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AZ Real Estate > Real Estate Notes & Facts > Flashcards

Real Estate Notes & Facts Flashcards

1
Q

Property taxes are a lien on what date?

A

January 1

Topic: AZ Property Taxes

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2
Q

Property taxes are what type of lien

A

Primary lien - nothing comes ahead of a property tax lien.

Topic: AZ Property Taxes

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3
Q

Property taxes are based on what?

A

The assessed value of the property.

Topic: AZ Property Taxes

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4
Q

To calculate assessed value, what rate is used on residential property? On Land?

A

Residential - 10%; Land 16%

Topic: AZ Property Taxes

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5
Q

When are property taxes levied?

A

Annually on January 1

Topic: AZ Property Taxes

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6
Q

First half of property taxes are due? When are first half late?

A

Due Oct 1; late Nov 1

Topic: AZ Property Taxes

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7
Q

Second half of property taxes are due when? When are second half late?

A

Due Mar 1 the following year; Late May 1 the following year

Topic: AZ Property Taxes

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8
Q

Property taxes are paid?

A

In arrears

Topic: AZ Property Taxes

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9
Q

First half of property taxes are pro-rated using?

A

Prior year’s figures

Topic: AZ Property Taxes

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10
Q

When property taxes are pro-rated at close of use what type of year is used?

A

360 day year

Topic: AZ Property Taxes

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11
Q

Close of escrow is who’s day?

A

Buyer’s day

Topic: AZ Property Taxes

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12
Q

Property taxes will appear on a closing statement as?

A

Debit seller, credit buyer

Topic: AZ Property Taxes

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13
Q

What has first and second lien priority?

A

Property taxes have first priority, special assessments have second priority; all others determined by date recorded.

Topic: AZ Property Taxes

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14
Q

When a property tax sale is held, the lowest bidder receives a?

A

Certificate of purchase

Topic: AZ Property Taxes

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15
Q

The certificate of purchase holder must give the owner how long before a foreclosure can begin?

A

3 years. This is in reference to a property tax sale.

Topic: AZ Property Taxes

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16
Q

AZ property taxes are always ahead of?

A

IRS lien or a deed of trust. Always in first lien position.

Topic: AZ Property Taxes

17
Q

The buyer is most likely to accept a title with a property tax lien for?

A

Current year’s taxes

Topic: AZ Property Taxes

18
Q

Which deed has the best warranty?

A

General warranty

Topic: Title, Title Insurance, & Closing

19
Q

Who receives title through a deed of conveyance?

A

Grantee

Topic: Title, Title Insurance, & Closing

20
Q

Deed restrictions that run with the land and liens are?

A

Encumbrances

Topic: Title, Title Insurance, & Closing

21
Q

The escrow company works for?

A

Buyer and seller

Topic: Title, Title Insurance, & Closing

22
Q

A deed is legally enforceable if it is?

A

Recorded

Topic: Title, Title Insurance, & Closing

23
Q

What is the purpose of a closing statement?

A

Show all monies/costs involved in a transaction

Topic: Title, Title Insurance, & Closing

24
Q

Who signs the settlement sheet?

A

Buyer, seller and escrow agent

Topic: Title, Title Insurance, & Closing

25
Q

The Covenant of Seisin promises what?

A

The grantor has the right to convey the property

Topic: Title, Title Insurance, & Closing

26
Q

Title insurance has no impact on what?

A

Property value

Topic: Title, Title Insurance, & Closing

27
Q

When an abstract of title is completed it indicates what?

A

That a title search was completed

Topic: Title, Title Insurance, & Closing

28
Q

When a conventional lon is greater than 80% what must be paid at the time of closing?

A

PMI (private mortgage insurance)

Topic: Title, Title Insurance, & Closing

29
Q

Owner’s Title Insurance is for the protection of who?

A

Buyer

Topic: Title, Title Insurance, & Closing

30
Q

Principal payments would never show on what statement?

A

Closing statement

Topic: Title, Title Insurance, & Closing

AZ Real Estate (5 decks)

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