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Realtor Vocabulary > Questions > Flashcards

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1
Q

Property rights that go with ownership of real property are referred to as the…

A

Bundle of Rights

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2
Q

Surface of the earth, below to the center, and above, with all natural things is…

A

Real Estate or Land

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3
Q

Land plus man-made attachments is…

A

Realty (real estate)

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4
Q

Real estate, plus ownership rights is…

A

Real Property

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5
Q

Personal property is conveyed with a document called a…

A

Bill of Sale

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6
Q

Naturally growing plants are considered what type of property…

A

Real property

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7
Q

Emblements are considered what type of property…

A

Personal

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8
Q

An item which was once personal property but is now real property is…

A

appurtenance, fixture, attachment

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9
Q

Ownership of trade fixtures depend on…

A

intent

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10
Q

People’s preference for a certain area is called…

A

situs

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11
Q

The document used to transfer real property is a…

A

deed

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12
Q

What are the five tests of a fixture?

A 
Method of Attachment
Agreement of parties
Relationship to parties
Intent
Adapability
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13
Q

The due date for property taxes for the first half of the year is…

A

October

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14
Q

The delinquent date for property taxes for the first half of the year is…

A

November

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15
Q

The due date for the property taxes for the second half of the year is…

A

March

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16
Q

The delinquent date for property taxes for the second half of the year is…

A

May

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17
Q

Property taxes are based on the…… of the property

A

Value

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18
Q

Property taxes are levied…. and paid….

A

once and paid twice

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19
Q

Property taxes can be paid to….

A

County treasurer

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20
Q

The property tax lien sale in Arizona is held in

A

February

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21
Q

Unpaid property taxes can become a lien…

A

in January

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22
Q

The penalty for delinquent property taxes is…

A

16%

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23
Q

The bidding at a tax lien sale begins with…

A

16%

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24
Q

The successful bidder is the one who accepts the…

A

lowest interest rate

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25
Q

The redemption period for the property tax sale is….

A

3 years

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26
Q

Property taxes are always in what lien position…

A

1st

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27
Q

Ad valorem taxes are based on…

A

value

28
Q

Special assessments are based on…

A

prorated share

29
Q

The front footage of a property is…

A

the linear front footage

30
Q

Local government gets their authority through legislation passed by the state called

A

police powers

31
Q

Police power is without

A

bias

32
Q

Regulation and control of the use of land is achieved through

A

zoning

33
Q

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

A

eminent domain

34
Q

The process by which property is taken for the public good is…

A

condemnation

35
Q

When condemnation occurs the property owner must be given

A

just compensation

36
Q

The term for someone dying with a will is…

A

intestate

37
Q

When an individual dies with a will and has heirs, his property is distributed according to the…

A

laws of descent

38
Q

The process of verifying the validity of a will is called…

A

Probate

39
Q

The act or process of taking private property for public use, through the government’s power of eminent domain.

A

Condemnation

40
Q

Item of personal property that has been attached to or closely associated with real property to become part of the real property

A

Attachment

41
Q

The reversion of property to the state after a person dies without leaving a valid will or any heirs

A

Escheat

42
Q

A tax levied only against properties that benefit from a public improvement.

A

Special Assessment

43
Q

The right of government bodies to take private real estate for public use upon payment of just compensation to the owner.

A

Eminent Domain

44
Q

A concept for property taxes that means ‘according to value’

A

Ad Valorem

45
Q

The location of a parcel of real property

A

Situs

46
Q

An instrument in writing that transfers ownership of tangible personal property

A

Bill of Sale

47
Q

An item of personal property that is annexed to leased property and is necessary to a business; removed at lease termination.

A

Trade Fixture

48
Q

The right of government to pass legislation protecting the safety, health, and welfare of the public.

A

Police power

49
Q

Attaching personal property to land so that the law views it as apart of the real property

A

Annexation

50
Q

The physical land itself to the center of the earth and the sky above, anything permanently affixed, and the associated rights.

A

Real Property

51
Q

A person who dies without making a will, causing his or her estate to pass on by the laws of descent and distribution.

A

Intestate

52
Q

For property tax purposes, a percentage of the market value

A

Assessed Value

53
Q

Natural things growing on land, such as trees, shrubs, or crops.

A

Emblements

54
Q

Which of the following would be considered personal property?

a tree
a bathtub
window blinds
harvested crops

A

Harvested crops

55
Q

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

A

an easement

56
Q

An article may be changed from realty to personalty by

annexation
severance
verbal declaration
order of the Commissioner

A

severence

57
Q

Which of the following is always personal property

appurtenances
fixtures
trade fixtures
shrubbery

A

trade fixtures

58
Q

Shelving and counters are securely fastened in a leased retail store. Such items are

realty
fixtures
trade fixtures
none of these

A

trade fixtures

59
Q

Real estate taxes are levied

biannually
annually
semi-annually
in even numbered years

A

annually

60
Q

Ordinarily, first half property taxes are due and payable

March 1
May 1
October 1
November 1

A

October 1

61
Q

The word “ad valorem” best means

the adding of value
an assessment
according to value
worth is assumed

A

according to value

62
Q

Patents, trademarks, copyrights and royalties are an example of

corporeal realty
tangible personalty
incorporeal realty
intangible personalty

A

intangible personalty

63
Q

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

A

special assessments

64
Q

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

A

the right of government to confiscate personal property from the owner

65
Q

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

A

Are deposited into the general fund of the State of Arizona

66
Q

When rights transfer with a deed, this is referred to as

chattel real
reversionary rights
leasehold
bundle of rights

A

bundle of rights

Realtor Vocabulary (4 decks)

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