization Loans -

Loan with “Principle Payments Only”

Chap 6

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11
Q

R______ _______ _________

Loan where “Lender Pays Borower” Payments is called?

A

Reverse Annuity Mortgage (RAM) -

Loan where “Lender Pays Borower” Payments

Chap 6

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12
Q

Borrower Not Held Responsible for What Type of Loan?

A

Non-Recourse Loan -

Borrower Not Held Responsible for Loan.

Chap 6

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13
Q

N____ ________ Clause

Clause Where Lender Agrees “Not” to Terminate Leases with Tenants During Foreclosure.

A

Non-Disturbance Clause:

Lender Agrees “Not” to Terminate Leases with Tenants During Foreclosure

Chap 6

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14
Q

P______G_______ Clause

Clause Where a LLC or Corporation Indicates “Person Held Personally Responsible and Liable?”

A

Personal Guarantee Clause -

Clause where a LLC or Corporation indicates “Person Held Personally Responsible and Liable.”

Chap 6

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15
Q

Formula Used for Interest?

A

Formual Used to Determine Interest -

  • Interest
  • Principal x Rate

Chap 7

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16
Q

For VA Loans What is LTV?

A

LTV for VA Loans Is -

100% (Unless Price Exceeds Appraisal)

Chap 7

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17
Q

Who Buys Loans 2nd Market?

A

Buys Loans in 2nd Market -

  • Commercial Banks & Credit Unions
  • Insurance Companies
  • Fannie Mae (Fed Nat Mortgage Association)

Chap 7

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18
Q

Who “Sells Loans” in 2nd Market?

A

Sells Loans in 2nd Market -

  • Mortgage Brokers/Bankers
  • Fannie Mae (Fed Nat Mortgage Association)

Chap 7

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19
Q

Truth in Lending Triggers?

A

Triggers in Truth In Lending -

  • Down, No, Amt, Period of Payments
  • Finance Charges

Chap 8

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20
Q

Loan Estimates are Due __ Days of Loan Application.

A

Loan Estimates are Due 3 Days of Loan Application. (RESPA)

Chap 8

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21
Q

TRID Closing Disclosures are Due __ Days Prior to Closing.

A

TRID Closing Disclosures are Due 3 days Prior to Closing. (RESPA)

Chap 8

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22
Q

Fair Housing Act Complaints Must be Filed Within __ Year.

A

Fair Housing Act Complaints Must be Filed Within 1 Year.

Chap 8

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23
Q

ECOA - Equal Credit Opportunity Act - Prohibits Discrimination Based On:

Race, Color, Nat Origin, Religion, Sex - (3 More Classes?)

Hint: Revoking Credit Never Really Sounds - Morally Allowed or Publically Accepted

A

ECOA - Equal Credit Opportunity Act - Prohibits Discrimination Based On:

Race, Color, Nat Origin, Religion, Sex - Marital, Age, Public Assistance.

Hint: Revoking Credit Never Really Sounds - Morally Allowed or Publically Accepted

Chap 8

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24
Q

RESPA Only Does What Type of Loans?

A

RESPA Only Does Loans For -

“Federal Loans” (FHA, VA, USDA)

Chap 8

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25
Q

Cost Approach Formula is?

A

Cost Approach Formula

  • Building Cost
  • - Depreciation
  • + Land Value\_
  • Appraised Value

Chap 8

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26
Q

Income Approach/Capitalization Formula?

A

Income Approach/Capitalization

  • Gross Income (Annual)
  • - Operating Expenses
  • Net Operatng Income
    • Net Oper Income (Year)
  • Value x Cap Rate

Chap 10

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27
Q

Gross Rent Multiplier Formula?

A

Gross Rent Multiplier Formula

  • Value (SP)
  • GR (Mo) x GRM

Chap 10

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28
Q

Appraser for 1-4 Residential - Under 1 Million.

A

Licensed Appraser -

1-4 Residential - under 1 million.

Chap 10

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29
Q

Appraiser for Residential (All 1-4 Res Units/Any Amount)

A

Certifiied Residential Appraiser -

Residential (All Types 1-4 Res Units -Any Amount)

Chap 10

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30
Q

Appraiser for All Types of Property?

A

Certified General Appraiser -

All Types of Property

Chap 10

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31
Q

Lead Base Paint Bldg (Pre-1978) - Must Provide Buyers With What 3 items?

A

Lead Base Paint Bldg (Pre-1978) - Must Provide Buyers -

  1. Reports
  2. Pamphlet
  3. 10 days+ Inspection

Chap 10

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32
Q

Investigating if Hazardous or Pollution Exists is called?

A

Due Dilllegence -

Investigating Property if Hazardous or Pollution Exists

Chap 10

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33
Q

Inspecting Property, Reviewing Records, Interviewing Owners

Part of What Phase of Environment Assessments?

A

Phase I Assessment -

Inspecting Property, Reviewing Records, Interviewing Owners

Chap 10

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34
Q

When There is Likelihood of Contamination, Samples are Taken and Analyzed

Part of What Phase in the Environmental Assessments?

A

Phase II Assessment:

Likelihood of Contamination, Samples Are Taken and Analyzed

Chap 10

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35
Q

When Core Samples Taken and Actual Clean-Up Done is What Part of the Environmental Assessments?

A

Phase III Assessments -

Core Samples Taken and Actual Clean-Up Done

Chap 10

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36
Q

Causes Respitory Diseases by Airbourne Fibers, and “Encapsulation” Used to Contain

A

Asbestos -

Causes Respitory Diseases by Airbourne Fibers, and “Encapsulation” Used to Contain.

Chap 10

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37
Q

Causes Lung Cancer, Tasteless, Ordorless, and Radioactive Gas

A

Radon -

Causes Lung Cancer, Tasteless, Ordorless, and Radioactive Gas.

Cahp 10

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38
Q

For Onsite Wastewater Facilities for Sale, Seller Has ___ Months to Inspect, Pump, Clean, and Certify - Before Transfer

A

For Onsite Wastewater Facilities for Sale, Seller Has 6 Months to Inspect, Pump, Clean, and Certify- Before Transfer

Chap 10

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39
Q

For Purchase of Property with Onsite Wastewater Facilities,

Upon Purchase, Buyer has ___ Days “Notice of Transfer” to the ADEQ - AZ Dept of Environmental Quality.

A

For Purchase of Property with Onsite Wastewater Facilities:

Upon Purchase, Buyer has 15 Days “Notice of Transfer” to the ADEQ - AZ Dept of Environmental Quality.

Chap 10

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40
Q

Interest That Will be Acquired In The Future by Someone Other Than Grantor is called?

A

Remainder Interest -

Interest That Will be Acquired In The Future by Someone Other Than Grantor.

Chap 11

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41
Q

Lease where Lessor Pays All Expenses

A

Gross Lease -

Lease where Lessor Pays All Expenses

Chap 11

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42
Q
  1. Lease where “Tenant” Pays All Expenses (RE Taxes/Insurance).
  2. Lessor Pays PI (Principal/Interest) Payments
A

Net Lease (Net Net Net Lease/Triple Net Lease) -

  1. Lease where “Tenant” Pays All Expenses (RE Taxes/Insurance).
  2. Lessor Pays PI (Principal/Interest) Payments

Chap 11

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43
Q

Fees Charges to Commercial Tenants (Park Lots, Walkways, Lighting) are called?

A

CAM’s - Common Area Maintenance Charges -

Fees Charges to Commercial Tenants (Park Lots, Walkways, Lighting)

Chap 11

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44
Q

During a “Foreclosure of a Mortgage” Where There Are Leases Involved, the Tenants are Protected Under What Act?

  1. Tenants Given 90 Days to Vacate OR
  2. Lease is Honored.
A

Protecting Tenants at Foreclosure Act (Leases Involved) -

  1. Tenants Given 90 Days to Vacate OR
  2. Lease is Honored.

Chap 11

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45
Q

What Term is Used to Represent “Tenant’s Personal Property.” Personal Property Must be Removed by End of Lease.

Examples (Drapes, Partitions, and Machinery).

A

Trade Fixtures -

Considered “Tenant’s Personal Property,” Tenants Must Remove by Termination of Lease or They Belong to Lessor.

Chap 11

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46
Q

When Decedent’s Estate is Probated What is This Called?

A

Inheritance -

Decedent’s Estate is Probated

Chap 12

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47
Q

What is Testate vs Intestate?

A

Testate (Has Will) and Intestate (No Will).

Chap 12

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48
Q

What are 3 Types of “Involuntary Alienation?”

  1. E_______
  2. A_______
  3. F_______
A

Involuntary Alienation -

  1. Eminent Domain
  2. Adverse Possession
  3. Foreclosure Proceedings

Chap 12

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49
Q

Voluntary Alienation Can Be Done By?

A

Voluntary Alienation Can Be Done By Gift or Deed.

Chap 12

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50
Q

Legal Action to Terminate For:

Tenancy in Common or Joint Tenancy

A

Suit for Partition -

Legal Action to Terminate: Tenancy in Common or Joint Tenancy

Chap 12

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51
Q

Ownership by One Person is called?

A

Tenancy in Severalty (Sole & Separate) -

Ownership by One Person, and Given To Heirs by Probate.

Chap 12

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52
Q

A Company With At Least ___ Investors of Income Producing Properties and Provides Favored Tax Treatments.

  • Must Invest - __% of Assets in Real Estate.
  • Must Pay - __% Taxable Income to Shareholders.
A

REIT - RE Investment Trust -

A Company With At Least 100 Investors of Income Producing Properties and Provides Favored Tax Treatments.

  • Must Invest - 75 % of Assets in Real Estate.
  • Must Pay - 90 % Taxable Income to Shareholders.

Chap 12

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53
Q

Interests that are Enforced by (Feds) Securities & Exchange Commissions and (State) AZ Corp Commission

A

Securities Interest -

(Feds) Securities & Exchange Commissions and (State) AZ Corp Commission

Chap 12

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54
Q

Conveys Grantor’s Interest But Has “No Expressed Warranties.”

Examples**: **Guardian Deeds, Executor’s Deeds, Sheriff’s Deeds, Trustee Deeds.

A

Bargain and Sale Deed -

Conveys Grantor’s Interest But Has “No Expressed Warranties.

Examples**: **Guardian Deeds, Executor’s Deeds, Sheriff’s Deeds, Trustee Deeds,

Chap 13

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55
Q
  • Transfer Under this Type of Deed Supercedes the Grantor’s Will.
  • If Grantor Agreed to Sell Property, At Death, the Contract to Sell Remains Valid and Enforceable.
A

Benneficiary Deed -

  • Transfer Under this Type of Deed Supercedes the Grantor’s Will.
  • If Grantor Agreed to Sell Property, At Death, the Contract to Sell Remains Valid and Enforceable.

Chap 13

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56
Q

A Valid Deed Requires?

A

Valid Deed Requires:

  1. Signature by Grantor
  2. Acknowledgement - Formal Declaration (Notarizef)
  3. Delivery & Acceptance (Recorded)

Chap 13

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57
Q

Must Be Recorded with Deed, Gives Assessor Sales Price.

A

Affdavit of Value -

  1. Must be Recorded with Deed,
  2. Gives Assessor Sales Price.

Chap 13

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58
Q

Clause that Defines Interest.

A

Habendum Clause -

Clause that Defines Interest.

Chap 13

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59
Q

Not Covered by Owners Title Report (Page Called?)

  1. Existing Liens/Encumbrances (Never Covered)
  2. Mechanic Lien Not Recorded
  3. Persons In Possession
  4. Encroachments: Survey Revealed Errors
A

Page of Exception (Schedule B) -

  1. Existing Liens/Encumbrances (Never Covered)
  2. Mechanic Lien Not Recorded
  3. Persons In Possession
  4. Encroachments: Survey Revealed Errors

Chap 13

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60
Q

No Policy Protects Against? (3 THINGS)

  1. E_____
  2. D______ Known
  3. Z_____ Changes & Ordinances
A

No Policy Protects Against -

  1. Existing Encumbrances
  2. Known Defects
  3. Zoning Changes & Ordinances

Chap 13

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61
Q

Deals with Commercial/Business Transactions and Sale/Finance of Personal Property.

A

UCC - Uniform Commercial Code -

Deals with Commercial/Business Transactions and Sale/Finance of Personal Property.

Chap 13

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62
Q

What Protects Buyer Against

  1. Forged/Improperly Drawn Delivered/Misfiled Docs
  2. Incompetent Grantors
  3. One Spouse Conveyance
  4. Uknown Heirs
A

Owner’s Title Policy - (Protects Buyer)

  1. Forged/Improperly Drawn Delivered/Misfiled Docs
  2. Incompetent Grantors
  3. One Spouse Conveyance
  4. Uknown Heirs

Chap 13

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63
Q

Commitment for Title Insurance is Also Known as

A

Preliminary Title Report (Issued Prior to Closing)

Commitment for Title Insurance

Chap 13

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64
Q

List of Seller’s Creditors is called

A

Bulk Sales Affidavit -

List of Seller’s Creditors

Chap 13

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65
Q

Buyers Charges Only (Debits or Credits?):

  • ______: Earnest Money, New Loans
  • ______: Loan Orig Fee, ALTA Policy
A

Buyers Charges Only

  • Credits: Earnest Money, New Loans
  • Debits: Loan Orig Fee, ALTA Policy

Chap 14

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66
Q

Seller Charges Only (Debit or Credits):

  • _____: Loan Pay-Off; Owner Policy; Commission
A

Seller Charges Only -

  • Debits: Loan Pay-Off; Owner Policy; Commission

Chap 14

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67
Q

Settlement Statement Charges - Debits / Credits?

  • Sales Price?
  • Seller Carrybacks; Tax Prorations?
  • Escrow Fees?
A

Settlement Statement Charges -

  • Credit Seller / Debit Buyer:
  • Sales Price
  • Debit Seller / Credit Buyers:
  • Seller Carrybacks; Tax Prorations
  • Debit Seller and Buyers
  • Escrow Fees

Chap 14

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68
Q

Formula for what?

  • Gross Sched Income (Rents+Economy Rents)
  • - Vacancy & Credit Losses
  • Effective Gross Income
  • - Operating Expenses (Yr)
  • Net Operating Income (NOI)
  • - Debt Services (Principal/Interest)
  • Your Answer is?????????
A

Cash Flow Before Income Taxes -

  • Gross Sched Income (Rents+Economy Rents)
  • - Vacancy & Credit Losses
  • Effective Gross Income
  • - Operating Expenses (Yr)
  • Net Operating Income (NOI)
  • - Debt Services (Principal/Intererst)
  • Cash Flow Before Income Taxes

Chap 14

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69
Q

Capital Gains -

  • Short and Long Term?
  • Maximum Exclusions (Single/Married) ?
A

Capital Gains - Short and Long Term -

  • Short - Asset - held less than 1 year
  • Long - Asset - held over 1 year
  • Single - Upto $250K (Own-Occ 2 yrs b4 sale)
  • Married - Upto $500K (Own-Occ 2 yrs b4 sale)

Chap 14

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70
Q

RES Tax Deductions (Own-Occ 1st/2nd Res) -

  1. Real Prop Taxes: ___ Max
  2. Interest on Purchase/Improve Loans ___ Max
A

RES Tax Deductions (Own-Occ 1st/2nd Res) -

  1. Real Prop Taxes: $10K Max
  2. Interest on Purchase/Improve Loans: $750K Max

Chap 14

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71
Q

Investment Property Tax Deductions (3 items?)

A

Investment Properties Tax Deductions -

  1. Operating Expenses
  2. Interest on Loans
  3. Depreciation (Cost Recovery)

Chap 14

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72
Q

Tax Deductions for Investment Properties -

Depreciation (Cost Recovery) - 3 Types+

  • __ Yrs - Residential Income
  • __ Yrs - Non-Residential Property
  • _______ - Same Amt Per Year.
  • Note: Land/Personal Res: No Depreciation
A

Tax Deductions for Investment Properties -

Depreciation (Cost Recovery) -

  • 27.5 yrs - Residential Income
  • 39 yrs - Non-Residential Property
  • Straight Line - Same Amt Per Year.
    • Note: Land/Personal Res: No Depreciation

Chap 14

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73
Q

FIRPTA: ___% Holdback on Property Sale for Non-Resident Aliens.

A

FIRPTA: 15 % Holdback on Property Sale for Non-Resident Aliens.

Chap 14

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74
Q

1031 Exchanges:

Income or Investment Properties Exchange?

A

1031 Exchanges:

Like Kind - Income or Investment Properties Exchange

Chap 14

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75
Q

1031 Exchanges:

One Property Traded for Another

A

1031 Exchanges:

Simultaneous Exchange - One Property Traded for Another.

Chap 14

76
Q

1031 Exchanges:

New Property Acquired in Specific Time Frame.

A

1031 Exchanges:

Delayed Exchange - New Property Acquired in Specific Time Frame

Chap 14

77
Q

1031 Exchanges:

Unlike Kind Properties Exchanged.

A

1031 Exchanges:

Boot - Unlike Kind Properties Exchanged.

Chap 14

78
Q

Income From an Entity (LLC) That Is “Not Taxed” At Entity Level But “Passes Through” To Individual Level.

A

Pass Through Income -

Income From an Entity (LLC) That Is “Not Taxed” At Entity Level But “Passes Through” To Individual Level.

Chap 14

79
Q

Real Estate Commissioner is Appointed by Governor, Must Have

  1. __ Yrs Admin Experience
  2. __ Yrs Real Estate Exp or Related.
  3. Give Up ___________
A

Real Estate Commissioner is Appointed by Governor, and Must Have

  1. 3 Yrs Admin Experience
  2. 5 Yrs Real Estate Experience or Related.
  3. Give Up Real Estate License

Chap 15

80
Q

Commissioners Duties:

P_____ Commissioner’s Rules Through Public Process

A_____ Agents Books and Records

M_____ Hire/Fire ADRE Employees

I______ Agent Complaints - From Customers (Supoena)

A

Commissioners Duties:

Pulmugate: Commissioner’s Rules Through Public Process

Audit: Agents Books and Records

Manage: Hire/Fire ADRE Employees

Investigate: Agent Complaints - From Customers (Supoena)

Chap 15

81
Q

Real Estate Advisory Board:

  • __ Brokers
  • __ Subdividers
  • __ Residential
  • __ Multi-Fam
  • __ Public
A

Real Estate Advisory Board:

  • 2 Brokers
  • 2 Subdividers
  • 2 Residential
  • 1 Multi-Fam
  • 3 Public Members

Chap 15

82
Q

Real Estate Broker

Experience: __ Years in past 5 years

School: __Hrs School/State Exam and Broker Mgmt Clinics

A

Real Estate Broker

Experience**: **3 Years in (Past 5 Years)

School**: **90 Hrs School/State Exam and Broker Mgmt Clinics

Chap 15

83
Q

What Type of Entities May Brokers and Agents Have Their License Held/Issued Under?

A

Brokers and Agents May Have Their License Held/Issued To:

  • PLLC - Professional Ltd Liability Company
  • PC - Professional Corporation

Chap 15

84
Q

Licensees May be Employed to Broker, But Also Employed To?

A

Licensees May be Employed to Broker, But Also Employed To:

  • Cemetery Broker
  • Camping Broker

Chap 15

85
Q

If License is Expired What Happens?

A

If License is Expired (Last Day of Month Activated):

  • 12 Months Grace Period
  • Penalties
  • May Not Practice Real Estate

Chap 15

86
Q

Manager/Leasing Agent May Receive “Performance Bonuses,” But What Are Requirements?

A

Manager/Leasing Agent May Receive “Performance Bonuses.”

Requirements:

  • 1 x Per Month
  • May Not Exceed 1/2 of Regular Compensation

Chap 15

87
Q

Agent/Associate Brokers - Continued Education Requirements?

A

Agent/Associate Brokers - Continued Education Requirements:

24 hours Every 2 years

Chap 15

88
Q

Designated Broker, Self-Employed Brokers, Delegated Associate Brokers - Continued Ed Requirements?

A

Designated Broker, Self-Employed Brokers, Delegated Associate Brokers - Continued Ed Requirements

  • 30 hours every 2 years
  • 3 Clinics

Chap 15

89
Q

If Broker Dies, “Temporary Broker’s License”

  • May Be Issued for How Long?
  • To Whom?
A

Broker Dies, “Temporary Broker’s License” May Be

  • May be Issued for: 90 Days
  • To: Surviving Spouse; Next of Kin; Executor (Personal Assistant)

Chap 15

90
Q

Concerning Trust Funds:

Client Ledger is Reconciled How Often?

A

Concerning Trust Funds:

Client Ledger is Reconciled

  • Monthly

Chap 15

91
Q

Trust Fund - Interest Earned is “Removed” How Often?

A

Trust Fund - Interest Earned is “Removed”

  • Removed - Once a Year

Cha 15

92
Q

If a Broker Adds Trust Fund Deposits to Create a Balance of $3000 and Must Be Kept At That Amount to Avoid Charges or Insufficient Funds, Is This Considered Commingling?

A

Not Considered Commimgling

Brokers Can Add Trust Fund Deposits and Its Not Considered “Commingling” If They Do Not Exceed $3000.

Chap 15

93
Q

Broker Must Keep All Transactions For How Long From the Closing/Termination Date?

A

Broker Must Keep All Transactions For How Long From the Closing/Termination Date (And Binding Contracts - Rejected Offers)

  • 5 years

Chap 15

94
Q

Brokers Must Keep “Rejected Offers” That Are “Not From” Binding Contracts for How Long?

A

Brokers Must Keep “Rejected Offers” That Are “Not From” Binding Contracts For:

  • 1 year

Chap 15

95
Q

If An Agent is in Violation of “Act, Practice or Transaction,” Required by Statute or Commissioner’s Rules, the Commissioner May Order?

A

If An Agent is in Violation of “Act, Practice or Transaction,” Required by Statute or Commissioner’s Rules, the Commissioner May Order:

  • Cease and Desist Order

Chap 15

96
Q

Out of State Brokers must obtain what from In State Broker?

A

Out of State Brokers must obtain what from In State Broker?

  • Written Cooperation Agreement

Chap 15

97
Q

For Real Estate Recovery Fund -

  • Lawsuit Must be Filed Within ___ Years
  • Commissioner Notified Within __ of Action.
A

For Real Estate Recovery Fund -

  • Lawsuit - Must Be Filed Within: 5 years
  • Commissioner Notified - Within 45 days of action.
  • Pertains to: Licensed Required Acts and Acting as a Principal in Purchase.

Chap 15

98
Q

Recovery Fund - Maximum of Liability:

  • Per Cause: $_______
  • Per Licensee: $_______
A

Recovery Fund - Maximum of Liability:

  • Per Cause: $30,000
  • Per Licensee: $90,000

Chap 15

99
Q

Recovery Fund Fees are:

Originating License:

  • Broker Pays $20
  • Agent Pays $10

Renew License (Dips below $600K on June 30th):

  • Broker Pays $
  • Agent Pays $
A

Recovery Fund Fees are:

Originating License:

  • Broker Pays $20
  • Agent Pays $10

Renew License (Dips below $600K on June 30th):

  • Broker Pays $20
  • Agent Pays $10

Chap 15

100
Q

Public Report “Buyer Signed Receipt” - Kept by Subdivider for How Long?

A

Public Report “Buyer Signed Receipt” - Kept by Subdivider For:

  • 5 years

Chap 15

101
Q

Public Report Exemptions (4)

  • 1 Buyer Bulk Sale/Lease of: ____
  • Sale/Lease of: How Many Acres+
  • Zoned Property: Type:_______ ________
  • Existing Report for 5 years is called: ____
A

Public Report Exemptions (4)

  • 1 Buyer Bulk Sale/Lease of: 6+Lots
  • Sale/Lease of: 160 Acres+
  • Zoned Property: Commercial/Industrial
  • Existing Report for 5 years called: Subsequent Owner Exemption

Chap 16

102
Q

Lot Reservations:

  • Maximum Deposit:$______
  • Seller Deliver Public Rpt In: __ Calendar Days
  • Byr Receipt of Report - Cancel In: __ Bus Days (Unless Purchase Contract Signed)
A

Lot Reservations:

  • Maximum Deposit: $5000
  • Seller Deliver Public Rpt In: 15 Calendar Days
  • Byr Receipt of Report - Cancel In: 7 Bus Days (Unless Purchase Contract Signed)

Chap 16

103
Q

Unimproved Lots:

  • Buyer Unilateral Right to Recind: __ Calendar Days
  • Uninspected - Byr Recind: __ Months to Inspect or Recind
A

Unimproved Lots:

  • Buyer Unilateral Right to Recind: 7 Calendar Days
  • Uninspected - Byr Recind: 6 Months to Inspect or Recind

Chap 16

104
Q

Property Divided - 6 or More Lots (Sale/Lease), - 36-159 Acres Each are Called?

A

Unsubdivided Lands

Property Divided into 6 or More Lots For Sale/Lease - 36-159 Acres Each

Chap 16

105
Q

Unincorporated Areas of County Requires Disclosure Doc?

Af_______ of Disclosure Items (Record with Deed) -

  • W____ Avail, Sewer/Septic, Legal Access,
  • No A_______ Required
  • Deliver to Buyer: __ Days Prior to Close
  • Buyer Recind: __ Days
A

Unincorporated Areas of County Requires:

Affidavit of Disclosure Items (Record with Deed)

  • Water Avail, Sewer/Septic, Legal Access
  • No Appraisal Required
  • Deliver to Buyer: 7 Days Prior to Close
  • Buyer Recind: 5 Days

Chap 16

106
Q

Amended Reports are Issued for Material Changes as per Commissioner.

  • Buyer Received Report: __ Days to Recind.
A

Amended Reports are Issued for Material Changes as per Commissioner.

  • Buyer Received Report: 10 days to Recind.

Chap 16

107
Q

Timeshare (12 or More Sold) - Public Reports Required

  • Buyer May Recind: Purchase __ Days Without Cause
  • Public Report Application - Contains:
  • Owner/Developer - Name/Address
  • Land - Legal Descript and Location
  • Timeshare Program - Comprehensive Stmt
  • Impovements Install - Stmt of Assurance
A

Timeshare (12 or More Sold) - Public Reports Required

  • Public Report Application - Contains:
  • Owner/Developer - Name/Address
  • Land - Legal Descript and Location
  • Timeshare Program - Comprehensive Stmt
  • Impovements Install - Stmt of Assurance
  • Buyer May Recind: Purchase 7 Days Without Cause.

Chap 16

108
Q

Timeshare with No “Public Report”

  • Legal Action to Void - Within __ Years
A

Timeshare with No “Public Report”

  • Legal Action to Void -
    • Must Be Done Within 3 years

Chap 16

109
Q

Licensed Documents Required (4 Items)?

  • L_______ Disclosure Q_____
  • F__________
  • S_____ S_____ C____
  • Filing of B_____ and R______ A______
A

Licensed Documents Required:

  • License Disclosure Questionaire
  • Fingerprints
  • Social Security Card
  • Filing of Businesss and Residence Address

Chap 16

110
Q

All Advertising Must Include

  • Name of?
  • What should appear at top of every Web Page?
A

All Advertising Must Include:

  • Name of Employing Broker
  • Top of Every Web Page: Employing Broker

Chap 16

111
Q

In Arizona If a Property is Located In The Vicinity of Certain Areas, Must Be Disclosed, Such As

  • (3) Places?
A

In Arizona If a Property is Located In The Vicinity of Certain Areas, Must Be Disclosed, Such As

  • Public/Private Airport
  • Military Airport/Ancillary Military Facility
  • Military Training Route

Chap 16

112
Q

Agent with “Prospective Interest or Conflict” Shall Disclose:

  • Licensee Acting as?
  • Purchaser/Seller Member of Agent’s?
  • Purchaser/Seller is Employing ____?
  • Agent/Agent Fam Member has __ Interest?
A

Agent with “Prospective Interest or Conflict” Shall Disclose:

  • Licensee Acting as Principal
  • Purchaser/Seller Member of Agent’s Family
  • Purchaser/Seller is Employing Broker
  • Agent/Agent Fam Member has Financial Interest

Chap 16

113
Q

Property Negotiations Must Be Done Through Employing Broker Unless:

  • Principal W_____
  • No Agent of Employing Broker Available Within a Total of __ Hours
A

Property Negotiations Must Be Done Through Employing Broker

Unless:

  • Principal Waives
  • No Agent of Employing Broker Available Within a Total of 24 hours

Chap 16

114
Q

Broker Control and Supervision -

Establish/Enforce:

  • W______ Policies
  • R____
  • Pr_____ Systems
A

Broker Control and Supervision -

Establish/Enforce:

  • Written Policies
  • Rules
  • Procedure Systems

Chap 16

115
Q

Mortgage Pay-Off Statement Is Called?

A

Satisfaction of Mortgage -

Known As Mortgage Pay-Off Statement

  • Lender Delivers in 30 days.

Chap 17

116
Q

Mortgage Default (Judicial) - Five Steps. What are they?

  • Borrowers Redemption Period Called?
    • E____ of R______ Period
  • Lawsuit Filed is Called?
    • L______ P______
  • Next Step?
    • C_____ A_____
  • What is Sale Called and Highest Bidder Given?
    • S______ S______ and
    • S_______ C______ of S______
  • Redemption Period - How Long?
    • ____ Months
  • After Redemption Period, What is Received?
    • S______ D______
A

Mortgage Default (Judicial) - Five Steps Are:

  • Equity of Redemption Period:
  • Lis Pendens - Lawsuit Filed/Recorded
  • Court Action - Next Step
  • Sheriff’s Sale - Sheriff’s Certificate of Sale (Bidder)
  • After Sale - Waiting Period……
  • Statutory Redemption Period - 6 months
  • No Redemption - Sheriff’s Deed issued

Chap 17

117
Q

Trust Deed Pay-Off Statement is Called What and What Document is Used?

A

Deed of Reconveyance -

Trust Deed Pay-Off Statement or Defeasance Payoff

  • Beneficiary tells Trustee to Send (30dys)

Chap 17

118
Q

Trust Deed Default (8 Steps) -

  1. Benificiary - I______ Trustee to F_____ Sale
  2. Notice of Default & Trustee Sale - R______
  3. Trustee Sends Notice - T_______/2nd Lien Holder (Recorded - Req for Notice)
  4. Trustor’s Right of Reinstatement - __ Days
  5. Trustee’s Sale - H____
  6. Trustee’s Deed - Issued to H_____ Bidder
  7. *****No Redemption - After Sale!!!*****
  8. Deficiency Judgements - Prohibited 2 1/2 acres or less (SFR/2 units)
A

Trust Deed Default (8 Steps) -

  1. Benificiary - Instructs Trustee to Force Sale
  2. Notice of Default & Trustee Sale - Recorded
  3. Trustee Sends Notice - Trustor/2nd Lien Holder (Recorded - Req for Notice gets)
  4. Trustor’s Right of Reinstatement - 90 Days
  5. **Trustee’s Sale - Held
  6. Trustee’s Deed - Issued to Highest Bidder
  7. *****No Redemption - After Sale!!!*****
  8. Deficiency Judgements - Prohibited 2 1/2 acres or less (SFR/2 units)

Chap 17

119
Q

Deficiency Judgments

Prohibited - For What Types of Property?

A

Deficiency Judgments -

Prohibited For

SFR/ 2 Units - 2 1/2 Acres or less

Chap 17

120
Q

Agreement for Sale Is Also Called (4 Names)?

A

Agreement for Sale Is Also Called

  1. Contract for Sale of Real Estate
  2. Land Contract
  3. Contract for Deed
  4. Vendor’s Lien

Chap 17

121
Q

In a Agreement for Sale/Land Contract/Contract for Deed/Vendor’s Lien

  • Type of Action Used?
  • What are Seller and Buyer Called?
A

Agreement for Sale/Land Contract/Contract for Deed/Vendor’s Lien

  • Forfeiture - Type of Action
  • Seller is Vendor and Buyer** _is Vende_e**

Chap 17

122
Q

Forfeiture Action - What Are Grace Periods

  • 19% or less - __ days
  • 20-29% - __ days
  • 30-49% - __ days
  • 50% + - __ days
A

Forfeiture Action - Grace Periods

  • 19% or less - 30 days
  • 20-29% - 60 days
  • 30-49% - 90 days
  • 50% + - 9 months
    • Hint: Double, Triple, Baby……30-60-90-Baby

Chap 17

123
Q

In a Foreclosure, How Do Bankruptcies Effect This Process?

A

In a Foreclosure

Bankruptcies Stop Them.

Chap 17

124
Q

When a Borrower Gives Property to Lender Who Cancels Debt. What Is This Called?

A

Deed in Lieu of Foreclosure:

When a Borrower Give Property to Lender Who Cancels Debt.

Chap 17

125
Q

Arrangement Between Borrower and Lender To “Delay” Foreclosure Is Called?

A

Forbearance -

Arrangement Between Borrower and Lender To “Delay” Foreclosure

Chap 17

126
Q

Sale Where “Loan Balance Higher Than Value” Is Called?

A

Short Sale -

Loan balance “Higher Than Value

Chap 17

127
Q

Agreement Where Borrower and Lender Changes Loan Terms is Called?

A

Loan Modification -

Agreement Where Borrower and Lender Changes Loan Terms

Chap 17

128
Q

Fix and Flips -

  • Sale/Lease of Property (1yr) - $____ Cost or More of Improvements Must Be Completed.
A

Fix and Flips

Sale/Lease of Property (1yr) - $1000+ Cost of Improvements Must Be Completed.

Chap 17

129
Q

Deed Records With What Document?

A

Deed Records With -

Affidavit of Value (Shows Sales Price)

Chap 18

130
Q

Full Cash Value is Determined When?

A

Full Cash Value is Determined -

1st of the Year - For Next Year

Chap 18

131
Q

Full Cash Value To High - “Appeal Process” (3)

A

Full Cash Value “Appeal process” (3) -

  • 1st - Assessor
  • 2nd - State Board of Equalization
  • 3rd - Tax Court

Chap 18

132
Q

New Bldg Value - Receives

  • What Type of Value Notice?
  • When Is It Sent?
  • Appeal Process?
A

New Bldg Value -

  • Supplemental Notice of Value
  • Received in September
  • SBOE - State Board of Equalization - 25 Days to Appeal.

Chap 18

133
Q

Limited Property Value

  • Cannot Exceed FCV - By What Max Percent?
A

Limited Property Value

Cannot Exceed FCV Max 5% Limit of FCV

Chap 18

134
Q

Tax Calculation Formula:

  • Limited Property Value
  • x
  • Assessed Value
  • Assessed Value
  • x
  • Real Property Tax
A

Tax Calculation Formula:

  • Limited Property Value
  • x Assessed Value Ratio (Class Type)
  • Assessed Value
  • Assessed Value
  • x Tax Rate
  • Real Property Tax

Chap 18

135
Q

Assessed Value Ratios

  • Class 1 - Commercial - %
  • Class 2 - Vacant Land - %
  • Class 3 - Owner-Occ Res - %
  • Class 4 - Res Income - %
A

Assessed Value Ratios

  • Class 1 - Commercial - 18%
  • Class 2 - Vacant Land - 15%
  • Class 3 - Owner-Occ Res - 10%
  • Class 4 - Res Income - 10% (Res Rental Prop Registration Form - with Assessor

Chap 18

136
Q

Tax Rate - Is Computed By?

A

Tax Rate -

  • $ per 100 or Mills (3 places - 1 Thousandth of One Dollar)
  • Example; $18 per $100 (180 mills)
  • 180mills / 1000 = .18

Chap 18

137
Q

Taxes

  • 1st Half - Due/Late?
  • 2nd Half - Due/Late?
A

Taxes

  • 1st Half** - **Due** Oct 1st / **Late: Nov 1st
  • 2nd Half - Due** Mar 1st / **Late: May 1st
  • Owe No More Money

Chap 18

138
Q

Delinquent Taxes -

  • Interest: ___ Per Annum.
A

Delinquent Taxes -

  • Interest: 16% Per Annum.

Chap 18

139
Q

Delinquent Tax Sale (5 Steps)

  1. Treasurer’s Sale - A______
  2. Bidder is Issued - Certificate of P_______
  3. Redemption Period - ___ Yrs (Owed plus Interest)
  4. Foreclosure - Within ___ Yrs (16% per Annum)
  5. Owner by Cert Mail - Notice of Foreclosure - ___ Days Prior to Foreclosure Action.
A

Delinquent Tax Sale (5 Steps)

  1. Treasurer’s Sale - Auction
  2. Bidder is Issued - Certificate of Purchase
  3. Redemption Period - 3 yr (Owed plus Interest)
  4. Foreclosure - Within 10 yrs (16% per Annum)
  5. Owner by Cert Mail - Notice of Foreclosure - 30 Days Prior to Foreclosure Action.

Chap 18

140
Q

CFD - Community Faciilities District -

  • Purpose - Sp_____ T_____ District
  • Used For Infrastructure in Planned Community
    • F______ Acquisition,
    • Con______,
    • Operation and M________
  • Cost - Property Tax Bill
A

CFD - Community Faciilities District -

  • Special Taxing District - purpose
  • Used For Infrastructure in Planned Community
    • Finance Acquisition,
    • Contruct,
    • Operation and Maintenance
  • Cost - Property Tax Bill

Chap 18

141
Q

Special Assessments Are

  • Liens For?
  • Have What Priority?
  • Levied By What?
A

Special Assessments are

  • Publc Improvements Liens - (Pave,Sewers, Sidewalks)
  • 2nd Priority - of Liens
  • Levied by - Front Foot Basis

Chap 18

142
Q

Mechanic’s Liens (3 Steps)

  1. Prelim Notice to Owner - __ Days Notice
  2. Lien for Labor Recorded - ____ Dys of Work Completed
  3. Foreclosure Within - __ Months or ___ Days
A

Mechanic’s Liens (3 Steps)

  1. Prelim Notice to Owner - 20 Days Notice
  2. Lien for Labor Recorded - 120 Dys of Work Completed
  3. Foreclosure Within - 6 Months or 180 Days

Chap 18

143
Q

Judgements:

  • Renewed by - Every __ years
  • Collected thru - Writ of Ex_______
  • Revealed by:
    • T___ Reports
    • C_____ Recorder’s Records
    • C____ Reports
A

Judgements:

  • Renewed By - Every 10 years
  • Collected Thru - Writ of Execution
  • Revealed by:
    • Title Reports
    • County Recorder’s Records
    • Credit Reports

Chap 18

144
Q

Income Tax Liens Priority?

A

Income Tax Liens Priority?

  • No Special Priority
  • General Lien - Against All Real and Personal Property

Chap 18

145
Q

Judgement and Income Tax Liens

  • What Type of Liens
  • Effects What Property
A

Judgement and Income Tax Liens -

  • General Liens
  • Effects … All Real and Personal Property

Chap 2 and 18

146
Q

Homestead -

  • Homeowner’s Equity Exemption
  • Only for?
  • Max Exemption?
  • Protect Against?
A

Homestead -

  • Homeowner’s Equity Exemption
  • Only For - Homes, Condo, Mobile Homes
  • Exemption - $150K Max
  • Protects Against - Judgements Non-Payments but Not Foreclosures

Chap 18

147
Q

AZ Residential Landlord Tenant Act -

Not Apply To (5 Types):

  • Com_________
  • H____/M______
  • Rel______ Housing
  • Sc_____ D_______
  • F___ P_____ H____ (Applies To State)
A

AZ Residential Landlord Tenant Act -

Not Apply To (5 Types):

  • Commercial
  • Hotels/Motels
  • Religious Housing
  • School Dorms
  • Fed Pubic Housing (Applies To State)

Chap 19

148
Q

Security Deposits/Prepaid Rent -

  • Max
A

Security Deposits/Prepaid Rent -

  • Max 1 1/2 months rent

Chap 19

149
Q

To Apply “Security Deposits to Damages” If Lease is Terminated, Landlord Must:

  • What “Statement” Must Be Given To Tenant, and With In How Many Days?
  • If Landlord Does Not: “Damages to Tenant” Are How Many Times Deposit?
A

Security Deposits Applied to Damages (Terminated Lease) -

  1. Landlord Must Give - Itemized Statement in 14 Days
  2. Not Done: Pay 2x Deposit for Damages To Tenant.

Chap 19

150
Q

Fees Above Security Deposit That May Be Non-Refundable Are?

A

Non-Refundable Fees (Above Security Deposit)

  • Cleaning Fees
  • Pet Fees

Chap 19

151
Q

Landlord Must Disclose (3 items)?

A

Landlord Must Disclose (3 Items)

  • Manager Name
  • Service Process - Name (Owner/Agent)
  • Landlord Tenant Act (Free Copy) - AZ Dept of Housing

Chap 19

152
Q

Landlord Must Comply With (5 items)

  1. H____, S_____, B_______ Codes
  2. Premises - F__, H_____, and S____
  3. Mechanical Equipment - W_____ O____
  4. Waste - Trash Cans and R_______
  5. Mandatory - Water Hot/Cold. Air and Heat
A

Landlord Must Comply With (5 items)

  1. H_S_B - Health, Safety, Building Codes
  2. Premises - Fit, Habitable, and Safe
  3. Mechanical Equipment - Working Order
  4. Waste - Trash Cans and Removal
  5. Mandatory - Water Hot/Cold. Air and Heat

Chap 19

153
Q

Tenants Obligations (5 Items)

  1. Premises (2) - S__ and C___
  2. Mehanical Equipment - Re_____ C___
  3. No Deliberate/Negligent Destruction - P_____
  4. Do Not Disturb - Neighbor’s Q____ E______
  5. Landlord Established - R____ and R________
A

Tenants Obligations (5 Items)

  1. Premises (2) - Safe and Clean
  2. Mehanical Equipment - Reasonable Care
  3. No Deliberate/Negligent Destruction - Premises
  4. Do Not Disturb - Neighbor’s Quiet Enjoyment
  5. Landlord Established - Rules and Regulations

Chap 19

154
Q

Non-Compliance by Landlord -

  1. Heath/Safety - Tenant Gives __ Days
  2. Other Breaches - Tenant Give __ Days
A

Non-Compliance by Landlord -

  1. Heath/Safety - Tenant Gives 5 days
  2. Other Breaches - Tenant Give 10 days

Chap 19

155
Q

Self Help for Minor Defects -

  • Landlord Notice: Does Not Fix Within -
    • Health/Safety __Dys and Misc __Dys
  • Not Exceed - $___ or ____ Rent (Highest)
A

Self Help for Minor Defects -

  • Landlord Notice: Does Not Fix -
    • Health/Safety 5 Days and Misc 10 Days
  • Not Exceed__$300 or Half Rent (Highest)

Chap 19

156
Q

Tenant Fails to Pay Rent -

  • Notice - _ Days to Pay
A

Tenant Fails to Pay Rent -

  • Notice - 5 Days to Pay Notice

Chap 19

157
Q

Notice of Abandonment (Cert Mail+Notice) -

  1. Cert Mail and Notice (Door) - __ Days
  2. Hold Property for - __ Days
A

Notice of Abandonment (Cert Mail/5Day) -

  1. Certified Mailed and Notice - 5 Days Notice (Door)
  2. Hold Property for - 14 Days Distaint

Chap 19

158
Q

Holding “Personal Property Back” For Rent is Called?

A

Distraint -

Holding “Personal Property Back” For Rent

Chap 19

159
Q

All Court Actions for Landlord and Tenant Disputes Are Held in What Court System?

A

All Court Actions for Landlord and Tenant Disputes Are Held In

AZ Civil Courts

Chap 19

160
Q

Property Management Agreements (10 Items):

  1. Terms and P_________
  2. Signed
  3. Can_____ Provisions
  4. Dispositons of M_____
  5. Frequency of Reports
  6. Op______ Reserve Amt/Purpose
  7. Trust Account I_____
  8. Com_____ Paid for Services
  9. Unassignable Contract
  10. ******Owners Cannot Sign Checks
A

Property Management Agreements (10 Items):

  1. Terms and Provisions
  2. Signed
  3. Cancelled Provisions
  4. Dispositons of Monies
  5. Frequency of Reports
  6. Operating Reserve Amt/Purpose
  7. Trust Account Interest
  8. Compensation Paid for Services
  9. Unassignable Contract
  10. ****Owners Cannot Sign Checks

Chap 19

161
Q

Residential Leases and Finders Fees Records Kept for How Long?

A

Residential Leases and Finders Fees Records

  • Kept 1 Year

Financial Records

  • Kept 3 Years

Chap 19

162
Q

Commercial Leases Kept For?

A

Commercial Leases?

Kept for 5 years

Chap 19

163
Q

Property Management Terminated:

Return of Funds (Time Frames)

  • Security Deposits
  • Prop Mgmt Funds
  • Accts Rec/Pay
  • Bank Reconciliations
A

Property Management Terminated:

Return of Funds (Time Frames)

  • Security Deposits - 5 days
  • Prop Mgmt Funds - 35 days
  • Accts Rec/Pay - 75 days
  • Bank Reconciliations - 75 days

Chap 19

164
Q

Tenant Finders Fees Can Be Paid As?

A

Tenant Finders Fees Can Be Paid As

  • Credit/Reduction of Rent only.

Chap 19

165
Q

Planned Community (Pending Sale) -

(6 items) - provide in 10 days

  1. B_____, Rules, Planned Community Dec Page
  2. C_____ Info
  3. Re_____/Budget/Finance Reports
  4. Alterations/Improvement Violations
  5. Litigation Pending
  6. Units - Less than 50 Seller / 50+ Association
A

Planned Community (Pending Sale) -

(6 items) - Provide in 10 days

  1. Bylaws, Rules, Planned Community Dec Page
  2. Contact Info
  3. Reserves/Budget/Finance Reports
  4. Alterations/Improvement Violations
  5. Litigation Pending
  6. Units - Less than 50 Seller / 50+ Association

Chap 19

166
Q

What Are The Two “Renewable Water Sources?”

A

Renewable Water Sources (2) -

  • CAP - Central Arizona Project (CO River -336 Mile Canal)
  • CAGRD - Central AZ Groundwater Replenish District )Replinish Water Using CAP

Chap 20

167
Q

AZ Groundwater Mgmt Code (5 Points)

  1. Adopted When ?
  2. Established ?
  3. Objective of Code -
    1. Control of?
    2. Provides Means For?
    3. Increase AZ Water Supplies Through?
A

AZ Groundwater Mgmt Code (5 Points)

  1. Adopted - 1980
  2. Established - (ADWR) AZ Dept of Water Reources
  3. Objectives of Code -
    1. Control - of Severe Overdraft (Over Pumping)
    2. Provides - Way - Distribution of Groundwater
    3. Increase AZ Water Supplies - Through Supplemental Sources (Central AZ Project - CAP)

Chap 20

168
Q

Assured Water Supply Program (In AMA) - (3 Steps)

Public Report (Items Needed Before Issued)

  1. Cert of -
  2. Financial Ability -
  3. Subdivision Goals -
A

Assured Water Supply Program (In AMA) - (3 Steps)

Public Report (Items Needed Before Issued)

  1. Cert of - Assured Water Supply (100 Yrs)
  2. Financial Ability - Construct Water Delivery System
  3. Subdivision Goals - Same as AMA’s Goals

Chap 20

169
Q

Adequate Water Sup ply Program -

Outside AMA’s (2 Items)

Adequate Water Supply Program -

  1. What is Needed To Submit With Public Report App

Inadequate Water Supply - Disclose where?

A

Adequate Water Supply Program -

Outside AMA’s (2 Items)

Adequate Water Supply Program -

  1. AWS Report - Submitted with Public Report App

Inadequate Water Supply - Disclose in Purchase Contract and Advertising.

Chap 20

170
Q

Exempt Wells (2 Rules)

  • From ADWR What Is Needed?
  • What is Max (GPM) Gallons per Minute?
A

Exempt Wells (2 Rules)

  • ADWR Permit Required
  • 35 Max (GPM) Gallons per Minute

Chap 20

171
Q

Transfer of Well Rights -

  1. Transfer Form Need To Be Filed With?
  2. Info Included Is?
A

Transfer of Well Rights -

  1. Transfer Form Filed - With ADWR
  2. Info Needed - Names, Location, Assessor’s Parcel Number

Chap 20

172
Q

Water Rights Type?

  1. Land Irrigated Between 1975-1980
  2. Allows Use of Groundwater to Irrigate.
A

Irrigation Groundfathered Right -

  1. Land Irrigated Between 1975-1980
  2. Allows Use of Groundwater to Irrigate.

Chap 20

173
Q

Water Rights?

  1. Retired - Can Be Used For Industry/Subdivision
A

Type 1 - Non-Irrigated Rights

  1. Retired - Can Be Used For Industry/Subdivision

Chap 20

174
Q

Water Rights Type?

  1. Historical for Non-Irrigation Such as
    1. Livestock Watering,
    2. Industry or
    3. Golf Courses
  2. MAY BE - SOLD SEPERATELY!
A

Type II - Non-Irrigated Rights

  1. Historical for Non-Irrigation Such as
    1. Livestock Watering,
    2. Industry or
    3. Golf Courses
  2. MAY BE - SOLD SEPERATELY!

Chap 20

175
Q

What Does This Represent?

  1. Distance and Compass Directions
  2. Point of Beginning
  3. Distance between Points
  4. Closure
A

Metes/Bounds

  1. Distance and Compass Directions
  2. Point of Beginning
  3. Distance between Points
  4. Closure

Chap 20

176
Q

Land Description Type

  1. Describes “Smaller Parcels”
  2. Plat Map ID’s Parcels by Lot and Block Number
  3. Recorded in County Recorder’s Office
A

Recorded Plat (Lot & Block) -

  1. Describes “Smaller Parcels”
  2. Plat Map ID’s Parcels by Lot and Block Number
  3. Recorded in County Recorder’s Office

Chap 20

177
Q

Type of Survey System?

  1. Based on Survey Lines that run North/South and East/West
  2. Describes “Largest Parcels”
A

Rectangular/Gov Survey/Public Land Survey System (PLSS):

  1. Based on Survey Lines that run North/South and East/West
  2. Describes “Largest Parcels”

Chap 20

178
Q

Base LIne and Meridian Lines Run?

  • Baseline Runs?
  • Meridian Runs?
A

Base LIne and Meridian Lines Run:

  • Baseline - East/West (Sames As Townships)
  • Meridian - North/South (Sames As Ranges)

Chap 20

179
Q

What Runs?

  • North/South (Every 6 miles) from Principle Meridian
A

Ranges -

  • North/South (Every 6 miles) from Principle Meridian

Chap 20

180
Q
  • 6 Miles x 6 Miles Square - 36 Sq Miles Each (East and West)
  • Numbered from Baseline North and South
A

Townships-

  • 6 Miles x 6 Miles Square - 36 Sq Miles Each (East and West)
  • Numbered from Baseline North and South

Chap 20

181
Q

Row of Townships is Called What?

A

Tier -

Row of Townships

Chap 20

182
Q

What is 1 Mile Square, and Has 640 Acres?

A

Section -

1 Mile Square and Has 640 Acres.

Chap 20

183
Q

What is Made Every 24 Miles North From Bottom of State Line?

A

Earth Curvature Corrections -

Made Every 24 Miles North From Bottom of State Line

Chap 20

184
Q

What is 24 Miles Square (24 x 24) - With 16 Townships?

A

Check -

24 Miles Square (24 x 24) - With 16 Townships

Chap 20

185
Q

What is Distorted by Earth Curvature (North/West Sides), has 25 Standard and 11 Fractional Sections?

A

Correctional Township -

  • Distorted by Earth’s Curvature (North/West Sides)
  • 25 Standard and 11 Fractional Sections
  • Fractional: 1-7, 18-19, 30-31

Chap 20

AZ Real Estate Agent License 2020 (23 decks)

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