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41 Cards in this Set

  • Front
  • Back
The homestead Exemption in Arizona is now set at:

a. $20,000
b. $50,000
c. $100,000
d. $150,000
d. $150,000
Homestead exemption will protect a person against which of the following?

a. Subsequent liens
b. Mechanics liens
c. Unforeseen personal judgements
d. Secured loans
c. Unforeseen personal judgements
What will not terminate a homestead exemption:

a. Selling the property
b. Moving out of the property
c. Buying other property
d. Filing an abandonment of homestead
c. Buying other property
If a husband and wife own community property and the husband dies, who receives the husband's half?

a. Wife in all cases
b. 1/2 wife, 1/2 heirs
c. Heirs
d. Children 3/4, wife 1/4
c. Heirs
What action will void a homestead?

a. Declaring bankruptcy
b. Filing joint tenancy
c. Declaring primary residence in another state
d. Death of a spouse
c. Declaring primary residence in another state
In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered:

a. Community property
b. Sole and separate
c. Tenancy in common
d. Joint Tenancy
a. Community property
You homestead your proeprty then default on a loan for $50,000 secured with a note and Deed of Trust. How much does the one foreclosed on owe?

a. Nothing
b. $50,000
c. 90 - days of payment
d. 6 months of payment
b. $50,000
Which of the following is not required to appear on a listing agreement?

a. Property taxes
b. Beginning and ending date
c. Sufficient descrioption
d. Construction cost
d. Construction cost
A property that is in foreclosure has had a valid homestead recorded. What is the status of the foerclosure:

a. HOmestead will protect the equity
b. Homestead will delaty the foreclosure
c. Foreclosure will continue as normal
d. Lender may only obtain the amount over the homestead limit
c. Foreclosure will continue as normal
Which of the following would not apply to community property with right of survivorship?

a. Step-up basis
b. Avoiding probate
c. Willing to a third party
d. Can only be held by husband and wife
c. Willing to a third party
In order to qualify for the $150,000 homestead exemption, you may have which of the following?

a. Primary residence
b. Primary residence and vacation home
c. Number of residences does not matter
d. Rental apartment building
a. Primary residence
A person would qualify for a homestead when?

a. They have lived in the property 3 of the last 5 years
b. Upon taking ownership and moving in
c. Eighteen months after ownership
d. When they have sold other investment properties
b. Upon taking ownership and moving in
J & R own property and R dies. R's children try but can't obtain the title from J. What type of title did J & R hold?

a. Sole and separate
b. Tenancy in common
c. Joint tenancy
d. Community property
c. Joint tenancy
What type of lease would the renter pay all expenses?

a. Net
b. Gross
c. Index
d. Percentage
a. Net
Which of the following would have an interest in real estate but not an estate?

a. Lease
b. Life tenant
c. Fee conditional ownership
d. Easement
d. Easement
When a lease is assigned, all of the following are true except:

a. The original lessee is free from responsibility
b. A new lessee is created
c. The original lessor remains the same
d. An assignment can be done without the lessor's approval
d. An assignment can be done without the lessor's approval
An owner of lakefront property has 50 acres and divides it into lots. Owner keeps the lots closest to the lake. How is an easement to the lake preferred by lot buyers?

a. Easement in gross
b. Easement appurtenant
c. Easement by prescription
d. Easement by necessity
b. Easement appurtenant
Two sisters want to buy a property and leave it to their heirs. They should take title:

a. As joint tenants with right of survivorship
b. As tenants in common
c. As tenants in severalty
d. As community property
b. As tenants in common
A holdover tenant would have:

a. An Estate at Sufferance
b. An Estate at Will
c. Freehold Estate
d. Remainder Estate
a. An Estate at Sufferance
An easement given to a person would most likely be:

a. Prescription
b. Appurtenant
c. In Gross
d. Dominant
c. In Gross
A remainderman would most likely be concerned with:

a. Property taxes
b. Property insurance
c. Property waste
d. Property boundaries
c. Property waste
When a sale and leaseback occurs:

a. The seller is the landlord
b. The seller is the lessor
c. The buyer is a landlord
d. The buyer is a lessee
c. The buyer is a landlord
IF a party is granted a property upon the condition that a certain use will continue in the future, this would be called?

a. Fee simple absolute
b. Tenancy for period to period
c. Life estate
d. Defeasible fee
d. Defeasible fee
An irrevocable personal right to use a property would be called an easement:

a. In Gross
b. Necessity
c. Implied
d. License
b. Necessity
What would be the advantage to the Lessee in net lease?

a. Lessee could deduct mortgage interest on his income taxes
b. Lessee could deduct property taxes on his income taxes
c. Lessee could deduct building depreciation on his income taxes
d. Lessee would not pay utilities
b. Lessee could deduct property taxes on his income taxes
M & T form a corporation to purchase a parcel of real estate. How would title be held?

a. In severalty
b. Tenancy in common
c. Joint tenancy
d. Tenancy by entireties
a. In severalty
What type of lease would help maintain the financial position of the lessor and lessee?

a. Gross lease
b. Net lease
c. Index lease
d. Percentage lease
c. Index lease
If a utility company wanted an easement on a parcel of land, but the landowner did not want his property encumbered, what would the owner give the utility?

a. Easement appurtenant
b. Easement in gross
c. License
d. Estate at will
c. License
A lease is for indefinite period of time. This is called:

a. Estate for period to period
b. Estate for years
c. Estate at will
d. Estate at Sufferance
c. Estate at will
In order to acquire an easement by prescription you need:

a. Continuous use for 5 years
b. Permission from the owner
c. Legal action
d. Open, hostile, continous use
d. Open, hostile, continuous use
A son wants to give his mother the right to use his property. The son wants the property back when his mother dies. What kind of estate must he create?

a. Remainder estate
b. Reversion estate
c. Contingent remainder
d. Vested remainder
b. Reversion estate
Of the unities required for joint tenancy, which one is necessary for tenancy in common?

a. Possession
b. Interest
c. Time
d. Title
a. Possession
In a lease, the lessor:

a. Subrogates his interest
b. Subordinates his interest
c. Demise his interest
d. Assignor of his interest
a. Subrogates his interest
When a property is sublet, the new lessee is referred to as:

a. Assignor
b. Assignee
c. Second lessor
d. Tenant
d. Tenant
An easement in gross is considered:

a. Appurtenant
b. Revocable
c. Personal right
d. A burden to the dominant estate
c. Personal right
The degree, quantity, quality, or interest one has in real estate is called a:

a. Estate
b. Tenancy
c. Embelments
d. Homestead
a. Estate
When a lessee signs a net lease, the taxes, insurance and maintenance are paid by the:

a. Lessor
b. Lessee
c. Vendor
d. Mortgage
b. Lessee
A graduated lease would mean that:

a. Rents increase based on an index
b. Rents increase as tenants are procured
c. Rents decrease at a specified date
d. Rents will increase or decrease upon renewal of lease
b. Rents increase as tenants are procured
A fee simple determinable estate is created on a property for a specific school. When the school closes which of the following is true:

a. The school may sell the property to another buyer for an un-related use.
b. It would convert to a life estate
c. The court would decide who owns the property
d. Title reverts back to the original grantor
d. Title reverts back to the original grantor
When the owner of the dominant tenement becomes the owner of the servient the easement is terminated through:

a. Condemnation
b. Purchase and sale
c. Abandonment
d. Highest and best use
b. Purchase and sale
A seller sells a five acre parcel of land in the center of a 100 acre subdivision. The buyer of the five acres would need:

a. Easement appurtenant
b. Easement in gross
c. Easement by prescription
d. Adverse possession
a. Easement appurtenant