Session 14 Flashcards
What kind of liens are
1. Real Estate taxes
2. Special assessments
3. HOA liens
4. Mortgage / Deed of Trust
5. Mechanic’s liens
Specific Liens
What kind of liens are
1. Judgement liens
2. IRS liens
3. Estate & inheritance taxes
General Liens
Subordination Clause
Changing lien order or a junior lien holder agrees to stay in lower position
ad valorem
assessed value of property
Special assessment liens
Improvement performed on property, street lights, sidewalks. Voluntary or involuntary
If property is not redeemed once foreclosure process is completed investor is given a
Treasurer’s deed
How many years before investor can start process of foreclose after winning bid
3 years
A property can be assessed at mill which is
1,000
Arizona requires that a preliminary ____ notice sent by every person who furnishes material, labor, services.
20 day
In Arizona the deadline to file a mechanics lien from completion of project is
120 days
A lien is effective from the date of filing for
6 months
If a contractor put a lien on house and contract is with tenant not owner, then the owner can file a
Notice of Non-responsibility
Can maintenance companies, landscaping, pool, etc. put a lien on the house
No
The penalty for wrongful liens is
$5,000 or triple actual damages
A fire-resistant material that was banned in 1978
Asbestos
The process of sealing off asbestos instead of removal
Encapsulation
Banned in 1978 but no federal regulations to make it mandatory to inspect for presence.
Lead-based paint
Abandoned or underutilized properties perceived environmental contamination, by hazardous substances, petroleum, or min-scarred land.
Brownfields
Describe situations where occupants experience acute health and comfort effects linked to time in building.
Sick building syndrome
A inspection that is often required by lending institutions.
Phase I ESA
Administers the states environmental laws and delegated federal programs to prevent air, water, and land pollution.
Arizona Department of Environmental Quality (ADEQ)
Sights that are state superfund sites which must be disclosed according to CERCLA.
Water Quality Assurance Revolving Fund (WQARF)
Responsible for the regulation and management of Arizona’s water.
Arizona Department of Water Resources (ADWR)
Arizona’s surface water doctrine. First in time, first in right. Who has permit first gets to use the water first.
Prior Appropriation
