Session 14

Question 1

What kind of liens are
1. Real Estate taxes
2. Special assessments
3. HOA liens
4. Mortgage / Deed of Trust
5. Mechanic’s liens

Answer 1

Specific Liens

Question 2

What kind of liens are
1. Judgement liens
2. IRS liens
3. Estate & inheritance taxes

Answer 2

General Liens

Question 3

Subordination Clause

Answer 3

Changing lien order or a junior lien holder agrees to stay in lower position

Question 4

ad valorem

Answer 4

assessed value of property

Question 5

Special assessment liens

Answer 5

Improvement performed on property, street lights, sidewalks. Voluntary or involuntary

Question 6

If property is not redeemed once foreclosure process is completed investor is given a

Answer 6

Treasurer’s deed

Question 7

How many years before investor can start process of foreclose after winning bid

Answer 7

3 years

Question 8

A property can be assessed at mill which is

Answer 8

1,000

Question 9

Arizona requires that a preliminary ____ notice sent by every person who furnishes material, labor, services.

Answer 9

20 day

Question 10

In Arizona the deadline to file a mechanics lien from completion of project is

Answer 10

120 days

Question 11

A lien is effective from the date of filing for

Answer 11

6 months

Question 12

If a contractor put a lien on house and contract is with tenant not owner, then the owner can file a

Answer 12

Notice of Non-responsibility

Question 13

Can maintenance companies, landscaping, pool, etc. put a lien on the house

Answer 13

No

Question 14

The penalty for wrongful liens is

Answer 14

$5,000 or triple actual damages

Question 15

A fire-resistant material that was banned in 1978

Answer 15

Asbestos

Question 16

The process of sealing off asbestos instead of removal

Answer 16

Encapsulation

Question 17

Banned in 1978 but no federal regulations to make it mandatory to inspect for presence.

Answer 17

Lead-based paint

Question 18

Abandoned or underutilized properties perceived environmental contamination, by hazardous substances, petroleum, or min-scarred land.

Answer 18

Brownfields

Question 19

Describe situations where occupants experience acute health and comfort effects linked to time in building.

Answer 19

Sick building syndrome

Question 20

A inspection that is often required by lending institutions.

Answer 20

Phase I ESA

Question 21

Administers the states environmental laws and delegated federal programs to prevent air, water, and land pollution.

Answer 21

Arizona Department of Environmental Quality (ADEQ)

Question 22

Sights that are state superfund sites which must be disclosed according to CERCLA.

Answer 22

Water Quality Assurance Revolving Fund (WQARF)

Question 23

Responsible for the regulation and management of Arizona’s water.

Answer 23

Arizona Department of Water Resources (ADWR)

Question 24

Arizona’s surface water doctrine. First in time, first in right. Who has permit first gets to use the water first.

Answer 24

Prior Appropriation