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A Real Estate Agent Concepts > Realtor Cheat Sheet > Flashcards

Realtor Cheat Sheet Flashcards

1
Q

What are the five rights of ownership?

A

Disposition
Enjoyment
Exclusion
Possession
Control

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2
Q

What is the definition of an Easement?

A

The right to use or cross over someone else’s property for a specified purpose.
Ex. Landlocked Property

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3
Q

Arizona Is A _________ Theory State

A

Lien

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4
Q

Define Title?

A

Conceptual Rights To A Property.
Can’t Be Held In Hand Because It Is Only A Concept.

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5
Q

What Is The Difference Between Legal Title & Equitable Title?

A

Legal Title: Comes with the right to CONTROL the property in compliance with the law.
Equitable Title: Comes with the right to ENJOY the property despite NOT being the Legal Title holders.

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6
Q

Does The MORTGAG-EE Have Legal Title or Equitable Title?

A

Legal Title

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7
Q

Does The MORTGAG-OR Have Legal Title or Equitable Title?

A

Equitable Title

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8
Q

Does The TRUST-EE Have Legal Title or Equitable Title?

A

Legal Title

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9
Q

Does The TRUST-OR Have Legal Title or Equitable Title?

A

Equitable Title

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10
Q

Define Beneficiary?

A

The Lien Holder

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11
Q

Define A Lien?

A

$$$ Owed As A Debt.

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12
Q

Name All 6 Types Of Encumbrances?

A

Liens
Encroachments
HOA Dues
Gaps In Conveyance History
Deed Restrictions
Title Issues (i.e. Cloud On The Title)

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13
Q

Define Encroachment?

A

An INTRUSION onto a person’s property violating their right to EXCLUSION.

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14
Q

Define Arizona Article 26?

A

This is the real estate agent’s RIGHT to create contracts for clients.

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15
Q

Define what a DEBIT means in a real estate transaction?

A

Any CHARGE or COST due to be PAID At CLOSING.

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16
Q

Define what a CREDIT means in a real estate transaction?

A

Any $$$ Due To Be PAID BACK At CLOSING.

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17
Q

What 3 Mortgage Companies are the PRIMARY buyers of FHA LOANS and also INSURES Them?

A

Fannie Mae - FNMA - Federal National Mortgage Association
Ginnie Mae - GNMA - Government National Mortgage Association
Freddie Mac - FHLMC - Federal Home Loan Mortgage Corporation

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18
Q

Which Division of Arizona Department of Real Estate Administrator has NO Term Limit and Serves at the Governor’s Pleasure?

A

The Commissioner

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19
Q

What Are The Names of the 7 Divisions of the Arizona Department of Real Estate?

A
  1. Office of Commissioner
  2. Auditing
  3. Development Service
  4. Education
  5. Enforcement and Compliance
  6. Investigations
  7. Licensing
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20
Q

What 7 Items Are REQUIRED for a Real Estate CONTRACT to be COMPLETE?

A
  1. COMPETENTPARTIES
  2. OFFER and ACCEPTANCE of Contract
  3. LEGAL PURPOSE of the Contract
  4. DESCRIPTION of Subject Property or Address
  5. SIGNED by Competent Parties
  6. Must be IN WRITING
  7. Payment Amount or CONSIDERATION
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21
Q

U.S. Department of Housing and Urban Development (HUD) oversees which Administration?

A

Federal Housing Administration (FHA)

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22
Q

What are the duties of FIDUCIARY?

A
  1. Trust
  2. Confidential
  3. Honesty
  4. Non-Compete
  5. Fairness (Goes On Forever)
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23
Q

What do CONDO rights include?

A

Air Rights
Tenancy In Common Rights (In Common Areas)

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24
Q

What do TOWNHOUSE rights include?

A

Ownership of the Land
Ownership of the Building

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25
Q

Comparables Vs. Subject Property:
What does CIA mean?

A

If the COMPARABLE property is INFERIOR then we ADD

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26
Q

Comparables Vs. Subject Property:
What does CBS mean?

A

If the COMPARABLE property is BETTER (SUPERIOR) then we SUBTRACT.

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27
Q

Comparables Vs. Subject Property:
If the Subject Property VALUE goes UP.
What happens to the Capitalization Rate Percentage?

A

Capitalization Rate Percentage goes DOWN!

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28
Q

Comparables Vs. Subject Property:
If the Subject Property VALUE goes DOWN.
What happens to the Capitalization Rate Percentage?

A

Capitalization Rate Percentage goes UP!

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29
Q

Seller Financing:
Vendee @ Less Than 20% Equity

How long do they have to redeem the property, catch up on their payments, and continue making payments as scheduled on the property?

A

30 Day Redemption Period

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30
Q

Seller Financing:
Vendee @ 20% - 30% Equity

How long do they have to redeem the property, catch up on their payments, and continue making payments as scheduled on the property?

A

60 Day Redemption Period

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31
Q

Seller Financing:
Vendee @ 31% - 50% Equity

How long do they have to redeem the property, catch up on their payments, and continue making payments as scheduled on the property?

A

120 Day Redemption Period

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32
Q

Seller Financing:
Vendee @ 50% Equity or More

How long do they have to redeem the property, catch up on their payments, and continue making payments as scheduled on the property?

A

270 Day Redemption Period

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33
Q

Estates = Types of Interests:
Name All 4 Types of Timed- Leasehold Estates?

A
  1. Estate for Years
  2. Periodic Estate (M2M/Y2Y)
  3. Estate At Will
  4. Estate At Sufferance (Holdover Tenant)
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34
Q

Estates = Types of Interests:
Name All 4 Types of Freehold (FOREVER) Estates?
- FEE ESTATES?

A
  1. Absolute
  2. Determinable
  3. Conditional
  4. Subsequent
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35
Q

Estates = Types of Interests:
Name All 2 Types of Freehold (FOREVER) Estates?
- LIFE ESTATE?

A
  1. Conventional
  2. Legal Life
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36
Q

Estates = Types of Interests:
Name All 2 Types of Freehold (FOREVER) Estates?
- LIFE ESTATE?

A
  1. Conventional
  2. Legal Life
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37
Q

A PUBLIC REPORT is REQUIRED for ______ or more PARCELS in total of less than _____ ACRES.

A

6 or MORE Parcels

36 or LESS Acres

REMEMBER: 6 x 6 = 36

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38
Q

What is the definition of P.I.T.T. ?

A

Possession
Interest
Time
Title

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39
Q

Joint Tenancy Vs. Tenancy In Common:
Which MUST Have All P.I.T.T.?

A

Joint Tenants

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40
Q

Define a Community Property state?

A

Privately owned property becomes JOINTLY owned when any couple gets married couple.

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41
Q

Define With Rights Of Survivorship (WROS)?

A
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42
Q

CLUE Report MUST be given to the homebuyer by the LISTING AGENT ____ Days after Contract Acceptance.

A

5 Days

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43
Q

Measurements:
1 Acre = _______ Feet

A

43,560 Feet

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44
Q

Measurements:
1 Mile = _______ Feet

A

5,280 Feet

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45
Q

Measurements:
1 Section = _______ Acres

A

640 Acres

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46
Q

Measurements:
1 Township = _______ Total Sections

A

36 Total Sections

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47
Q

Compensation:
All commissions need to be paid to the _______ licensed to earn commissions.
With the exception of a _________ in one building or an apartment complex.

A

Broker
Property Manager

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48
Q

What is the rule when claiming Water Rights on a subject property?

A

First In TIME.
First In LINE.

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49
Q

What year was the Surface Water Code Enacted?

A

1919

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50
Q

What year was the Ground Water Code Enacted?

A

1980

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51
Q

Real Estate Agents are REQUIRED to complete _______ hours of education.

A

90

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52
Q

Real Estate Agents are REQUIRED to test within _____ years through the State.

A

10

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53
Q

Real Estate Agents are REQUIRED to ACTIVATE their license up to _______ year(s).

A

1

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54
Q

Real Estate Agents are REQUIRED to be given a grace period of ________ year(s) to ACTIVATE your real estate license.

A

1

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55
Q

Real Estate Agents are REQUIRED to attend ______ hours of Continuing Education every ________ years.

A

24 hours
2 years (REMEMBER: 24 month)

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56
Q

What are the 4 MAIN government powers?

A
  1. Police Powers
  2. Eminent Domain
  3. Taxation
  4. Escheat

REMEMBER: P.E.T.E.

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57
Q

Land always has ______. This can never go down to ZERO.

A

Value

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58
Q

Property Management:
Must give at least _____ days notice to enter, unless it is an EMERGENCY.

A

2

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59
Q

Property Management:
Tenant deposit cannot EXCEED _______ months total rent.

A

1.5 Months

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60
Q

Property Management:
Cannot deny applicants with ______ animals, or try to charge them more.

A

Service

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61
Q

Property Management:
Reasonable modifications can be made by request for a ________ tenant.

A

Special Needs

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62
Q

Property Management:
__________, tenant moves out, due to lack of repairs.

A

Constructive Eviction

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63
Q

Property Management:
Tenant can make repairs up to $______ or half the monthly rent.

A

$300

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64
Q

Property Management:
Home owners funds cannot be ____________ or __________ with the money of the property manager.

A

Commingled or Converted

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65
Q

Property Management:
Property Manager or Broker needs a SEPARATE ___________ account and to be able to provide ALL accounting records UPON REQUEST.

A

Trust

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66
Q

Property Management:
Cannot discriminate against tenants in neither __________ or ___________.

A

Advertising or Leasing

67
Q

Property Management:
Leases must be IN WRITING unless the tenant is only planning on staying less than _________.

A

One Year

68
Q

Property Management:
All agreements must be IN WRITING and also MUST have an ________.

A

End Date

69
Q

Property Management:
In order to be a property manager, you MUST have an active real estate license for each case that you were found doing property management without an active license you will be charged a MANDATORY $______ civil penalty.

A

$1000

70
Q

To Calculate Gain:
What is the formula?

A

Sales Price - Selling Costs

71
Q

To Calculate Gain:
Sales Price is?

A

100% in Math

72
Q

What are the 4 C’s of Lending Qualifications?

A

Credit Score
Capacity To Repay
Character History
Collateral

73
Q

What is NOT a factor to determine credit worthiness?

A

Age

74
Q

What is a factor to determine credit worthiness?

A

Credit Score

75
Q

Appraisers determine the VALUE of a home based on their ________.

A

Opinion

76
Q

Appraisers determine the VALUE of a home based on what THREE methods of appraisal?

A

Cost Approach
Sales Comparison Approach
Income Approach

77
Q

Appraisers MUST be __________.

A

Licensed

78
Q

When a homes value APPRECIATES what does this mean?

A

The Value INCREASES.

79
Q

When a homes value DEPRECIATES what does this mean?

A

The Value DECREASES.

80
Q

Often used for residential real estate and buildings that don’t generate income, like schools, hospitals, and churches. This approach is considered the most accurate for valuing new homes. What Method Of Appraisal is this?

A

Cost Approach

81
Q

This approach considers how individual features affect the overall value of the property. This approach uses comparisons of similar properties as evidence of value. What Method Of Appraisal is this?

A

Sales Comparison Approach

82
Q

This method estimates the value of a property based on the income it generates. It involves dividing the net operating income by the capitalization rate, which is the expected rate of return. Also known as the capitalization approach. What Method Of Appraisal is this?

A

Income Approach

83
Q

What is the purpose of the Recovery Fund?

A

It is a fund used to payout client’s recover losses caused by the conduct of a licensed agent.

84
Q

The Recovery Fund’s liability shall not exceed ________ per INCIDENT?

A

$30,000

85
Q

The Recovery Fund’s liability shall not exceed ________ per LICENSEE?

A

$90,000

86
Q

If, on June 30 of any year, the balance in the Real Estate Recovery Fund is less than
$600,000, every broker and salesperson renewing a license during the following license year shall pay, in addition to the license renewal fee, a Recovery Fund fee of?

A

$10 and $20 Respectively

87
Q

What type of loan requires 3.5% Down and Includes Mortgage Insurance?

A

Fair Housing Association (FHA)

88
Q

What type of loan requires 0% Down and No Mortgage Insurance?

A

Veterans Affairs Loan (VA)

89
Q

What type of loan requires at least 20% Down and No Mortgage Insurance?

A

Conventional Loan

90
Q

What type of loan requires between 3 - 20% Down and requires Mortgage Insurance?

A

Conventional Loan

91
Q

What type of loan meets federal guidelines?

A

Conforming Loan

92
Q

What type of loan does NOT meet federal guidelines?

A

Non-Conforming Loan

93
Q

Property Taxes:
When is the FIRST half of property taxes due?
When are they considered late?

A

Due in October
Late in November

94
Q

Property Taxes:
When is the SECOND half of property taxes due?
When are they considered late?

A

Due in March
Late in May

95
Q

Property Taxes:
When is NOTICE given to the public that property taxes are late?

A

September

96
Q

Property Taxes:
When are the property taxes put up for Auction Sale to the public?

A

February

97
Q

What governs the use of SURFACE water?

A

The Doctrine Of Prior Appropriation

98
Q

The Doctrine Of Prior Appropriation:
What does “First in time, First in line” mean?

A

The first person historically on the property using the water will be allowed to continue using the water.

99
Q

The Doctrine Of Prior Appropriation:
What does “Use it or Lose it” mean?

A

If the water is not used beneficially then the water rights can be lost.

100
Q

The Doctrine Of Prior Appropriation:
What is the 5-Year Rule of Irrigation Rights?

A

The irrigation land must have been used for irrigation for at least 5 years before the creation of “The 1980 Groundwater Active Management Area (AMA’s) and Irrigation Non-Expansion Areas (INA’s) which created groundwater rights.

101
Q

Closing Day:
This day usually belongs to the buyer which means they will have to bring _______ to the closing table.

A

Money

102
Q

Closing Day:
Money given to someone who will be the RECIPIENT on the day of closing is called a ________.

A

Credit

103
Q

Closing Day:
Money taken away to someone on the day of closing is called a ________.

A

Debit

104
Q

Closing Day:
How many days are in a Banker’s Year?
How is each month calculated?

A

360 Days
30 Days Per Month

105
Q

Closing Day:
How many days are in a Calendar Year?
How is each month calculated?

A

365 Days
Normal Amount Of Days Per Month

106
Q

What is the acronym D.U.S.T. used for in land value?

A

It helps investors and homebuyers make informed decisions about their real estate purchases and potentially earn a good return on your investment.

107
Q

What does the acronym D.U.S.T. stand for?

A

Demand
Utility
Scarcity
Transferability

108
Q

Measurements:
How large is a section?

A

1 Mile x 1 Mile

109
Q

Measurements:
How large is a township?

A

6 Miles x 6 Miles

110
Q

Measurements:
Tiers are NORTH and SOUTH of the _____________.

A

Baseline

111
Q

Measurements:
Ranges are EAST and WEST of the _____________.

A

Meridian

112
Q

Measurements:
Ranges and Tiers are separated by _______ mile(s).

A

6 Miles

113
Q

Measurements:
How many square miles is a township?

A

36 Square Miles

114
Q

Measurements:
How many square miles is a township?

A

36 Square Miles

115
Q

Measurements:
How many sections are in a township?

A

36 Sections

116
Q

Measurements:
How are sections numbered in a township?

A

It ALWAYS - STARTS with the 1st section in the TOP RIGHT
The numbers go in order from 1- 6 BACKWARD
It ends with the 6th section on the LEFT
The next row starts with the 7th section
The numbers go in order from 7 -12 FORWARD
The next row starts with the 13th section
The numbers go in order from 13 -18 BACKWARD
The next row starts with the 19th section
The numbers go in order from 19 - 24 FORWARD
The next row starts with the 25th section
The numbers go in order from 26 -30 BACKWARD
The next row starts with the 31st section
The numbers go in order from 32 - 36 FORWARD
It ALWAYS - ENDS with the 36th section in the BOTTOM RIGHT

117
Q

Ownership & Title:
One single person, Business, or Government Entity can only own a home in _________.

A

Severalty

118
Q

Ownership & Title:
Two non-married individuals can only own a home in _________ or __________.

A

Tenancy In Common
Joint Tenancy

119
Q

Timelines:
After a judicial mortgage foreclosure in Arizona, the debtor or his successors in interest ordinarily may redeem at any time at any time within ______ after the date of the sale.

A

6 Month Redemption Period

120
Q

Timelines:
After a non-judicial Deed Of Trust or Trust Deed foreclosure in Arizona, there is a mandatory
Recordation of Notice of default and then a Trustee’s Sale.
Once the Notice of Default is recorded the Trustee has to wait a certain amount of days before having the trustees sale. During the _______ Day Notice of Default the Trustor (borrower) will have this time to reinstate the loan by paying all back payments plus any cost incurred by the Trustee.
This is called the period of reinstatement.

A

90 Day

121
Q

Timelines:
Materialman’s Lien:
Subcontractors and materialmen must provide a _______-day notice prior to filing a lien to alert the property owner, general contractor, or lender. The notice period begins with the delivery of materials or completion of the labor.

A

20 Day

122
Q

Timelines:
Mechanic’s Lien:
Both general and subcontractors in Arizona must record mechanic’s liens within _______ days, which includes the 20 days of the notice.

A

120 Days

123
Q

Timelines:
A lien sold to recover delinquent taxes. The statutory redemption period after the tax foreclosure sale is ______ years.

A

3 Years

124
Q

Timelines:
The broker must maintain Employment Records for at least ______ years.

A

5 Years

125
Q

Timelines:
The broker must maintain all Closed / Completed Transactions for at least ______ years.

A

5 Years

126
Q

Timelines:
The broker must maintain all Rejected Contracts for at least ______ year(s).

A

1 Year

127
Q

Timelines:
The broker must maintain all Reviewed Contracts / Offers for at least ______ day(s).

A

10 Days

128
Q

Foreclosure:
A Deed of Trust must go through a _______ foreclosure.

A

Non-Judicial

129
Q

Foreclosure:
A Mortgage must go through a _______ foreclosure.

A

Judicial

130
Q

Foreclosure:
A Mortgage must go through a _______ foreclosure.

A

Judicial

131
Q

Foreclosure:
In the Deed of Trust foreclosure the Trustee holds the _______ until it is fully paid off.

A

Legal Title (Trustee Deed)

132
Q

Foreclosure:
In the Deed of Trust foreclosure the Trustee holds the _______ until it is fully paid off.

A

Legal Title (Trustee Deed)

133
Q

Foreclosure:
In a Deed of Trust foreclosure the borrower has a ______ Day Reinstatement Period.

A

90 Day

134
Q

Foreclosure:
In a Deed of Trust foreclosure the borrower has a ______ Day Reinstatement Period.

A

90 Day

135
Q

Foreclosure:
In a Mortgage foreclosure the borrower has a ______ Day Redemption Period.

A

180 Day

136
Q

Grandfathered Water Rights:
Utilized for Mining
These rights are Non-Transferrable
These rights can be converted one time to land that is appurtenant to another area in the same sub-basin.

A

Type 1 Non-Irrigation Grandfathered Rights (AMA)

137
Q

Grandfathered Water Rights:
Utilized for Cattle
These rights are Transferable
These rights can be not be converted to land that is appurtenant.

A

Type 2 Non-Irrigation Grandfathered Rights (AMA)

138
Q

Active Management Areas: Where are the 5 Active Management Areas (AMAs) in Arizona located?

A

Phoenix
Prescott
Pinal
Santa Cruz
Tucson

139
Q

Active Management Areas:
Water providers or developers must demonstrate that the water supply is uninterruptible for a _____ -year period, or that sufficient backup supplies exist for any anticipated shortages.

A

100-year period

140
Q

Water providers or developers must demonstrate that the water supply is uninterruptible for a _____ -year period, or that sufficient backup supplies exist for any anticipated shortages.

A

100-year period

141
Q

Active Management Areas:
A ________ form must be filed to drill all wells outside AMAs and any exempt wells inside AMAs.

A

Notice of Intention to Drill (NOI)

142
Q

Active Management Areas:
An Application for a Drilling _______ is required for non-exempt wells inside AMAs. Payment of filing fees will also be necessary when you file.

A

Permit

143
Q

Active Management Areas:
An Application for a Drilling Permit is required for non-exempt wells inside AMAs. You have ______ years to use it but, you don’t use it you lose it.

A

5 Years

144
Q

Active Management Areas:
_______ carry restrictions on bringing in new irrigated acreage & all owners of irrigation groundwater withdrawal authorities must report their water use to the Arizona Department of Water Resources (ADWR) if the water was used during the calendar year. The three areas are administered by the ADWR AMA staff.

A

Irrigation Non-Expansion Areas (INAs)

145
Q

The Development Services Division oversees the sale of Subdivided Lands, Unsubdivided Lands, Timeshares, Membership Campgrounds, and Cemetery Plots. Except in the case of Cemetery Plots, a developer must obtain a _________ prior to making offers for sale.

A

Disclosure Report (Public Report)

146
Q

All of the following can be used in a developer’s public report advertisement except a statement which says, This public report is an ______ of this project.

A

Endorsement

147
Q

All of the following can be used in a developer’s public report advertisement except a statement which says, This public report is an ______ of this project.

A

Endorsement

148
Q

A developer can sell Lot Reservations without a Public Report up to $_______ Max?

A

$5,000

149
Q

How long does a developer have to keep a receipt of having given a public report to the buyer?

A

5 Years

150
Q

If the required notice or material disclosures are not delivered, the right to rescind shall expire ______ years after contract consummation.

A

3 Years

151
Q

Deeds:
A _______ is an agreement between a borrower, a lender and a third-party person who’s appointed as a Trustee. It’s used to secure real estate transactions where money needs to be borrowed in order for property to be purchased.

A

Deed of Trust

152
Q

Deeds:
A Deed is a written, legal document that shows ______ or legal interest in a property. These documents also serve as property transfer deeds, which are used to transfer property ownership from one person or entity to another.

A

Proof of Ownership

153
Q

Deeds:
_______ are typically associated with unpaid mortgages. This is a type of public auction where interested buyers can bid on foreclosed properties.

A

Sheriff Sale’s

154
Q

Deeds:
A _______ deed transfers real estate to a new owner. A properly completed and recorded as such cannot be undone.

A

Quit Claim Deed

155
Q

Deeds:
The four tests of highest and best use are:
1.
2.
3.
4.
The first two tests are interchangeable in order and, in many circumstances, the last two are combined.

A

Legally Permissible
Physically Possible
Financially Feasible
Most Profitable

156
Q

Deeds:
A ______ deed demonstrates that only the seller of the property holds title of ownership and legally has the right to transfer the property. This type of deed doesn’t offer any protection against any claims to the property from previous owners, just the current one. Thus, buyers must check everything before purchasing, as the responsibility for these issues will be on the buyer.

A

Bargain and Sale Deed

157
Q

Deeds:

Deeds:
From the buyer’s perspective, the _______ is a safer option than a quitclaim deed but not as safe as a general warranty deed.

A

Bargain and Sale Deed

158
Q

Deeds:
A _______ deed is considered the most common and preferred type of deed used in real estate transactions because it offers the highest level of protection for the buyer. It guarantees the buyer receives the property free of any claims or title defects, both present and past.

A

General Warranty Deed

159
Q

Lending:
_____ are on the loan amount not on the sales price.

A

Points

160
Q

Lending:
One discount point is equal to ______% off of the rate. This is a credit to the borrower as an incentive for the loan.

A

0.125%

161
Q

Lending:
One origination point is equal to ______% off of the loan amount. This is paid to the lender as profit for originating the loan.

A

1%

162
Q

Lending:
1 Point = ______ (/)

A

1/8th

163
Q

Lending:
1 Point = ______%

A

0.125%

164
Q

Lending:
______ Point(s) = 100%

A

8 Points

A Real Estate Agent Concepts (25 decks)

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