Real Estate AZ - Prop & Government Rights 1

Question 1

Movable Property such as Potted Plants, Furniture, Autos, and Documents such as

1. Le_____
2. Con_____
3. D____ of Trust
4. Prom_____ Notes

Personal Property Transfered by a “Bill of Sale”

Chap 1

Answer 1

Chattel (Personal Property) -

Movable Property such as Potted Plants, Furniture, Autos**, and **Documents such as

1. Leases
2. Contracts
3. Deeds of Trust
4. Promissory Notes

Personal Property Transfered by a “Bill of Sale”

Chap 1

Question 2

State Trust Land: Article X - AZ Constitution -

1. Land transferred from F_____ Government to AZ (in 1910) held in trust.
2. Land Held in Tr____ and Managed by AZ State Land Dept to be Sold and Leased.
3. Benefits Sc_____

Chap 1

Answer 2

State Trust Land: Article X - AZ Constitution -

1. Land Transferred from Federal Government to AZ in 1910 held in trust.
2. Land held in Trust and Managed by AZ State Land Dept to be Sold and Leased.
3. Benefits Schools

Chap 1

Question 3

Appurtenances -

Rights and Imp_________ “Transferred” with Land, Unless Reserved or Excepted.

1. Imp________ (Buildings, Fences, Trees, Sidewalks, Plants)
2. Emb_______ (Tenant Farmer Harvesting Crops after Lease Expires)
3. Bundle of R_____ (Mineral, Air, Riparian, Littoral Rights)

Answer 3

Appurtenances -

Rights and Improvements “Transferred” with Land, Unless Reserved or Excepted.

1. Improvements (Buildings, Fences, Trees, Sidewalks, Plants)
2. Emblements (Tenant Farmer Harvesting Crops after Lease Expires)
3. Bundle of Rights (Mineral, Air, Riparian, Littoral Rights)

Chap 1

Question 4

C_________

Process of Changing Property to Real or Personal. By Agreement Can Become Personal Property.

If Court Decides, will ask seller intent:

1. Was the Article Permanently Attached?
2. Will Damage Occur if Item Removed?
3. Cost has No Bearing!

Answer 4

Conversion (of property) -

Process of Changing Property to Real or Personal. By Agreement can become Personal Property.

If Court Decides, will ask seller intent:

1. Was the Article Permanently Attached?
2. Will Damage Occur if Item Removed?
3. Cost - has No Bearing!

Chap 1

Question 5

Govern Rights (P.E.T.E) -

1. P -
2. E -
3. T -
4. E -

Answer 5

Govern Rights (P.E.T.E) -

1. P - Police Power,
2. E - Eminent Domain,
3. T - Taxation,
4. E - Escheat

Question 6

Right to Enact Laws for Health, Safety and Welfare of Public.

Zoning Laws, Health Codes, Building Codes, and Right to License Brokers/Agents

Answer 6

Police Power (Health, Safety, and Welfare of Public) -

Right to Enact Laws for Health, Safety and Welfare of Public.

Zoning Laws, Health Codes, Building Codes, and Right to License Brokers/Agents

Question 7

1. Right To Take “Private Property” for Public Use with just Compensation Paid.
2. Note: 20 Day Notice of Court Action, Written Offer and Appraisal

Answer 7

Eminent Domain - (Right to Take)

1. Right To Take “Private Property” for Public Use with just Compensation Paid.
2. Note: 20 Day Notice of Court Action, Written Offer and Appraisal

Chap 1

Question 8

Reversion of Property to State when Owner Dies Intestate - No Will. Heirs have 7 years to Claim Proceeds of Sale.

Answer 8

Escheat -

Reversion of Property to State when Owner Dies Intestate - No Will. Heirs have 7 years to Claim Proceeds of Sale.

Chap 1

Question 9

D__________

Transfer of Privately Owned Land to Public, With No Consideration, with Intent for Public Use.

Example: Developer Grants a Right-of-Way Across his Property for Public Streets

Chap 1

Answer 9

Dedication -

Transfer of Privately Owned Land to Public, With No Consideration, with Intent for Public Use.

Example: Developer Grants a Right-of-Way Across his Property for Public Streets

Chap 1

Question 10

Intangible Rights and Privileges, such as Mineral Rights, Air Rights, Riparian Rights, Littoral Rights, and Easements

Answer 10

Bundle of Rights -

Intangible Rights and Privileges, such as Mineral Rights, Air Rights, Riparian Rights, Littoral Rights, and Easements

Chap 1

Question 11

C__________

“Process or Act” of Taking Property

1. 20 Day Notice - to Owner Before Court Action
2. Written Offer and Appraisal
3. Compensation

Chap 1

Answer 11

Condemnation-

“Process or Act” of Taking Property

1. 20 Day Notice - to Owner Before Court Action
2. Written Offer and Appraisal
3. Compensation

Chap 1

Question 12

D___

Written Instrument by which a Property Owner (Grantor) Conveys (To Grantee) an “Ownership Interest in Real Property.

1. Grantor - Give Deed
2. Grantee - Receives Deed

Answer 12

Deed -

Written Instrument by which a Property Owner (Grantor) Conveys (To Grantee) an “Ownership Interest in Real Property.

1. Grantor - Give Deed
2. Grantee - Receives Deed

Chap 1

Question 13

Land and Everything Attached to It, such as Rights, “Immovable.” Transfered by Deed?

Answer 13

Real Property (Real Estate)

Land and Everything Attached to It, such as Rights, “Immovable.” Transfered by Deed?

Chap 1

Question 14

Who gives a Deed?

Answer 14

Grantor -

Gives the Deed

Chap 1

Question 15

Who received the Deed?

Answer 15

Grantee -

Recieves the Deed

Chap 1

Question 16

Ownership extends to the Sky and to Center of Earth, includes “Air Rights” and “Subsurface Rights”

Ownership:

1. Federal Gove 42.2%
2. Native American - 27.6%
3. Private - 17.5%
4. State Trust Land 12.7%

Answer 16

Land -

Ownership extends to the Sky and to Center of Earth, includes “Air Rights” and “Subsurface Rights”

Ownership:

1. Federal Gove 42.2%
2. Native American - 27.6%
3. Private - 17.5%
4. State Trust Land 12.7%

Chap 1

Question 17

Tearing Away of Land due to Natural Causes is called what two things?

Chap 1

Answer 17

Erosion / Avulsion -

Tearing Away of Land due to Natural Causes

Chap 1

Question 18

The Increase of Land due to Natural Causes is called?

Answer 18

Accretion -

The Increase of Land due to Natural Causes

Chap 1

Question 19

No Two Parcels of Land are the Same

Answer 19

Heterogeneity -

No Two Parcels of Land are the Same

Chap 1

Question 20

Right of a Tenant Farmer to Harvest Crops after the Lease has Expired. Also known as Annual Crops - Fructus Naturales.

Answer 20

Emblements -

Right of a Tenant Farmer to Harvest Crops after the Lease has Expired. Also known as Annual Crops - Fructus Naturales.

Chap 1

Question 21

Water Rights Next to a River or Stream are called?

Answer 21

Riparian Rights -

Water Rights Next to a River or Stream

Chap 1

Question 22

Water Rights Next to a Lake or Ocean is called?

Answer 22

Littoral Rights -

Water Rights Next to a Lake or Ocean

Chap 1

Question 23

F______ -

Item which was Personal Property but has been Permanently Attached to and Has become Real Property.

1. Agmt of Parties - Will Allow these Items to become Personal Property again.
2. No Agrmt - Court Decides by asking:
   
   1. Was it Permanently Attached?
   2. Will Damage Occur if removed?
   3. Cost has No Bearing

Answer 23

Fixture -

Item which was Personal Property but has been Permanently Attached to and Has become Real Property.

1. Agmt of Parties - Will Allow these Items to become Personal Property again.
2. No Agrmt - Court Decides by asking:
   
   1. Was it Permanently Attached?
   2. Will Damage Occur if removed?
   3. Cost has No Bearing

Chap 1

Question 24

Af_____ of A_______ -

Document used to Make Mobile/Manufactured Home “Real Property,” and Must be Recorded?

Notes:

1. Vehicle Titles must be Surrendered
2. Real Estate Licensees may:
   
   1. May List (New/Used) Unaffixed Mobile/Manufactured Homes
   2. Represent Dealers or Private Sellers

Answer 24

Affidavit of Affixture -

Document used to Make Mobile/Manufactured Home “Real Property,” and Must be Recorded?

Notes:

1. Vehicle Titles must be Surrendered
2. Real Estate Licensees may:
   
   1. May List (New/Used) Unaffixed Mobile/Manufactured Homes
   2. Represent Dealers or Private Sellers

Chap 1

Question 25

**Charge** Against Property to **Bear Cost of Muncipal Functions** ## Footnote **Chap 1**

Answer 25

**Taxation -** **Charge** Against Property to **Bear Cost of Muncipal Functions** **Chap 1**

Question 26

**AZ S\_\_\_\_ L\_\_\_ D\_\_\_\_ -** **Managed Land Held in Trust** **to be Sold and Leased**

Answer 26

**AZ State Land Dept -** **Managed Land Held in Trust to be Sold and Leased** **Chap 1**

Question 27

**S\_\_\_ T\_\_\_ L\_\_\_\_ P\_\_\_\_\_ -** **Benefit Schools and Other Entities**

Answer 27

**State Trust Land Proceeds -** **Benefit Schools and Other Entities** **Chap 1**

Question 28

**State Trust Land (AZ Constituion - Article 10)** - This Land was Transfered When and by Whom? **Chap 1**

Answer 28

**State Trust Land (AZ Constitution - Article 10) -** **_Land Transfered_ - In 1910 by "Federal Government" to AZ** **Chap 1**

Question 29

What **Transfers "Personal Property?"**

Answer 29

**Bill of Sale -** Transfers "Personal Property" **Chap 1**