Questions Flashcards
Property rights that go with ownership of real property are referred to as the…
Bundle of Rights
Surface of the earth, below to the center, and above, with all natural things is…
Real Estate or Land
Land plus man-made attachments is…
Realty (real estate)
Real estate, plus ownership rights is…
Real Property
Personal property is conveyed with a document called a…
Bill of Sale
Naturally growing plants are considered what type of property…
Real property
Emblements are considered what type of property…
Personal
An item which was once personal property but is now real property is…
appurtenance, fixture, attachment
Ownership of trade fixtures depend on…
intent
People’s preference for a certain area is called…
situs
The document used to transfer real property is a…
deed
What are the five tests of a fixture?
Method of Attachment Agreement of parties Relationship to parties Intent Adapability
The due date for property taxes for the first half of the year is…
October
The delinquent date for property taxes for the first half of the year is…
November
The due date for the property taxes for the second half of the year is…
March
The delinquent date for property taxes for the second half of the year is…
May
Property taxes are based on the…… of the property
Value
Property taxes are levied…. and paid….
once and paid twice
Property taxes can be paid to….
County treasurer
The property tax lien sale in Arizona is held in
February
Unpaid property taxes can become a lien…
in January
The penalty for delinquent property taxes is…
16%
The bidding at a tax lien sale begins with…
16%
The successful bidder is the one who accepts the…
lowest interest rate
The redemption period for the property tax sale is….
3 years
Property taxes are always in what lien position…
1st
Ad valorem taxes are based on…
value
Special assessments are based on…
prorated share
The front footage of a property is…
the linear front footage
Local government gets their authority through legislation passed by the state called
police powers
Police power is without
bias
Regulation and control of the use of land is achieved through
zoning
The right of the government to take private property for public good is…
eminent domain
The process by which property is taken for the public good is…
condemnation
When condemnation occurs the property owner must be given
just compensation
The term for someone dying with a will is…
intestate
When an individual dies with a will and has heirs, his property is distributed according to the…
laws of descent
The process of verifying the validity of a will is called…
Probate
The act or process of taking private property for public use, through the government’s power of eminent domain.
Condemnation
Item of personal property that has been attached to or closely associated with real property to become part of the real property
Attachment
The reversion of property to the state after a person dies without leaving a valid will or any heirs
Escheat
A tax levied only against properties that benefit from a public improvement.
Special Assessment
The right of government bodies to take private real estate for public use upon payment of just compensation to the owner.
Eminent Domain
A concept for property taxes that means ‘according to value’
Ad Valorem
The location of a parcel of real property
Situs
An instrument in writing that transfers ownership of tangible personal property
Bill of Sale
An item of personal property that is annexed to leased property and is necessary to a business; removed at lease termination.
Trade Fixture
The right of government to pass legislation protecting the safety, health, and welfare of the public.
Police power
Attaching personal property to land so that the law views it as apart of the real property
Annexation
The physical land itself to the center of the earth and the sky above, anything permanently affixed, and the associated rights.
Real Property
A person who dies without making a will, causing his or her estate to pass on by the laws of descent and distribution.
Intestate
For property tax purposes, a percentage of the market value
Assessed Value
Natural things growing on land, such as trees, shrubs, or crops.
Emblements
Which of the following would be considered personal property?
a tree
a bathtub
window blinds
harvested crops
Harvested crops
Real property can be divided into corporeal and incorporeal. Which would be an incorporeal right?
an easement
fences and walls
all improvements
a house and barn
an easement
An article may be changed from realty to personalty by
annexation
severance
verbal declaration
order of the Commissioner
severence
Which of the following is always personal property
appurtenances
fixtures
trade fixtures
shrubbery
trade fixtures
Shelving and counters are securely fastened in a leased retail store. Such items are
realty
fixtures
trade fixtures
none of these
trade fixtures
Real estate taxes are levied
biannually
annually
semi-annually
in even numbered years
annually
Ordinarily, first half property taxes are due and payable
March 1
May 1
October 1
November 1
October 1
The word “ad valorem” best means
the adding of value
an assessment
according to value
worth is assumed
according to value
Patents, trademarks, copyrights and royalties are an example of
corporeal realty
tangible personalty
incorporeal realty
intangible personalty
intangible personalty
The charges levied against real estate as a result of city-installed sewer systems are called
property taxes
a general lien
special assessments
all of these
special assessments
Which of the following is NOT properly included in the concept of the power of eminent domain
The right of government to confiscate personal property from the owner
An inherent power of the government
Just compensation at fair market value
the right of government to confiscate personal property from the owner
Escheated property is sold at public auction by the sheriff. The proceeds of the sale
Go to the heirs of the deceased
go to the county where the property is located
are received by the State Real Estate Department for deposit into the Recovery Fund
are deposited into the general fund of the State of Arizona
Are deposited into the general fund of the State of Arizona
When rights transfer with a deed, this is referred to as
chattel real
reversionary rights
leasehold
bundle of rights
bundle of rights
