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23 Cards in this Set

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Subdivided lots must have..
ingress and egress


INGRESS: The right to enter a tract of land. Often used interchangeably with "access" (see access).


EGRESS: The right to leave a tract of land. Often used interchangeable with access (see access).

ACCESS: The right to enter and leave a tract of land from a public way. Oftentimes the right to enter and leave over the lands of another.
Statement of Facts
When a buyer defaults on a deed or trust, a notice of sale is sent to...
The Owner/Trustor
Statement of Facts
Owner-occupied residential housing is assessed at
10%
Statement of Facts
After a property tax foreclosure sale, there is a
three year right of redemption
Statement of Facts
Twenty-four hours of education are required to renew a
real estate license
Statement of Facts
Arizona State Constitution Article XXVI(26)gives a real estate licensees the right to
prepare all documents in a real estate transaction
Statement of Facts
All listings must be in writing to be enforceable according to the
Arizona Revised Statutes
Statement of Facts
The minimum amount that must be in a real estate recovery fund as of June 30 of each year to avoid additional fees to licensees is
$600.000
Statement of Facts
Real Estate taxes become a lien on
January 1
Statement of Facts
A buyer of a subdivided land must receive a
Public report
Statement of Facts
Aquiring more property would not
terminate a valid homestead
Statement of Facts
Moving out of the property will
terminate a homestead
Statement of Facts
The real estate commissioner is responsible for formulating the
rules and regulations
Statement of Facts
When a listing agent cannot be reached within 24 hours, the selling agent must get written permission from the seller before
presenting the offer to the seller.
Statement of Facts
In Arizona, real estate commissons are established by
negotion only.
Statement of Facts
The maximum paid from the recovery fund per single transaction is
$ 30.000
Statement of Facts
The right to use the water adjacent to a stream is called
Riparian rights
Statement of Facts
The homestead Exemption in AZ is
$150.000
Statement of Facts
Arizona property taxes are figured based on
"ad Valorem"

An ad-valorem tax (Latin: by value) is a tax based on the value of real estate or personal property.

Ad-valorem taxes can be property taxes or even duty on imported items. Property ad-valorem taxes are the major source of revenues for state and municipal governments.

An ad-valorem tax is typically imposed at the time of a transaction (a sales tax or value-added tax (VAT)), but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or tariffs). The alternative to ad-valorem taxation is a fixed-rate tax, in which the tax base is the quantity of something, regardless of its price. For example, in the United Kingdom, a tax is collected on the sale of alcoholic drinks that is calculated on the quantity of alcohol contained rather than the price of the drink.
Statement of Facts
When a licensee leaves a brokerage house
their license goes bak to the state
Statement of Facts
An active sales person must have their license placed in their
brokers office
Statement of Facts
When a buyer defaults on an agreement for sale with less than 20% equity the seller must wait 30 days
before he can take the property back
Statement of Facts
A mechanics lien must be filed within 120 days of completion of work by the
subcontractor or general contractor
Statement of Facts