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State exam > Study Study Study > Flashcards

Study Study Study Flashcards

1
Q

Property taxes are a ……… January 1 st.

A

Lien

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2
Q

Property tax liens are the …………..- nothing comes ahead of a property tax lien

A

Primary lien

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3
Q

Property taxes are based on the …………of a property.

A

Assessed value

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4
Q

To calculate the assessed value, the following rates are used

A

Residential 10%

Land 16%

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5
Q

Property taxes are…………

A

Levied annually

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6
Q

First half taxes are January - June. They are due ……….and late………. second half taxes are July - December. They are due ………..late ……… of the following year

A

October 1st November 1 st

March 1st May 1st

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7
Q

Property taxes are paid in ……….

A

Arrears

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8
Q

When property taxes are pro-rated at close of escrow use ……..-day year, close of escrow is the buyers day. Property taxes will appear on a closing statement as…………..

A

Debit seller

Credit buyer

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9
Q

First half taxes are pro-rated using the prior………….

A

Years figures

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10
Q

Lien priority is ……….,……….

A

Property taxes

Special assessments

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11
Q

When a property tax sale is held, the low interest bidder receives a……….

A

Certificate of purchase

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12
Q

The certificate of purchase holder must give the owner………years to redeem before a foreclosure can begin.

A

3 years

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13
Q

Arizona property taxes would always be in …….. lien position

A

1st

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14
Q

The buyer is most likely to accept title with a………..

A

Property tax lien for the current year’s taxes

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15
Q

Which of the deeds have the best warranties?

A

General warranty

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16
Q

Who receives title through a deed of conveyance

A

Grantee

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17
Q

Deed restrictions that run with the land and liens are

A

Encumbrances

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18
Q

Escrow company works for

A

Buyer and seller

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19
Q

A deed is legally enforceable if it is

A

Recorded

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20
Q

What is the purpose of a closing statement

A

Shows all monies/costs involved in a transaction

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21
Q

Who signs the settlement sheet

A

Buyer
Seller
Escrow agent

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22
Q

The covenant of seisin promises

A

The grantor has the right to convey the property

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23
Q

Title insurance has ………….on property value

A

No impact

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24
Q

When an abstract of title was completed, it indicates that a …………

A

Title search was completed

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25
Q

When a conventional loan is greater than 80% ………….must be paid at time of closing?

A

PMI (private mortgage insurance)

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26
Q

Owners title insurance is for protection of the

A

Buyer

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27
Q

……….payments will never show on a closing statement

A

Principal

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28
Q

When taxes are pro-rated at close of escrow they would read

A

Debit seller

Credit buyer

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29
Q

When the buyer is buying a rental property, the security deposits are ………..

A

Not pro-rated

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30
Q

Owners title policy would not cover

A

Parties in possession

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31
Q

When the escrow company turns the matter over to the court to settle a dispute, this is called

A

Interpleader

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32
Q

If a property is sold with no………or……….,this must be stated in the deed

A

Ingress

Egress

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33
Q

The document that is recorded along with the deed is the

A

Affidavit of value

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34
Q

An affidavit of value is used by the county assessor to help the assessor determin

A

Property value for taxation

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35
Q

The point when the docket number are assigned is

A

Recordation

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36
Q

Real estate salespeople should ………………..on how to take title

A

Not give advice

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37
Q

An extended policy of title insurance would not cover

A

Encroachments

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38
Q

In order to recorded a deed it must be………..and………..

A

Signed

Acknowledged

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39
Q

When a party is given a life estate based on the life of another person is called?
“For the life of another”

A

Pur autre vie

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40
Q

This give the appearance of title, but is not

A

Color of title

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41
Q

If a buyer gives earnest money and signs a contract and then decides not to complete the terms of the contract the seller may……….

A

Retain the earnest money

42
Q

When one party has the right of rescission in a contract, it is called

A

Voidable

43
Q

If a buyer can’t qualify for a loan, what clause in a contract would benefit the buyer

A

Contingency

44
Q

When a contract is signed by the buyer and seller, what is not required

A

Notarized signatures

45
Q

All contracts must have

A

Consideration

46
Q

When a contract is made between a competent party and a minor it is

A

Voidable by the minor

47
Q

When an offer is written on another broker’s listing, the selling agent is required to

A

Contact the listing broker

48
Q

When a purchase contract has handwritten and preprinted language the ……….language would have priority

A

Handwritten

49
Q

All contracts are required to be in writing per

A

Statute of frauds

50
Q

When a contract is based on fraud it is……….by the party the fraud was committed against

A

Voidable

51
Q

Examples of a unilateral contract would be

A

Option
First right of refusal
Reward poster

52
Q

A contract is not considered valid until there is an

A

Offer and acceptance

53
Q

When a contract is for illegal act or purpose it is

A

Void

54
Q

Q makes an offer to Y…the offer is signed by Y who make a counter and dies before Q accepts, what is the contract status

A

Unenforceable

55
Q

………….is a court action to compel a buyer or seller to carry out the terms of a contract

A

Specific performance

56
Q

Purchase contract would be determined by

A

Eminent domain

Condemnation

57
Q

When a contract has pre-printed language, the agent should

A

Review and alter if necessary

58
Q

Which agent has the original contract and the earnest money

A

Selling agent

59
Q

When an option to buy is exercised, the option is

A

Unilateral executed

60
Q

When an option to buy is exercised, the contract is

A

Bilateral executory

61
Q

A real estate agent may modify a contract, only if it is signed by the………and……….

A

Buyer and seller

62
Q

W makes an offer to X, all parties sign,and then X dies, you have a

A

Valid contract

63
Q

If a sales contract is signed only by one spouse the status is………..against both

A

Unenforceable

64
Q

A client or principal is owed………..duties from their agent

A

Fiduciary

65
Q

An ………..listing gives the broker the least protection

A

Open

66
Q

An …………..listing gives the broker the greatest protection

A

Exclusive right to sell

67
Q

Owner hires a broker but may sell the property for sale by owner and not pay a commission

A

Exclusive agency listing

68
Q 
Care
Obedience
Loyalty
Accountability 
Confidentiality 
Disclosure
A

Fiduciary duties

69
Q

Mechanics liens take priority

A

The day work began

70
Q

A general contractor has ………days to file their lien after notice of completion

A

120

71
Q

Arizona homestead exemption will protect the equity in a personal residence up to………..

A

$150,000

72
Q

Judgments are valid for …….yrs

A

5

73
Q

Judgments that attach to real and personal property are

A

General lien

74
Q

Utility, scarcity, transferability are used to determine

A

Value

75
Q

When conducting a neighborhood analysis, the appraiser is interested in

A

Economic depreciation

76
Q

What is an example of economic obsolescence

A

Air pollution

Noise

77
Q

The cap rate and capitalization value are based on

A

Net income

78
Q

When appraising a special usage property (church) the appraiser would use the ……….approach

A

Cost

79
Q

A house with four bedrooms and one bathroom is an example of

A

Functional obsolescence

80
Q

When cap rates go up ……….goes down

A

Value

81
Q

Economic depreciation is always

A

Incurable

82
Q

Square footage of residential property is based on

A

Exterior measurements

83
Q

Security deposits may not exceed

A

One and one half months rent

84
Q

A landlord must give the tenant how much notice before entering the unit

A

48 hrs

85
Q

A broker must keep a copy of all rental contracts for not less than

A

1yr

86
Q

When subdividing lots, the legal description used is

A

Lot and block

87
Q

Before a public report is issued, a developer may only take

A

Lot reservations

88
Q

If a subdivision is sold with no ingress or egress, the sale would be

A

Voidable by the buyer

89
Q

A public report is required when you sell more than

A

5 lots

90
Q

A broker must keep a copy of the public report for

A

5 yrs

91
Q

If a buyer buys unimproved subdivided property sight unseen, they have ………to rescind the sale

A

6 months

92
Q

A licensee must notify the real estate department within ……… of a conviction of a felony or misdemeanor

A

10 days

93
Q

What is similar to medical malpractice insurance

A

Errors and omissions insurance

94
Q

A broker is required to keep rejected offers for at least

A

1 yr

95
Q

This is required when 5 or fewer parcels other than subdivided land are located in an unincorporated area of a county

A

Land disclosure affidavit

96
Q

When you use borrowed money to buy real estate this is called

A

Leverage

97
Q

A conveys to B for the life of B, and upon Bs death it goes to As daughter. This is referred to as

A

Estate in reversion

98
Q

A mortgage is a

A

Voluntary lien

99
Q

What clause in a loan would cause the entire loan balance due if the borrower does not make a timely payment

A

Acceleration clause

100
Q

When the lender charges a fee for paying off a loan before it’s time, it is called

A

Pre-payment penalty

State exam (18 decks)

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