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58 Cards in this Set
- Front
- Back
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The buyer in an agreement for sale (land contract)
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Vendee
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The seller in an agreement of sale (land contract)
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Vendor
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The seller’s non-judicial procedure to re-acquire the property if a land contract is in default
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Forfeiture Action
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The grace period under a land contract when less than 20% has been paid
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30 days
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The grace period under a land contract when 30% to less than 50% has been paid
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120 days
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The grace period under a land contract when 50% or more has been paid
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9 months
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The document given by a borrower to a lender instead of going through a foreclosure
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Deed in Lieu of Foreclosure
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The document used to indicate that a mortgage has been paid off
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Satisfaction of Mortgage
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The document stating the property sale price which must accompany a deed when the deed is to be recorded
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Affidavit of Value
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The AZ assessed value ratio for commercial property
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20%
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Exempts a portion of a homeowner’s equity from forced sale due to a judgment
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Homestead Exemption
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The formula for AZ Real Estate Taxes
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Full Cash Value
X Assessed Value Ratio = Assessed Value Assessed Value X Tax Rate = Taxes |
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The document received by the highest bidder at a tax lien sale
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Treasurer's Certificate
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The document which, when recorded, converts a manufactured home to real property
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Affidavit of Affixture
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The AZ assessed value ratio for vacant land
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16%
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A court decision that places a lien against an individual
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Judgement
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Latin for ‘according to value’.
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Ad Valorem
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The lien with #1 priority
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Real Estate Taxes
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The lien with #2 priority
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Assessments
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The value placed on real property by the county assessor for tax purposes
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Full Cash Value
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The AZ assessed value ratio for residential property
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10%
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The time period within which a foreclosure of a mechanic’s lien must begin
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6 months of lien recordation
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A lien for labor or materials supplied to a property
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Mechanic's Lien
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The time period within which a mechanic’s lien must be recorded
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120 days of Completion of Work
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The date upon which the priority of a mechanic’s lien is established
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Day the work begins
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The sale for delinquent taxes
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Treasurer's Sales
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A lien which bears the cost of specific improvements such as street lights, paving, etc.
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Special Assessments
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The value determined by multiplying the full cash value by the assessed value ratio
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Assessed Value
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Maximum $$$$ exemption under the homestead exemption
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$150,000
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Holding a tenant's personal property for back rent is abolished in Arizona and is called....
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Distraint
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The law that governs the relationship between a residential lessor and lessee
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Arizona Residential Landlord & Tenant Act
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The aspect of the real estate profession that deals with leasing, managing and maintaining property
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Property Management
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The licensee who is the property manager
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Broker
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The contract under which a broker is employed to manage a property
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Property Management Agreement
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A method of land description that uses distances and directions
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Metes & Bounds
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The method of land description used in subdivisions
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Recorded Plat
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The method of land description using townships & ranges
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Rectangular Survey
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A 6 mile wide strip of land running North-South
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Range
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An east-west row of townships
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Tier
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The number of sections in a township
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36
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The number of square feet in an acre
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43,560
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The number of acres in a section
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640
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Townships that are modified to account for the earth’s curvature
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Correction Townships
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The number of standard sections in a correction township
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25
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The number of fractional sections in a correction township.
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11
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A six mile square parcel bordered by range lines & township lines
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Township
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The dimensions of a check
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24 miles square
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The number of townships in a check
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16
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The sides of a correction township along which the fractional sections lie
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North & West
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Real Estate development which includes real estate owned by an association and in which the owners of separately owned parcels are mandatory members and are required to pay association assessments.
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Planned Community
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An area where irrigation uses threaten to exceed limited water supplies
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Irrigation Non-Expansion Area
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An area where excessive overdraft of ground water is occurring
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Active Management Area
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A water right where the water has been retired from irrigation and cannot be sold separately from the land
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Type 1 Non-Irrigation Right
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An irrigation right for land irrigated between 1975 & 1980 which right cannot be sold separately from the land
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Irriation Grand Fathered Right
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A non-irriation water right that can be sold separately from the land
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Type 2 Non-Irrigation Right
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ADWR
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Arizona Department of Water Resources
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The doctrine governing AZ water law that means, "first in time-first in right."
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Prior Appropriation
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The two categories of water
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Surface Water
Ground Water |
