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AZ Real Estate Law, Business, & Ethics > Real & Personal Property > Flashcards

Real & Personal Property Flashcards

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1
Q

There are 5 Rights included in the bundle of Rights:

What are they?

A
  1. Control
  2. Possession
  3. Quiet and Peaceful Enjoyment
  4. Disposition
  5. Encumbrance
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2
Q

All of the following are methods for regulating land for use EXCEPT:

a. Deed restrictions listed in a subdivision’s restrictive covenants
b. Building codes
c. Resolutions passed by local REALTOR boards
d. Zoning laws implemented by county or city government

A

c. Resolutions passed by local REALTOR boards

Correct

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3
Q

Condemnation of private property for public use is called the right of:

a. Eminent Domain
b. Police power
c. Escheat
d. Acquisition

A

a. Eminent Domain

Correct! The right is Eminent Domain; if you get a question about the process for acquiring private property for public use the answer would be

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4
Q

Public land-use controls exist in the form of

a. Restrictive covenants
b. Deed restrictions
c. Zoning laws
d. Assessments

A

c. Zoning laws

Correct

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5
Q 
Real estate includes:
Select one:
a. Emblements
b. Trade fixtures
c. Fixtures .
d. Fructus industriales
A

c. Fixtures

Correct! A fixture is part of the real estate. Emblements and Fructus Industriales are annual crops and are personal property. Trade fixtures are fixtures related to a business and generally are personal property.

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6
Q

The ability of the state to enact and enforce zoning ordinances is based on:

a. Police power
b. Eminent domain
c. Prescription
d. Escheat

A

a. Police power

Correct! The enactment and enforcement of zoning ordinances is based on police power.

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7
Q

The government may acquire private land for the public welfare through the right of:

a. Eminent domain
b. Plottage
c. Assemblage
d. Planning and zoning

A

a. Eminent domain

Correct! The acquisition of private land for the public welfare is through the right of Eminent Domain.

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8
Q

The process for implementing the taking of private property for public use wherein just compensation is paid to the owner is called:

a. Assessment
b. Escheat
c. Eminent domain
d. Condemnation

A

d. Condemnation

Correct! The process of taking private property under the right of Eminent Domain is known as Condemnation. The right is Eminent Domain and the process is Condemnation.

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9
Q

The property of a person who dies intestate and has no heirs will escheat to:

a. U.S. government
b. State government
c. City government
d. County government

A

b. State government

Correct! When property escheats to the government it goes to the state government.

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10
Q

What is it called if property passes back to the state?

a. Will
b. Succession
c. Bequeath
d. Escheat

A

d. Escheat

Correct! Under escheat property of an individual who dies without a will and with no known heirs passes to the state government.

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11
Q

When property is taken for public use and compensation is given, then the following term would be used to describe what has happened:

a. Subrogation
b. Escheat
c. Subordination
d. Eminent domain

A

d. Eminent domain

Correct! The taking of private property for public use after payment of compensation is the exercise of the government right of Eminent Domain.

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12
Q

Which is NOT an example of police power?

a. Subdivision regulations
b. Taking land for a parkway.
c. Zoning restrictions
d. Building codes

A

b. Taking land for a parkway.

Correct! Taking land for a parkway is the government’s exercise of its right of Eminent Domain. The other three answer choices are the exercise of Police Power.

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13
Q

Which of the following is an example of the private control of land use?

a. Environmental controls
b. Restrictive covenants
c. Zoning
d. Building codes

A

b. Restrictive covenants

Correct! Restrictive Covenants are private controls of land use. The others are all governmental controls.

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14
Q

Which of the following is NOT done under the police power?

a. Collect taxes
b. Control of land use
c. Control rents
d. Condemn as unfit for occupancy

A

a. Collect taxes

Correct! The collection of taxes is done under the governmental right of Taxation, not Police Power

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15
Q

Which of the following is NOT included in the Bundle of Right?

a. Encumbrance
b. Control
c. Quiet enjoyment
d. Freedom

A

d. Freedom

Correct! Freedom is not one of the private property rights. The bundle of rights are: Control, Possession, Quiet enjoyment, Encumbrance, and Disposition.

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16
Q

Articles of personal property owned by a tenant and solidly installed in his rented space for use in the business he conducts are known as:

a. Real estate
b. Trade fixtures
c. His leasehold fixtures
d. Fixtures

A

b. Trade fixtures

Correct! Trade fixtures are items that are the personal property of a tenant or owner and used to carry on his or her business.

17
Q

Carl leases a building and installs shelves, cabinets and other articles for use in the business; a period after business and then; When the lease expires:

a. Carl can remove them at any time after expiration.
b. Carl can remove the equipment installed before his lease expires.
c. Carl must leave them for the landlord’s benefit.
d. Landlord must pay Carl for any articles left.

A

b. Carl can remove the equipment installed before his lease expires.

Correct! These items are Trade Fixtures and Carl can remove the equipment installed before the lease expires.

18
Q

If a manufactured home is sold separately from the land on which it had been attached, the home must be filed with the:

a. Mobile Home Registry
b. County Recorder
c. Secretary of State
d. Department of Motor Vehicles

A

d. Department of Motor Vehicles

Correct! When a manufactured home for which an Affidavit of Affixture has been filed is sold separately from the parcel of land, then the manufactured home must be re-titled through the Department of Motor Vehicles.

19
Q

Patents, copyrights, trademarks are BEST described as:

a. Incorporeal
b. Corporeal
c. Bilateral
d. Tangible

A

a. Incorporeal

Correct! Patents, copyrights, and trademarks are personal property and are intangible assets. Intangible assets are said to be incorporeal.

20
Q

Real property can become personal property by:

a. Hypothecation
b. Attachment
c. Severance
d. Purchase

A

c. Severance

Correct! Severance is the act of removing something attached to land. For example, if a pine tree is cut down, it becomes personal property when it is removed from the earth because it is now moveable and unattached.

21
Q

The document filed with the county recorder to change the status of a manufactured home from personal property to real property is a:

a. Affidavit of Affixture
b. Quitclaim Deed
c. Affidavit of Property Value
d. Deed of Reconveyance

A

a. Affidavit of Affixture

Correct! In Arizona, a person who owns a manufactured home that is permanently affixed to land may file an Affidavit of Affixture with the county recorder of the county in which the land is located. An Affidavit of Affixture document is used to change the status of a manufactured home from personal property to real property.

22
Q

Which of the following is NOT used to determine whether an item is a fixture?

a. Adaptability of item
b. Method of attachment
c. Intent of the annexor
d. Cost of item

A

d. Cost of item

Correct! The cost of an item is not a factor in deciding whether an item is a fixture or personal property. The other there items are all considerations in the determination.

23
Q

Which of the following is personal property?

a. Cesspool system
b. Fixture
c. Perennial shrubs
d. Mortgage note

A

d. Mortgage note

Correct! The mortgage note is personal property.

24
Q

What BEST describes chattel?

a. A mortgage on personal property
b. Personal property
c. Fixture
d. Personal property that has been converted to real estate

A

b. Personal property

Correct! Chattel is another name for personal property.

25
Q

A bulk sales affidavit is a required notification by a buyer of a business with business inventories to its creditors within how many days of completing the sale?

a. 10 days
b. 15 days
c. 30 days
d. 5 days

A

a. 10 days

Correct! A bulk sales affidavit is to be provided to creditors of a business within 10 days of completing the sale of the business.

26
Q

Title to personal property is transferred with a:

a. Quit Claim Deed
b. Bargain and Sale Deed
c. Special Warranty Deed
d. Bill of Sale

A

d. Bill of Sale

Correct! Title to personal property is transferred with a Bill of Sale

27
Q

To establish a lien on personal property a Financing Statement is filed with the:

a. Secretary of State
b. Corporation Commission
c. Arizona Department of Administration
d. Office of the Governor

A

a. Secretary of State

Correct! A Financing State is filed with the Secretary of State.

28
Q

Under the Uniform Commercial Code, the document used to create an interest in personal property is a:

a. Certificate of sale
b. Chattel mortgage
c. Security agreement
d. Financing statement

A

c. Security agreement

Correct! The document that creates a lien on personal property under the Uniform Commercial Code is a Security Agreement. The security agreement has replaced the Chattel Mortgage that was used prior to the UCC.

AZ Real Estate Law, Business, & Ethics (30 decks)

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