Real Estate Notes & Facts Flashcards
Property taxes are a lien on what date?
January 1
Topic: AZ Property Taxes
Property taxes are what type of lien
Primary lien - nothing comes ahead of a property tax lien.
Topic: AZ Property Taxes
Property taxes are based on what?
The assessed value of the property.
Topic: AZ Property Taxes
To calculate assessed value, what rate is used on residential property? On Land?
Residential - 10%; Land 16%
Topic: AZ Property Taxes
When are property taxes levied?
Annually on January 1
Topic: AZ Property Taxes
First half of property taxes are due? When are first half late?
Due Oct 1; late Nov 1
Topic: AZ Property Taxes
Second half of property taxes are due when? When are second half late?
Due Mar 1 the following year; Late May 1 the following year
Topic: AZ Property Taxes
Property taxes are paid?
In arrears
Topic: AZ Property Taxes
First half of property taxes are pro-rated using?
Prior year’s figures
Topic: AZ Property Taxes
When property taxes are pro-rated at close of use what type of year is used?
360 day year
Topic: AZ Property Taxes
Close of escrow is who’s day?
Buyer’s day
Topic: AZ Property Taxes
Property taxes will appear on a closing statement as?
Debit seller, credit buyer
Topic: AZ Property Taxes
What has first and second lien priority?
Property taxes have first priority, special assessments have second priority; all others determined by date recorded.
Topic: AZ Property Taxes
When a property tax sale is held, the lowest bidder receives a?
Certificate of purchase
Topic: AZ Property Taxes
The certificate of purchase holder must give the owner how long before a foreclosure can begin?
3 years. This is in reference to a property tax sale.
Topic: AZ Property Taxes
AZ property taxes are always ahead of?
IRS lien or a deed of trust. Always in first lien position.
Topic: AZ Property Taxes
The buyer is most likely to accept a title with a property tax lien for?
Current year’s taxes
Topic: AZ Property Taxes
Which deed has the best warranty?
General warranty
Topic: Title, Title Insurance, & Closing
Who receives title through a deed of conveyance?
Grantee
Topic: Title, Title Insurance, & Closing
Deed restrictions that run with the land and liens are?
Encumbrances
Topic: Title, Title Insurance, & Closing
The escrow company works for?
Buyer and seller
Topic: Title, Title Insurance, & Closing
A deed is legally enforceable if it is?
Recorded
Topic: Title, Title Insurance, & Closing
What is the purpose of a closing statement?
Show all monies/costs involved in a transaction
Topic: Title, Title Insurance, & Closing
Who signs the settlement sheet?
Buyer, seller and escrow agent
Topic: Title, Title Insurance, & Closing
The Covenant of Seisin promises what?
The grantor has the right to convey the property
Topic: Title, Title Insurance, & Closing
Title insurance has no impact on what?
Property value
Topic: Title, Title Insurance, & Closing
When an abstract of title is completed it indicates what?
That a title search was completed
Topic: Title, Title Insurance, & Closing
When a conventional lon is greater than 80% what must be paid at the time of closing?
PMI (private mortgage insurance)
Topic: Title, Title Insurance, & Closing
Owner’s Title Insurance is for the protection of who?
Buyer
Topic: Title, Title Insurance, & Closing
Principal payments would never show on what statement?
Closing statement
Topic: Title, Title Insurance, & Closing
