AZ Real Estate Timelines

Question 1

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)

Answer 1

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

Question 2

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

Heirs have ____ Years to Claim Proceeds of Sale.

Answer 2

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

Heirs have 7 Years to Claim Proceeds of Sale.

Chap 1

Question 3

Priority of Liens:

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

Answer 3

Priority of Liens:

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

Chap 2

Question 4

Triangles Formula:

Answer 4

Triangles Formula:

A = (.5 base) x Height

Chap 2

Question 5

Clients Duties to Agent:

1. C
2. Ind
3. Per

Answer 5

Clients Duties to Agent:

1. Compensation
2. Indemnification
3. Performance

Chap 3

Question 6

Agency Termination:

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

Answer 6

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

Question 7

Math Main Formula?

Answer 7

Math Main Formula is

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

Chap 5

Question 8

Home Inspectors License by?

AZ State Board of T_________ R_______

Answer 8

Home Inpectors License by:

AZ State Board of Technical Registration

Chap 4

Question 9

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

Answer 9

New Homes Sales “Earnest Money” Deposits In:

Home Builders Business Account

Chap 5

Question 10

Loan with “Principle Payments Only” are called?

Answer 10

Negative Amortization Loans -

Loan with “Principle Payments Only”

Chap 6

Question 11

R______ _______ _________

Loan where “Lender Pays Borower” Payments is called?

Answer 11

Reverse Annuity Mortgage (RAM) -

Loan where “Lender Pays Borower” Payments

Chap 6

Question 12

Borrower Not Held Responsible for What Type of Loan?

Answer 12

Non-Recourse Loan -

Borrower Not Held Responsible for Loan.

Chap 6

Question 13

N____ ________ Clause

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

Answer 13

Non-Disturbance Clause:

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

Chap 6

Question 14

P______G_______ Clause

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

Answer 14

Personal Guarantee Clause -

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

Chap 6

Question 15

Formula Used for Interest?

Answer 15

Formual Used to Determine Interest -

• Interest
• Principal x Rate

Chap 7

Question 16

For VA Loans What is LTV?

Answer 16

LTV for VA Loans Is -

100% (Unless Price Exceeds Appraisal)

Chap 7

Question 17

Who Buys Loans 2nd Market?

Answer 17

Buys Loans in 2nd Market -

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

Chap 7

Question 18

Who “Sells Loans” in 2nd Market?

Answer 18

Sells Loans in 2nd Market -

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

Chap 7

Question 19

Truth in Lending Triggers?

Answer 19

Triggers in Truth In Lending -

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

Chap 8

Question 20

Loan Estimates are Due __ Days of Loan Application.

Answer 20

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

Chap 8

Question 21

TRID Closing Disclosures are Due __ Days Prior to Closing.

Answer 21

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

Chap 8

Question 22

Fair Housing Act Complaints Must be Filed Within __ Year.

Answer 22

Fair Housing Act Complaints Must be Filed Within 1 Year.

Chap 8

Question 23

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

Answer 23

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

Question 24

RESPA Only Does What Type of Loans?

Answer 24

RESPA Only Does Loans For -

“Federal Loans” (FHA, VA, USDA)

Chap 8

Question 25

**Cost Approach Formula is?**

Answer 25

**Cost Approach Formula** * **Building Cost** * **- Depreciation** * **_+ Land Value\__** * **Appraised Value** **Chap 8**

Question 26

**Income Approach/Capitalization Formula?**

Answer 26

**Income Approach/Capitalization** * **Gross Income (Annual)** * **_- Operating Expenses_** * **Net Operatng Income** * * **_Net Oper Income (Year)_** * **Value x Cap Rate** **Chap 10**

Question 27

Gross Rent Multiplier Formula?

Answer 27

**Gross Rent Multiplier Formula** * **_Value (SP)_** * **GR (Mo) x GRM** Chap 10

Question 28

**Appraser for 1-4 Residential - Under 1 Million.**

Answer 28

**Licensed Appraser** - **1-4 Residential - under 1 million**. Chap 10

Question 29

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

Answer 29

**_Certifiied Residential_ Appraiser** - **Residential (All Types 1-4 Res Units -Any Amount)** Chap 10

Question 30

**Appraiser for All Types of Property?**

Answer 30

**_Certified General_ Appraiser -** **All Types of Property** Chap 10

Question 31

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

Answer 31

**Lead Base Paint Bldg (Pre-1978) - Must Provide Buyers** - 1. **Reports** 2. **Pamphlet** 3. **10 days+ Inspection** **Chap 10**

Question 32

**Investigating if Hazardous or Pollution Exists is called?**

Answer 32

**Due Dilllegence -** **Investigating Property if Hazardous or Pollution Exists** **Chap 10**

Question 33

**_Inspecting_ Property, _Reviewing_ Records, _Interviewing_ Owners** **Part of What Phase of Environment Assessments?**

Answer 33

**Phase I Assessment -** **_Inspecting_ Property, _Reviewing_ Records, _Interviewing_ Owners** **Chap 10**

Question 34

**When There is Likelihood of Contamination, _Samples are Taken_ and Analyzed** **Part of What Phase in the Environmental Assessments?**

Answer 34

**Phase II Assessment:** **Likelihood of Contamination, _Samples Are Taken_ and Analyzed** Chap 10

Question 35

**When _Core Samples Taken_ and _Actual Clean-Up Done_ is What Part of the Environmental Assessments?**

Answer 35

**Phase III Assessments -** **_Core Samples Taken_ and _Actual Clean-Up Done_** Chap 10

Question 36

**Causes _Respitory Diseases_ by Airbourne Fibers, and "Encapsulation" Used to Contain**

Answer 36

**Asbestos -** **Causes _Respitory Diseases_ by Airbourne Fibers, and "Encapsulation" Used to Contain.** Chap 10

Question 37

**Causes _Lung Cancer_, Tasteless, Ordorless, and Radioactive Gas**

Answer 37

**Radon** - **Causes _Lung Cancer_, Tasteless, Ordorless, and Radioactive Gas**. **Cahp 10**

Question 38

**For _Onsite Wastewater Facilities_ for Sale, Seller Has ___ Months to Inspect, Pump, Clean, and Certify - Before Transfer**

Answer 38

**For _Onsite Wastewater Facilities_ for Sale, Seller Has _6_ Months to Inspect, Pump, Clean, and Certify- Before Transfer** **Chap 10**

Question 39

**For Purchase of Property with _Onsite Wastewater Facilities_,** **Upon Purchase, Buyer has ___ Days "_Notice of Transfer_" to the ADEQ - AZ Dept of Environmental Quality.**

Answer 39

**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

Question 40

**Interest That Will be _Acquired In The Future_ by Someone Other Than Grantor is called?**

Answer 40

**Remainder Interest -** **Interest That Will be _Acquired In The Future_ by Someone Other Than Grantor.** Chap 11

Question 41

**Lease where Lessor Pays All Expenses**

Answer 41

**Gross Lease -** **Lease where Lessor Pays All Expenses** **Chap 11**

Question 42

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

Answer 42

**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

Question 43

**Fees Charges to _Commercial Tenants_ (Park Lots, Walkways, Lighting) are called?**

Answer 43

**CAM's - Common Area Maintenance Charges -** **Fees Charges to _Commercial Tenants_ (Park Lots, Walkways, Lighting)** **Chap 11**

Question 44

**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.**

Answer 44

**Protecting Tenants at Foreclosure Act** **(Leases Involved) -** 1. **Tenants Given _90_ Days to Vacate _OR_** 2. **Lease is Honored.** Chap 11

Question 45

**What Term is Used to Represent "Tenant's Personal Property." Personal Property Must be Removed by End of Lease**. ## Footnote **Examples (Drapes, Partitions, and Machinery).**

Answer 45

**Trade Fixtures -** **Considered "_Tenant's Personal Property_," Tenants Must Remove by Termination of Lease or They Belong to Lessor.** **Chap 11**

Question 46

**When Decedent's Estate is Probated What is This Called?**

Answer 46

**Inheritance -** **Decedent's Estate is Probated** Chap 12

Question 47

**What is Testate vs Intestate?**

Answer 47

**Testate (Has Will) and Intestate (No Will).** Chap 12

Question 48

**What are 3 Types of "Involuntary Alienation?"** 1. **E**\_\_\_\_\_\_\_ 2. **A\_\_\_\_\_\_\_** 3. **F\_\_\_\_\_\_\_**

Answer 48

**Involuntary Alienation -** 1. **Eminent Domain** 2. **Adverse Possession** 3. **Foreclosure Proceedings** Chap 12

Question 49

**Voluntary Alienation Can Be Done By?**

Answer 49

**Voluntary Alienation Can Be Done By Gift or Deed.** Chap 12

Question 50

**_Legal Action to Terminate For_**: ## Footnote **Tenancy in Common or Joint Tenancy**

Answer 50

**Suit for Partition** - ## Footnote **Legal Action to Terminate: Tenancy in Common or Joint Tenancy** **Chap 12**

Question 51

**Ownership by One Person is called?**

Answer 51

**Tenancy in Severalty (Sole & Separate) -** **Ownership by One Person, and Given To Heirs by Probate.** Chap 12

Question 52

**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.**

Answer 52

**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

Question 53

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

Answer 53

**Securities Interest -** **(Feds) Securities & Exchange Commissions and (State) AZ Corp Commission** Chap 12

Question 54

**Conveys Grantor's Interest But Has "No Expressed Warranties."** **_Examples**_: _**Guardian Deeds_, _Executor's Deeds_, _Sheriff's Deeds_, _Trustee Deeds._**

Answer 54

**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

Question 55

* **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.**

Answer 55

**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

Question 56

**A Valid Deed Requires?**

Answer 56

**Valid Deed Requires:** 1. **Signature by Grantor** 2. **Acknowledgement - Formal Declaration (Notarizef)** 3. **Delivery & Acceptance (Recorded)** Chap 13

Question 57

**Must Be Recorded with Deed, Gives Assessor Sales Price.**

Answer 57

**Affdavit of Value -** 1. **Must be Recorded with Deed,** 2. **Gives Assessor Sales Price.** Chap 13

Question 58

**Clause that Defines Interest.**

Answer 58

**Habendum Clause** - **Clause that Defines Interest.** Chap 13

Question 59

**_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**

Answer 59

**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

Question 60

**No Policy Protects Against**? **(3 THINGS)** 1. **E\_\_\_\_\_** 2. **D\_\_\_\_\_\_ Known** 3. **Z\_\_\_\_\_ Changes & Ordinances**

Answer 60

**No Policy Protects Against -** 1. **Existing Encumbrances** 2. **Known Defects** 3. **Zoning Changes & Ordinances** **Chap 13**

Question 61

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

Answer 61

**UCC - Uniform Commercial Code** - **Deals with Commercial/Business Transactions** and **Sale/Finance of Personal Property**. Chap 13

Question 62

**What Protects Buyer Against** 1. **Forged/Improperly Drawn Delivered/Misfiled Docs** 2. **Incompetent Grantors** 3. **One Spouse Conveyance** 4. **Uknown Heirs**

Answer 62

**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

Question 63

Commitment for Title Insurance is Also Known as

Answer 63

**Preliminary Title Report (Issued Prior to Closing)** Commitment for Title Insurance Chap 13

Question 64

**List of Seller's Creditors** is called

Answer 64

**Bulk Sales Affidavit** - **List of Seller's Creditors** Chap 13

Question 65

**Buyers Charges Only (Debits or Credits?):** * **\_\_\_\_\_\_: Earnest Money, New Loans** * **\_\_\_\_\_\_: Loan Orig Fee, ALTA Policy**

Answer 65

**Buyers Charges Only** * **_Credits_: Earnest Money, New Loans** * **_Debits_: Loan Orig Fee, ALTA Policy** Chap 14

Question 66

**Seller Charges Only (Debit or Credits):** * **\_\_\_\_\_: Loan Pay-Off; Owner Policy; Commission**

Answer 66

**Seller Charges Only -** * **_Debits_: Loan Pay-Off; Owner Policy; Commission** Chap 14

Question 67

**Settlement Statement Charges** - Debits / Credits? * Sales Price? * Seller Carrybacks; Tax Prorations? * Escrow Fees?

Answer 67

**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

Question 68

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?????????**

Answer 68

**_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

Question 69

**Capital Gains** - * Short and Long Term? * Maximum Exclusions (Single/Married) ?

Answer 69

**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

Question 70

**RES Tax Deductions (Own-Occ 1st/2nd Res) -** 1. **Real Prop Taxes: ___ Max** 2. **Interest on Purchase/Improve Loans ___ Max**

Answer 70

**RES Tax Deductions (Own-Occ 1st/2nd Res) -** 1. **_Real Prop Taxes_: _$10K_ Max** 2. **_Interest on Purchase/Improve Loans_: _$750K_ Max** Chap 14

Question 71

**Investment Property Tax Deductions (3 items?)**

Answer 71

**Investment Properties Tax Deductions -** 1. **_Operating Expenses_** 2. **_Interest_ on Loans** 3. **_Depreciation_ (Cost Recovery)** Chap 14

Question 72

**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**

Answer 72

**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

Question 73

**FIRPTA: \_\_\_%** Holdback on Property Sale for Non-Resident Aliens.

Answer 73

**FIRPTA: _15_ %** Holdback on Property Sale for Non-Resident Aliens. ## Footnote **Chap 14**

Question 74

**1031 Exchanges:** **Income or Investment Properties Exchange?**

Answer 74

**1031 Exchanges:** **_Like Kind_ - Income or Investment Properties Exchange** Chap 14

Question 75

**1031 Exchanges:** **One Property Traded for Another**

Answer 75

**1031 Exchanges**: **_Simultaneous Exchange_ - One Property Traded for Another.** Chap 14

Question 76

**1031 Exchanges:** **New Property Acquired in _Specific Time Frame_.**

Answer 76

**1031 Exchanges:** **_Delayed Exchange_ - New Property Acquired in _Specific Time Frame_** Chap 14

Question 77

**1031 Exchanges:** **Unlike Kind Properties Exchanged.**

Answer 77

**1031 Exchanges**: **_Boot_ - Unlike Kind Properties Exchanged.** Chap 14

Question 78

**_Income_ From an Entity (LLC) That Is "_Not Taxed_" _At Entity Level_ But "_Passes Through_" _To Individual Level_.**

Answer 78

**Pass Through Income -** **_Income_ From an Entity (LLC) That Is "_Not Taxed_" _At Entity Level_ But "_Passes Through_" _To Individual Level_.** Chap 14

Question 79

**Real Estate Commissioner is Appointed by Governor, Must Have** 1. **\_\_ Yrs Admin Experience** 2. **\_\_ Yrs Real Estate Exp or Related.** 3. **Give Up \_\_\_\_\_\_\_\_\_\_\_**

Answer 79

**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**

Question 80

**Commissioners Duties**: ## Footnote **P\_\_\_\_\_ Commissioner's Rules Through Public Process** **A\_\_\_\_\_ Agents Books and Records** **M\_\_\_\_\_ Hire/Fire ADRE Employees** **I\_\_\_\_\_\_ Agent Complaints - From Customers (Supoena)**

Answer 80

**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**

Question 81

**Real Estate Advisory Board:** * __ Brokers * __ Subdividers * __ Residential * __ Multi-Fam * __ Public

Answer 81

**Real Estate Advisory Board:** * _2_ Brokers * _2_ Subdividers * _2_ Residential * _1_ Multi-Fam * _3_ Public Members Chap 15

Question 82

**Real Estate Broker** **_Experience_**: __ Years in past 5 years **_School_**: \_\_Hrs School/State Exam and Broker Mgmt Clinics

Answer 82

**Real Estate Broker** **_Experience**_: _**3_ Years** in (Past 5 Years) **_School**_: _**90_ Hrs** **School**/State Exam and **Broker Mgmt Clinics** Chap 15

Question 83

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

Answer 83

**_Brokers and Agents_ May Have Their _License Held/Issued To:_** * **PLLC - Professional Ltd Liability Company** * **PC - Professional Corporation** Chap 15

Question 84

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

Answer 84

**Licensees May be Employed to Broker, But Also Employed To:** * **Cemetery Broker** * **Camping Broker** Chap 15

Question 85

**If License is Expired What Happens?**

Answer 85

**If License is Expired (Last Day of Month Activated):** * **12 Months Grace Period** * **Penalties** * **May Not Practice Real Estate** Chap 15

Question 86

**Manager/Leasing Agent May Receive "Performance Bonuses," But What Are Requirements?**

Answer 86

**Manager/Leasing Agent May Receive "Performance Bonuses."** **Requirements:** * **1 x Per Month** * **May Not Exceed 1/2 of Regular Compensation** Chap 15

Question 87

**Agent/Associate Brokers** - **_Continued Education_ Requirements?**

Answer 87

**Agent/Associate Brokers - _Continued Education_ Requirements:** **24 hours** Every 2 years Chap 15

Question 88

**_Designated_ Broker, _Self-Employed_ Brokers, _Delegated_ Associate Brokers** - _Continued Ed Requirements_?

Answer 88

**_Designated_ Broker, _Self-Employed_ Brokers, _Delegated_ Associate Brokers - _Continued Ed Requirements_** * **30 hours every 2 years** * **3 Clinics** Chap 15

Question 89

**If _Broker Dies_, "Temporary Broker's License"** * **May Be Issued for How Long?** * **To Whom?**

Answer 89

**_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**

Question 90

**Concerning Trust Funds:** **_Client Ledger_ is Reconciled How Often?**

Answer 90

**Concerning Trust Funds:** **_Client Ledger_ is Reconciled** * **Monthly** **Chap 15**

Question 91

**Trust Fund - Interest Earned is "Removed" How Often?**

Answer 91

**Trust Fund - _Interest Earned_ is "Removed**" * **Removed - Once a Year** Cha 15

Question 92

**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?**

Answer 92

**_Not Considered Commimgling_** **Brokers Can Add Trust Fund Deposits and Its _Not Considered_ "Commingling" If They Do Not Exceed $3000.** Chap 15

Question 93

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

Answer 93

**Broker Must Keep All Transactions For How Long From the Closing/Termination Date (And Binding Contracts - Rejected Offers)** * **5 years** **Chap 15**

Question 94

**Brokers Must Keep "Rejected Offers" That Are "Not From" Binding Contracts for How Long?**

Answer 94

**Brokers Must Keep "Rejected Offers" That Are "Not From" Binding Contracts** **For:** * **1 year** **Chap 15**

Question 95

**If An Agent is in Violation of "Act, Practice or Transaction," Required by Statute or Commissioner's Rules, the Commissioner May Order?**

Answer 95

**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

Question 96

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

Answer 96

**Out of State Brokers must obtain what from In State Broker?** * **Written Cooperation Agreement** Chap 15

Question 97

**For Real Estate Recovery Fund** - * **Lawsuit Must be Filed Within ___ Years** * **Commissioner Notified Within __ of Action.**

Answer 97

**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

Question 98

**Recovery Fund** - **Maximum of Liability:** * **Per Cause: $\_\_\_\_\_\_\_** * **Per Licensee: $\_\_\_\_\_\_\_**

Answer 98

**Recovery Fund** - **Maximum of Liability:** * **Per Cause: $30,000** * **Per Licensee: $90,000** **Chap 15**

Question 99

**Recovery Fund Fees are**: **_Originating License_:** * **Broker Pays $20** * **Agent Pays $10** **_Renew License (Dips below $600K on June 30th)_:** * **Broker Pays $** * **Agent Pays $**

Answer 99

**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

Question 100

**Public Report "Buyer Signed Receipt" - Kept by Subdivider for How Long?**

Answer 100

**Public Report "Buyer Signed Receipt" - Kept by Subdivider For:** * **5 years** **Chap 15**

Question 101

**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: \_\_\_\_**

Answer 101

**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

Question 102

**Lot Reservations:** * **Maximum Deposit:$\_\_\_\_\_\_** * **Seller Deliver Public Rpt In: __ Calendar Days** * **Byr Receipt of Report - Cancel In: __ Bus Days (Unless Purchase Contract Signed)**

Answer 102

**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

Question 103

**Unimproved Lots:** * **_Buyer Unilateral Right to Recind_: __ Calendar Days** * **_Uninspected - Byr Recind_: __ Months to Inspect or Recind**

Answer 103

**Unimproved Lots:** * **_Buyer Unilateral Right to Recind_: _7_ Calendar Days** * **_Uninspected - Byr Recind_: _6_ Months to Inspect or Recind** Chap 16

Question 104

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

Answer 104

**_Unsubdivided Lands_** **Property Divided into 6 or More Lots For Sale/Lease - 36-159 Acres Each** Chap 16

Question 105

**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**

Answer 105

**_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**

Question 106

**Amended Reports are Issued for Material Changes as per Commissioner.** * **Buyer Received Report: __ Days to Recind.**

Answer 106

**Amended Reports are Issued for Material Changes as per Commissioner.** * **Buyer Received Report: 10 days to Recind.** Chap 16

Question 107

**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**

Answer 107

**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

Question 108

**Timeshare with _No_ "Public Report"** * **Legal Action to Void - Within __ Years**

Answer 108

**Timeshare with _No_ "Public Report"** * **_Legal Action to Void_ -** * **Must Be Done Within 3 years** Chap 16

Question 109

**Licensed Documents Required** **(4 Items)?** * **L\_\_\_\_\_\_\_ Disclosure Q\_\_\_\_\_** * **F\_\_\_\_\_\_\_\_\_\_** * **S\_\_\_\_\_ S\_\_\_\_\_ C\_\_\_\_** * **Filing of B\_\_\_\_\_ and R\_\_\_\_\_\_ A\_\_\_\_\_\_**

Answer 109

**Licensed Documents Required:** * **License Disclosure Questionaire** * **Fingerprints** * **Social Security Card** * **Filing of Businesss and Residence Address** Chap 16

Question 110

**_All Advertising Must Include_** * Name of? * What should appear at top of every Web Page?

Answer 110

**_All Advertising Must Include:_** * **Name of Employing Broker** * **_Top of Every Web Page_: Employing Broker** Chap 16

Question 111

**In Arizona If a Property is Located In The Vicinity of Certain Areas, Must Be Disclosed, Such As** * **(3) Places?**

Answer 111

**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

Question 112

**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?**

Answer 112

**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

Question 113

**Property Negotiations Must Be Done Through Employing Broker _Unless_:** * **Principal W\_\_\_\_\_** * **No Agent of Employing Broker Available Within a Total of __ Hours**

Answer 113

**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**

Question 114

**Broker Control and Supervision** - **_Establish/Enforce:_** * **W\_\_\_\_\_\_ Policies** * **R\_\_\_\_** * **Pr\_\_\_\_\_ Systems**

Answer 114

**Broker Control and Supervision** - **_Establish/Enforce:_** * **Written Policies** * **Rules** * **Procedure Systems** **Chap 16**

Question 115

**Mortgage Pay-Off Statement Is Called?**

Answer 115

**_Satisfaction of Mortgage_** - **Known As Mortgage Pay-Off Statement** * **Lender Delivers in 30 days.** **Chap 17**

Question 116

**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\_\_\_\_\_\_**

Answer 116

**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

Question 117

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

Answer 117

**_Deed of Reconveyance_ -** **Trust Deed Pay-Off Statement or Defeasance Payoff** * **Beneficiary tells Trustee to Send (30dys)** **Chap 17**

Question 118

**_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)**

Answer 118

**_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

Question 119

**Deficiency Judgments** **Prohibited - For What Types of Property?**

Answer 119

**Deficiency Judgments -** **Prohibited For** **SFR/ 2 Units - 2 1/2 Acres or less** **Chap 17**

Question 120

**Agreement for Sale Is Also Called (4 Names)?**

Answer 120

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

Question 121

**In a Agreement for Sale/Land Contract/Contract for Deed/Vendor's Lien** * **Type of Action Used?** * **What are Seller and Buyer Called?**

Answer 121

**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

Question 122

**Forfeiture Action - What Are Grace Periods** * **_19% or less_** - **\_\_ days** * **_20-29%_** - **\_\_ days** * **_30-49%_** - **\_\_ days** * **_50% +_** - **\_\_ days**

Answer 122

**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

Question 123

**In a Foreclosure, How Do Bankruptcies Effect This Process?**

Answer 123

**In a Foreclosure** **Bankruptcies Stop Them.** Chap 17

Question 124

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

Answer 124

**Deed in Lieu of Foreclosure:** **When a Borrower Give Property to Lender Who Cancels Debt.** Chap 17

Question 125

**Arrangement Between Borrower and Lender To "Delay" Foreclosure Is Called?**

Answer 125

**Forbearance** - **Arrangement Between Borrower and Lender To "Delay" Foreclosure** Chap 17

Question 126

**Sale Where "Loan Balance Higher Than Value" Is Called?**

Answer 126

**Short Sale** - **Loan balance "Higher Than Value** Chap 17

Question 127

**Agreement Where Borrower and Lender Changes Loan Terms is Called?**

Answer 127

**Loan Modification** - ## Footnote **Agreement Where Borrower and Lender Changes Loan Terms** **Chap 17**

Question 128

**Fix and Flips** - * **Sale/Lease of Property (1yr) - $\_\_\_\_ Cost or More of Improvements Must Be Completed.**

Answer 128

**Fix and Flips** **Sale/Lease of Property (1yr) - _$1000+ Cost_ of Improvements Must Be Completed.** Chap 17

Question 129

**Deed Records With What Document?**

Answer 129

**Deed Records With** - **Affidavit of Value (Shows Sales Price)** Chap 18

Question 130

**Full Cash Value is Determined When?**

Answer 130

**Full Cash Value is Determined -** **1st of the Year - For Next Year** Chap 18

Question 131

**_Full Cash Value_ To High - "Appeal Process" (3)**

Answer 131

**_Full Cash Value_ "Appeal process" (3) -** * **1st - Assessor** * **2nd - State Board of Equalization** * **3rd - Tax Court** Chap 18

Question 132

**_New Bldg Value_** - **Receives** * **What Type of Value Notice?** * **When Is It Sent?** * **Appeal Process?**

Answer 132

**_New Bldg Value -_** * **Supplemental Notice of Value** * **Received in September** * **SBOE - State Board of Equalization - 25 Days to Appeal.** Chap 18

Question 133

**Limited Property Value** * **Cannot Exceed FCV - By What Max Percent?**

Answer 133

**Limited Property Value** **Cannot Exceed FCV** **_Max 5% Limit of FCV_** **Chap 18**

Question 134

**Tax Calculation Formula:** * **Limited Property Value** * **_x_** * **Assessed Value** * **Assessed Value** * **_x_** * **Real Property Tax**

Answer 134

**Tax Calculation Formula**: * Limited Property Value * _x Assessed Value Ratio_ (Class Type) * **Assessed Value** * Assessed Value * _x Tax Rate_ * **Real Property Tax** **Chap 18**

Question 135

**Assessed Value Ratios** * **Class 1 - Commercial - %** * **Class 2 - Vacant Land - %** * **Class 3 - Owner-Occ Res - %** * **Class 4 - Res Income - %**

Answer 135

**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

Question 136

**Tax Rate - Is Computed By?**

Answer 136

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

Question 137

**Taxes** * **1st Half - Due/Late?** * **2nd Half - Due/Late?**

Answer 137

**_Taxes_** * **_1st Half**_ - _**Due**_ Oct 1st / _**Late_**: Nov 1st * **_2nd Half_** - **_Due**_ Mar 1st / _**Late_**: May 1st * ****_O_**we **_N_**o **_M_**ore **_M_**oney** Chap 18

Question 138

**Delinquent Taxes** - * **Interest:** ___ Per Annum.

Answer 138

**Delinquent Taxes** - * **_Interest_**: **16% Per Annum**. Chap 18

Question 139

**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.**

Answer 139

**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

Question 140

**CFD - Community Faciilities District** - * **Purpose - Sp\_\_\_\_\_ T\_\_\_\_\_ District** * **_Used For Infrastructure in Planned Community_** * **F\_\_\_\_\_\_ Acquisition,** * **Con\_\_\_\_\_\_,** * **Operation and M\_\_\_\_\_\_\_\_** * **_Cost_ - Property Tax Bill**

Answer 140

**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

Question 141

**Special Assessments Are** * **Liens For?** * **Have What Priority?** * **Levied By What?**

Answer 141

**Special Assessments are** * **_Publc Improvements Liens_ - (Pave,Sewers, Sidewalks)** * **_2nd Priority_ - of Liens** * **_Levied by_ - Front Foot Basis** **Chap 18**

Question 142

**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**

Answer 142

**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

Question 143

**Judgements:** * **_Renewed by_** **- Every __ years** * **_Collected thru_ - Writ of Ex\_\_\_\_\_\_\_** * **_Revealed by_**: * **T\_\_\_ Reports** * **C\_\_\_\_\_ Recorder's Records** * **C\_\_\_\_ Reports**

Answer 143

**Judgements:** * **_Renewed By_** **- Every 10 years** * **_Collected Thru_ - Writ of Execution** * **_Revealed by_**: * **Title Reports** * **County Recorder's Records** * **Credit Reports** Chap 18

Question 144

**Income Tax Liens Priority?**

Answer 144

**Income Tax Liens Priority?** * **No Special Priority** * **General Lien - Against All Real and Personal Property** **Chap 18**

Question 145

**Judgement and Income Tax Liens** * **What Type of Liens** * **Effects What Property**

Answer 145

**Judgement and Income Tax Liens** - * **General Liens** * **Effects ... All Real and Personal Property** **Chap 2 and 18**

Question 146

**Homestead -** * **Homeowner's Equity Exemption** * **Only for?** * **Max Exemption?** * **Protect Against?**

Answer 146

**Homestead -** * **Homeowner's Equity Exemption** * **_Only For_ - Homes, Condo, Mobile Homes** * **_Exemption_ - $150K Max** * **_Protects Against_ - Judgements Non-Payments but Not Foreclosures** Chap 18

Question 147

**AZ Residential Landlord Tenant Act -** **_Not Apply To (5 Types)_:** * **Com\_\_\_\_\_\_\_\_\_** * **H\_\_\_\_/M\_\_\_\_\_\_** * **Rel\_\_\_\_\_\_ Housing** * **Sc\_\_\_\_\_ D\_\_\_\_\_\_\_** * **F\_\_\_ P\_\_\_\_\_ H\_\_\_\_ (Applies To State)**

Answer 147

**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

Question 148

**Security Deposits/Prepaid Rent -** * Max

Answer 148

**Security Deposits/Prepaid Rent -** * **Max 1 1/2 months rent** **Chap 19**

Question 149

**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?**

Answer 149

**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

Question 150

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

Answer 150

**Non-Refundable Fees (Above Security Deposit)** * Cleaning Fees * Pet Fees Chap 19

Question 151

Landlord Must Disclose (3 items)?

Answer 151

**Landlord Must Disclose (3 Items)** * **Manager Name** * **Service Process** - Name (Owner/Agent) * **Landlord Tenant Act (Free Copy)** - AZ Dept of Housing Chap 19

Question 152

**_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**

Answer 152

**_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

Question 153

**_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\_\_\_\_\_\_\_\_

Answer 153

**_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

Question 154

**_Non-Compliance by Landlord_** - 1. **_Heath/Safety_** - Tenant Gives __ Days 2. **_Other Breaches_** - Tenant Give __ Days

Answer 154

**_Non-Compliance by Landlord_** - 1. **_Heath/Safety_** - Tenant Gives **5 days** 2. **_Other Breaches_** - Tenant Give **10 days** **Chap 19**

Question 155

**_Self Help for Minor Defects_** - * **_Landlord Notice: Does Not Fix Within_ -** * **Health/Safety \_\_Dys and Misc \_\_Dys** * **_Not Exceed_ - $\_\_\_ or ____ Rent (Highest)**

Answer 155

**_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**

Question 156

**Tenant Fails to Pay Rent** - * **_Notice_** - **\_ Days to Pay**

Answer 156

**Tenant Fails to Pay Rent** - * **_Notice_** - **5 Days to Pay Notice** Chap 19

Question 157

**_Notice of Abandonment (Cert Mail+Notice)_** - 1. **_Cert Mail and Notice (Door)_ -** __ Days 2. **_Hold Property for_** - __ Days

Answer 157

**_Notice of Abandonment (Cert Mail/5Day)_** - 1. **_Certified Mailed and Notice_ - 5 Days Notice (Door)** 2. **_Hold Property for_** - **14 Days Distaint** Chap 19

Question 158

**Holding "Personal Property Back" For Rent is Called?**

Answer 158

**_Distraint_** - **Holding "Personal Property Back" For Rent** Chap 19

Question 159

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

Answer 159

**All Court Actions for Landlord and Tenant Disputes Are Held In** **AZ Civil Courts** **Chap 19**

Question 160

**_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**

Answer 160

**_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**

Question 161

**Residential Leases and Finders Fees Records Kept for How Long?**

Answer 161

**Residential Leases and Finders Fees Records** * **Kept 1 Year** **Financial Records** * **Kept 3 Years** **Chap 19**

Question 162

Commercial Leases Kept For?

Answer 162

**_Commercial Leases_**? **Kept for 5 years** Chap 19

Question 163

**Property Management Terminated**: **_Return of Funds (Time Frames)_** * **_Security Deposits_** * **_Prop Mgmt Funds_** * **_Accts Rec/Pay_** * **_Bank Reconciliations_**

Answer 163

**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

Question 164

**Tenant Finders Fees Can Be Paid As?**

Answer 164

**Tenant Finders Fees** **Can Be Paid As** * **Credit/Reduction of Rent only.** **Chap 19**

Question 165

**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**

Answer 165

**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**

Question 166

**What Are The Two "Renewable Water Sources?"**

Answer 166

**_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

Question 167

**_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?**

Answer 167

**_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

Question 168

**_Assured Water Supply Program (In AMA)_** - (3 Steps) **_Public Report (Items Needed Before Issued)_** 1. **_Cert of -_** 2. **_Financial Ability -_** 3. **_Subdivision Goals -_**

Answer 168

**_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

Question 169

**_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?**

Answer 169

**_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

Question 170

**_Exempt Wells (2 Rules)_** * **From ADWR What Is Needed?** * **What is Max (GPM) Gallons per Minute?**

Answer 170

**_Exempt Wells (2 Rules)_** * **ADWR Permit Required** * **35 Max (GPM) Gallons per Minute** Chap 20

Question 171

**_Transfer of Well Rights_** - 1. **_Transfer Form_ Need To Be Filed With?** 2. **Info Included Is?**

Answer 171

**_Transfer of Well Rights_** - 1. **_Transfer Form Filed_ - With ADWR** 2. **_Info Needed_ - Names, Location, Assessor's Parcel Number** **Chap 20**

Question 172

**_Water Rights Type_**? 1. **Land Irrigated Between 1975-1980** 2. **Allows Use of Groundwater to Irrigate.**

Answer 172

**_Irrigation Groundfathered Right -_** 1. **Land Irrigated Between 1975-1980** 2. **Allows Use of Groundwater to Irrigate.** **Chap 20**

Question 173

**_Water Rights_**? 1. **_Retired_** - **Can Be Used For Industry/Subdivision**

Answer 173

**_Type 1 - Non-Irrigated Rights_** 1. **_Retired_** - **Can Be Used For Industry/Subdivision** **Chap 20**

Question 174

**_Water Rights Type_?** 1. **_Historical for Non-Irrigation_ Such as** 1. **Livestock Watering,** 2. **Industry or** 3. **Golf Courses** 2. **MAY BE - SOLD SEPERATELY!**

Answer 174

**_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**

Question 175

What Does This Represent? 1. **Distance and Compass Directions** 2. **Point of Beginning** 3. **Distance between Points** 4. **Closure**

Answer 175

**_Metes/Bounds_** 1. **Distance and Compass Directions** 2. **Point of Beginning** 3. **Distance between Points** 4. **Closure** Chap 20

Question 176

**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**

Answer 176

**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**

Question 177

**_Type of Survey System?_** 1. **Based on Survey Lines that run North/South and East/West** 2. **Describes "Largest Parcels"**

Answer 177

**_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**

Question 178

**_Base LIne and Meridian Lines Run_**? * **Baseline Runs?** * **Meridian Runs?**

Answer 178

**_Base LIne and Meridian Lines Run_**: * **_Baseline_ - East/West (Sames As Townships)** * **_Meridian_ - North/South (Sames As Ranges)** **Chap 20**

Question 179

**What Runs?** * **North/South (Every 6 miles) from Principle Meridian**

Answer 179

**Ranges -** * **North/South (Every 6 miles) from Principle Meridian** **Chap 20**

Question 180

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

Answer 180

**_Townships-_** * **6 Miles x 6 Miles Square - 36 Sq Miles Each (East and West)** * **Numbered from Baseline North and South** **Chap 20**

Question 181

**Row of Townships is Called What?**

Answer 181

**Tier -** **Row of Townships** **Chap 20**

Question 182

**What is 1 Mile Square, and Has 640 Acres?**

Answer 182

**_Section -_** **1 Mile Square and Has 640 Acres.** **Chap 20**

Question 183

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

Answer 183

**_Earth Curvature Corrections_** - **Made Every 24 Miles North From Bottom of State Line** **Chap 20**

Question 184

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

Answer 184

**Check -** **24 Miles Square (24 x 24) - With 16 Townships** **Chap 20**

Question 185

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

Answer 185

**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