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111 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The sale of personal property would include a |
Bill of sale.
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CH 1 Session A-1
Property Rights Private and Governmental |
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What governmental right requires compensation to private property owners?
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Eminent Domain.
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CH 1 Session A-1
Property Rights Private and Governmental |
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If property is obtained by the state after a person dies, this is called?
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Escheat.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Transfer of real property requires a?
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Deed.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following would be an economic characteristic of real property?
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Frozen Asset.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following listed below would be considered Personal property?
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Promissory note.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following is not in the bundle of rights?
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Refuse to sell under Eminent Domain.
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CH 1 Session A-1
Property Rights Private and Governmental |
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All of the following are true regarding discount points except?
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The reduce the Lenders yeild
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following would be a fixture?
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A storage shed attached to a slab
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CH 1 Session A-1
Property Rights Private and Governmental |
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If a homeowner association has additional expenses how would they be handled?
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Each property owner will pay a pro rata share.
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CH 1 Session A-1
Property Rights Private and Governmental |
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An owner sells a property on which a farmer lives and works as a tenant. When the property is sold, who gets the crops?
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The farmer
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CH 1 Session A-1
Property Rights Private and Governmental |
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The tenant's right to harvest crops after a lease expires is called?
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Emblements.
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CH 1 Session A-1
Property Rights Private and Governmental |
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All of the following relate to the legal test of a fixture except?
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Cost.
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CH 1 Session A-1
Property Rights Private and Governmental |
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A Leasee puts in a bookcase for commercial use; at the end of the lease the book case is removed. The bookcase would be considered?
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Trade Fixture
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following is personal property?
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Lease
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CH 1 Session A-1
Property Rights Private and Governmental |
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Ad Valorem property taxes are based on the following listed below?
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Assessed Value
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CH 1 Session A-1
Property Rights Private and Governmental |
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Rank the order of liens highest to lowest. Property taxes,current year: Special assesments: IRS lien February of the currentyear:Mortagage lien October of the previous year?
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Property taxes, assessments mortgage lien, IRS.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Counters, fixtures and display cases are conveyed by?
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Bill of sale.
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CH 1 Session A-1
Property Rights Private and Governmental |
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A party owns a parcel of real estate with mineral rights, who owns the mineral rights?
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The property owner
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CH 1 Session A-1
Property Rights Private and Governmental |
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Of the following listed below what would not be Appurtenant to thereal property?
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Trade Fixtures.
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CH 1 Session A-1
Property Rights Private and Governmental |
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When real property is conveyed, all of the following would be appurtenant except?
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Licenses.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following would not be a use of police power?
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Condemnation of a property.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following will terminate a purchase contract?
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Eminent domain
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CH 1 Session A-1
Property Rights Private and Governmental |
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Wetlands would come under the following controls?
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Police power.
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CH 1 Session A-1
Property Rights Private and Governmental |
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The tenant installs a vent hood in a building,the vent hood would be considered
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Trade fixture
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CH 1 Session A-1
Property Rights Private and Governmental |
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All of the following would be considered appurtenant in a real estate transaction EXCEPT?
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Annual crops
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CH 1 Session A-1
Property Rights Private and Governmental |
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Rent control would least likely benefit the?
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Property Owner.
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CH 1 Session A-1
Property Rights Private and Governmental |
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When a buyer buys a parcel of land which of the following is true regarding the mineral rights?
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Mineral rights will transfer with the buyer.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Discount points are set by?
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Market conditions
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CH 1 Session A-1
Property Rights Private and Governmental |
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A person dies with no will and no heirs. Which of the following is true?
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Property will escheat to the state.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Zoning set backlines, parking restrictions, building codes and environmental law would all be examples of?
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Police power.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Homeowners Association fees are paid?
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Pro- rata- share.
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CH 1 Session A-1
Property Rights Private and Governmental |
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The physcial characteristics of real estate would include all of the following items except?
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Scarcity.
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CH 1 Session A-1
Property Rights Private and Governmental |
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When the government takes private property for public use this right is called?
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Eminent Domain.
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CH 1 Session A-1
Property Rights Private and Governmental |
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When a person has a right to use the water adjacent to his land, this is refrred to as?
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Riparian
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CH 1 Session A-1
Property Rights Private and Governmental |
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Under certain conditions a utility may acquire an easement by?
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Eminent Domain
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CH 1 Session A-1
Property Rights Private and Governmental |
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What is true regarding zoning?
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Limits the use of land.
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CH 1 Session A-1
Property Rights Private and Governmental |
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The property owner erected a block wall on the property. The block wall became real property by which of the following?
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Annexation
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CH 1 Session A-1
Property Rights Private and Governmental |
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Water Table is defined as?
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The level at which water will be located.
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CH 1 Session A-1
Property Rights Private and Governmental |
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Which of the following would be considered real property
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Fixtures
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CH 1 Session A-1
Property Rights Private and Governmental |
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Application for a variance would most likely show which of the following?
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Hardship on the property.
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CH 1 Session A-1
Property Rights Private and Governmental |
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An item would be considered personal property because of its?
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Mobility
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CH 1 Session A-1
Property Rights Private and Governmental |
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An economic characterristic of real estate would be?
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Modification
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CH 1 Session A-1
Property Rights Private and Governmental |
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The purpose of zoning is to do which of the following?
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Promote health and safety of the community
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CH 1 Session A-1
Property Rights Private and Governmental |
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Personal property is included in the sale, the sales person should do which of the following?
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Take inventory
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CH 1 Session A-1
Property Rights Private and Governmental |
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An easement that "runs with the land" is known as?
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Appurtenant
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CH 1 Session A-1
Property Rights Private and Governmental |
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The city has rezoned property on a given street and the property owner has suffered a loss in value. Which of the following is true?
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City owes the property owner nothing
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CH 1 Session A-1
Property Rights Private and Governmental |
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Of the services into which real estate business may be divided, which one of the following is least likely to be offered by a real estate office?
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Insurance
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Ownership implies everything except?
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Destruction
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Real property is considered to be?
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Buildings, land, fixtures, and appurtenances
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Of the following liens-deliqueint taxes since 2004, mortgage recorded in 2002,IRS lien recorded in 2006- Which has second priorty?
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Mortgage
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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You plan to build a highrise building over a railroad track. You need to purchase?
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The air rights and land for cassions for footings of the building
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Real property can be divided into corporeal and incorporeal. A corporeal right would be?
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Easements
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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A man leased a building with permission to install heavy machinery. In order to install said machinery, the lessee has to install a special foundation. The foundation installed becomes a/an
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Improvement
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Fixtures are?
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Items of personal property that has become real property;
Considered part of the land or the building to which is attached; Items usually not removable by seller |
CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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An artical may be changed from realty to personalty by:
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detachment
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Which of the following is always personal property?
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trade fixtures
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Two designations or classification of water law in Arizona are
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Ground and Surface
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Except during a time of emergency property cannot be confiscated through the use of?
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Police Power
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Which of the following would be a limitation of use of property by the government
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Police power
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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In the allodial system of land ownership which of the following would not apply?
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Freedom
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Zoning laws are the utilazation of the states: l.Police Power ll. Power of Eminent Domain.
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l only-Police power
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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What would not be considered commercial property?
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Churches
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Why does a city planner include and commercial areas as part of total community
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to have a broader tax base.
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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All of the following are used as a basis in determining whether items of personal property have become real property except
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Cost of the item
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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A master plan adopted by a local planning commission may not be concerned with matters of
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Deed restrictions
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Real estate taxes are levied
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Annually
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Ordinarily, first half property are due and payable
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October
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Taxes are collected in the county by the
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county treasurer
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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The word "ad Valorem best means
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According to value
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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if the county sales a lien due to unpaid property taxes, What redemptiom perod does the owner hva?
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3 years
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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All of the following have the rightto tax real property in the state on Arizona except
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Quasi-Public Agencies
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Patent, trademarks, copyrights and royalties are an example of
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Intangible personalty
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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The charges levied against real estate as a result of city installed sewer systems are called?
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Assessments
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
|
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**Which of the following is not properly included in the concept of the power of eminent domain?
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The right of government to confiscate property from the owner
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Escheated property is sold at a public auction by the sheriff. The proceeds of the sale...
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Are deposited into a General Fund of the state of Arizona
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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The rate of interest to be paid on past due property taxes is?
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16%
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Municipalities have the right to restrict the use of properties located their in. This right comes from
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Enabling legislation
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
|
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Assessments for property improvements are placed on realty based?
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A pro-rata share of the costs of the improvements to the property
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
|
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Urban property is?
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City property
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
|
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When a real property tax lien has been sold for failure to pay taxes, the sale is held?
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In February
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Title to personalty is conveyed by means of a document called
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bill of sale
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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Those incorporeal rights in land which are attached to and " run with the land" are called?
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Appurtenances
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
|
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A buyer is obtaining a new loan to purchase property. The buyer is most likely to accept title with which of the following liens remaining unpaid as of close of escrow?
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Property taxes for the current year for the property being sold
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CH 1 Session A-1
Self study /quiz Property Rights Private and Governmental |
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A-1 Arizona property taxes are based on?
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A-1 Assessed Value
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A-1 Arizona Specific
State Exam |
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A-1 The tax rate applied to owner occupied residential property is
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A-1 10%
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A-1 Arizona Specific
State Exam |
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A-1 Which of the following liens would have priority?
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A-1 Property taxes
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A-1 Arizona Specific
State Exam |
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A-1 Property taxes become a lien the first day of?
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A-1 January
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A-1 Arizona Specific
State Exam |
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A-1 If a Property is not bid at a tax foreclosure sale?
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A-1 Anyone can later buy the tax lien from the treasurer
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A-1 Arizona Specific
State Exam |
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A-1 Rank the following liens in the order of thier priority from highest to lowest?
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A-1 Property Taxes, Special Assessments, IRS liens
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A-1 Arizona Specific
State Exam |
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A-1 When a broker misappropiates funds this is called?
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A-1 Conversion
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A-1 Arizona Specific
State Exam |
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A-1 What type of property would have the highest tax rate?
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A-1 Shopping Center
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A-1 Arizona Specific
State Exam |
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A-1 What is the priority of property tax liens?
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A-1 Always in first position
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A-1 Arizona Specific
State Exam |
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A-1 When are the first half property taxes delinquent?
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A-1 November 1
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A-1 Arizona Specific
State Exam |
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A-1 The two designations or classifications of water law in Arizona are?
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A-1 Ground and Surface
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A-1 Arizona Specific
State Exam |
|
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A-1 Taxes are assessed on?
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A-1 Value of the property
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A-1 Arizona Specific
State Exam |
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A-1 The doctrine of water usage in Arizona is known as?
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A-1 Prior appropriation
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A-1 Arizona Specific
State Exam |
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A-1 Water rights in Arizona are?
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A-1 First in Time, First in Right
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A-1 Arizona Specific
State Exam |
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A-1 Arizona Property Taxes are payable?
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A-1 Twice a year
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A-1 Arizona Specific
State Exam |
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A-1 When a party owns land on a non-navigable stream, it is said that they hold title to
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A-1 Low water mark
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A-1 Arizona Specific
State Exam |
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A-1 When the county assessor evaluates real estate for the purpose of taxation this is called
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A-1 Assessed value
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A-1 Arizona Specific
State Exam |
|
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A-1 Real Estate taxes are levied in Arizona
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A-1 Once a year
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A-1 Arizona Specific
State Exam |
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A-1 Second half real estate taxes are due
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A-1 March 1st.
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A-1 Arizona Specific
State Exam |
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A-1 Once a homeowner's association establishes the assessments, they are paid
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A-1 Annually based on the home owners association's budget
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A-1 Arizona Specific
State Exam |
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A-1 Which of the following liens are paid first after a foreclosure?
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A-1 Property Taxes
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A-1 Arizona Specific
State Exam |
|
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A-1 At the end of the three year tax redemption period a person who holds the certificate purchase
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A-1 May extend the period
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A-1 Arizona Specific
State Exam |
|
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A-1 Which of the following best describes prior appropriation?
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A-1 First in time, first in right
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A-1 Arizona Specific
State Exam |
|
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A-1 Ad Valorem would apply to which of the following?
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A-1 Property taxes
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A-1 Arizona Specific
State Exam |
|
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A-1 The redemption period in a property tax foreclosure would be how long after a certificate of purchase has been issued?
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A-1 3 years
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A-1 Arizona Specific
State Exam |
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A-1 Of the following liens-deliqueint taxes since 2004, mortgage recorded in 2002,IRS lien recorded in 2006- Which has second priorty?
|
A-1 Mortgage
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A-1 Arizona Specific State Exam Review
|
|
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A-1 A buyer is obtaining a new loan to purchase property. The buyer is most likely to accept title with which of the following liens remaining unpaid as of close of escrow
|
A-1 Property taxes for current year for the property being sold
|
A-1 Arizona Specific State Exam Review
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