Miscellaneous Flashcards by Elizabeth S

1 Acre = ? sq ft,

43,560 sq ft

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1 TOWNSHIP = ? sq mi

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1 Section = 640 acres
1/2 = ? Acres
1/4 = ?
1/2 of 1/4 = 
1/4 of 1/4 =
1/2 of 1/4 of 1/4 =
1/4 of 1/4 of 1/4 =

1/2 - 320 acres
1/4 - 160 acres
1/2 of 1/4 - 80
1/4 of 1/4 - 40
1/2 of 1/4 of 1/4 - 20
1/4 of 1/4 of 1/4 = 10

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1 sq mile = ? acres

1 section = ? acres

640

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1 CHECK = ? TOWNSHIPS

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The Real Estate Commissioners Rules:

a. have the force and effect of the law on licensees
b. are enacted by legislation
c. are part of the AZ Revised Statutes
d. are part of statutory real estate law

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Real estate Commissioner’s rules:

P.I.M.A.

Promulgate
Investigate
Managing ADRE
Audit books/records

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G.A.A.P.

Generally Accepted Accounting Principles

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Unless otherwise stated, a broker must immediately place all monies entrusted to the broker in either a ? depository in AZ or in a trust fund account with a ? ? ? located in AZ

neutral escrow depository

federally insured depository

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When depositing a client’s monies in a trust account, the ? does not need to be on the deposit slip

broker’s name

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Mixing client’s money with a broker’s business money is called?

and what is the exception to this rule?

Commingling

Exception:
Broker deposits $3000 OR LESS to avoid charges for an insufficient min balance

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A broker MAY/MAY NOT maintain records electronically

MAY

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Rejected offers to purchase real property must be retained by the broker for at least:

1 year

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A(n) ? is a contract hiring a broker to buy or sell real property for compensation or commission.

Employee Contract

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An employing broker shall not assign a listing agreement to another broker without the ?

written consent

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An action for collection of compensation may be taken in the ?

courts

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To begin the action for commission, a licensee must prove that they were licensed?

at the time of claim closing

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An ? may not operate in AZ without a written agreement with an AZ broker.

Out of State Broker

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Real estate brokers may receive compensation from ?

Anyone

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Real estate brokers may pay other ? and their own ?

brokers, sales persons and associate brokers

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Real estate salespersons may receive compensation only from their ? and may pay ?

Broker

No one

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Escrow companies may disburse compensation to realestate sales persons only if ? by the broker in ? transaction

in writing

each

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It is ? for anyone to pay compensation to an unlicensed person.

Illegal

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A real estate licensee MAY/MAY NOT be aid for negotiating loans on real estate.

MAY NOT

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Unlicensed assistants may be employed by ? or ?

saleperson | broker

Unlicensed assistants MAY/MAY NOT be paid based on the number of closed transactions

may not

Civil penalties, per violation, cannot exceed ?

$1000

If a client has been financially harmed and wishes to bring action against the licensee, the reqd timeframe for beginning action is ?

5 years from incident

The Commissioner may issue a ? to a person who's violating a statue or rule throuh some act, practice, or transaction

Cease and Desist

An unlicensed agent assistant may be paid: a. a fee for generating leads b. a salary which is not based on transactions closed c. commissions based on commercial property sales d. a quarterly bonus for the amount of transactions closed

Which of the following persons need to have a real estate license? a. a person selling their own timeshare b. an attorney marketing real estate c. the manager of one residential property d. a referee in a bankruptcy

Unlicensed Assistants are regulated by?

ADRE SPS 2017.1 | ADRE Substantive Policy Statement

Complete the sources of law: no priority order 1. U.S. Constitution 2. AZ Constitution 3. ? (hint ARS) 4. Federal Statutes 5. ? 6. ? 7. Case Law

Arizona Revised Statutes AZ Real Estate Commissioner's Rules Substantive Policy Statements

AZ Revised Statutes are bills that have been passed by ? and signed into law

AZ legislature

Personal property is conveyed with a document call a ?

Bill of Sale

Naturally growing plants are considered ? property

Real

Emblements are considered ? property

Personal Property

What are emblements?

Annual Crops, aka fructus industriales

An item that was once personal property but is now real property is a ?

Fixture

The document used to transfer real property is a ?

Deed

A trade fixture is the personal property of a ? tenant

business

Rights and improvements attached to real estate that transfers with is is a(n)?

Appurtenances

The tearing away of land due to natural causes is ?

Erosion or Avulsion

The process of changing real property to personal property or personal to real property is called? ex. Trees become personal property when turned into lumber

Conversion

A term describing all the rights an owner has in real property, including D.E.E.P.C is?

Bunde of Rights

What is D.E.E.P.C?

Disposition. The right to transfer all or some of the rights to other people Exclusion. The right to stop others from using or entering the property Enjoyment. the right to free use of the property without interference from other people or society Possession. The right to physically occupy and use land and make it productive Control. The right to physically alter or change the property

Authorization for zoning comes from the: a. U.S. Constitution b. police power c. Statute of Frauds d. Real Estate Commissioner

B. police power

Real estate licensees may perform all of the following EXCEPT: A. represent manufactured home dealers b. represent private parties in the sale of a mobile home on a rented space c. list and/or sell new or used mobile homes d. represent lenders placing loans on manufactured homes

Which of the following is personal property? a. Appurtenances b. Fixtures c. Trade Fixtures d. Shrubbery

B. Fixtures

How long after the sale of an escheated property does a person who appears as an heir have to claim the proceeds from the sale? a. 1 yr b. 3 yrs c. 5 yrs d. 7 yrs

D. 7 years

The right of the government to take private property for public good is?

Eminent Domain

Term for someone dying without a will is?

Intestate

If a person dies intestate and has no heirs, the property passes to the state under the doctrine of ?

escheat

A document used to make a mobile/manufactured home real property is?

Affidavit of Affixture

Which is NOT an appurtenance and, therefore, does NOT transfer to the new owner with a standard warranty deed? a. Trade Fixtures b. Trees c. Shrubs d. Custom window blinds

A. Trade fixtures

Four Basic types of Encumbrances?

easements liens deed restrictions encroachments

A burden on the title is a(n)?

Encumbrance

A limitation on property use created by an owner or developer is a:

Deed restriction

A personal privilege to enter the land owned by another for a specific purpose is a(n)?

License

The parcel that is burdened by an easement appurtenant is known as the?

servient tenement

The parcel that benefits from an easement appurtenant is know as the:

dominant tenemant

An easement held by a third party is a:

Easement in Gross

The type of easement that attaches to a person, not a property is a:

Easement Personal

A(n) ? may be created to provide access when land held by a single owner is broken down into two or more parcels; one of which is landlocked

Easement by Necessity

An easement acquired through long, continuous, and hostile use is a(n)?

Prescriptive Easement

List the 7 types of Easements:

``` Easement Appurtenant Easement in Gross Prescriptive Easement Easement Personal View Easement Conservation Easement Easement by Necessity ```

What is a statutory method of taking title to or acquiring an interest in the property of another?

Adverse Possession

A person claiming ownership of property by adverse possession must take court action and demonstrate what? (N.O.C.H.)

Property was possessed in a manner that was: Notorious Open Continuous Hostile or Adverse

A physical intrusion upon another's property is a(n):

encroachment

A financial encumbrance is a?

lien

A lien placed on real estate by an operation of law is a(n)?

Involuntary Lien

Liens that affect individual parcels of land are?

Specific Lien

Liens that affect all of a person's real and personal property are?

General Liens

Two general involuntary liens?

Judgement | Income tax

Name the four involuntary liens:

Real Estate (Ad Valorem) taxes Special (Government) Assessments Mechanic's liens HOA assessment liens

Some neighbors have crossed a property for a long period of time. the owner of the property eventually put up a fence but then found that the neighbors could possible claim: a. prescriptive easement b. tenancy for years c. quiet enjoyment d. easement in gross

Two adjoining lots have an easement between them with one owner holding a dominant tenement and the other a servient tenement. Under these circumstances: a. holder of the dominant tenement cannot use the easement for ingress and egress, regardless of the type held b. the burdened property is owned by th holder of the dominent tenement c. the easement can be eliminated by merging the two properties under on owener d. this type of easement can only be created by prescription

Name the real estate contracts, required by *State of Frauds* that must be in writing and must be signed by the parties or their authorized agents: Hint Four types and think job)

employment agreement *agreement of transfer or sale of real property or an interest lease for more than one year any agreement that is not to be performed within one year

Acceptance of an offer to purchase creates a contract and is referred to as a:

Meeting of the minds or Mutual assent

Type of consideration given when the property is transferred as a gift is:

Valid Consideration or Good consideration

A contract in which one party makes a promise to induce another party into action. For ex, options and rights of first refusal:

Unilateral contract

An option is an example of a contract that is (BiLATERAL/UNILATERAL).

Unilateral

The six elements of a contract are:

``` Competent parties Valid Consideration Offer & Acceptance (meeting of minds or Mutual assent) Legal Object or Purpose Be in Writing Proper Description of the property ```

Name two contract classifications when creating a contract:

Expressed | Implied

Name the ten contract classifications:

Expressed Implied Unilateral Bilateral Executory Executed Valid Void Voidable Unenforceable

A contract in which all the terms are specified is a(n):

Expressed contract