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38 Cards in this Set
- Front
- Back
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Arizona property taxes are based on:
a. Pro rata share b. Assessed value c. Front Footage d. Transfer Value |
B. Assessed Value
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The tax rate applied to owner occupied residential property is:
a. 10% b. 12% c. 14% d. 16% |
A. 10%
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Which of the following liens would have priority?
a. Recorded mechanics lien b. Unrecorded mechanics lien c. IRS liens d. Property taxes |
D. Property taxes
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Property taxes become a lien the first day of
a. January b. October c. November d. March |
A. January
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If a property is not bid at a tax foreclosure sale:
a. The excess rebate goes to the property owner. b. Anyone can later buy the tax lien from the Treasurer c. All other liens are terminated d. The property can only be sold next February. |
B. Anyone can later buy the tax lien from the Treasurer
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Rank the following in the order of their priority from highest to lowest: IRS lien, Property Taxes, Special Assessments.
a. IRS lien, Property Taxes, Special Assessments b. Property Taxes, Special Assessments, IRS Liens c. Property Taxes, IRS liens, Special Assessments d. IRS Liens, Special Assessments, Property Taxes |
B. Property Taxes, Special Assessments, IRS Liens
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When a broker misappropriates funds, this is called?
a. Conversion b. Commingling c. Conveyance d. Consideration |
A. Conversion
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What type of property would have the highest tax rate:
a. Vacant land b. Shopping center c. Parking lot d. Residential housing |
B. Shopping center
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What is the priority of property tax liens?
a. Date recorded b. After IRS liens c. Always in first position d. After the homestead exemption |
C. Always in first position
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When are the first half property taxes delinquent?
a. October 1 b. November 1 c. March 1 d. May 1 |
B. November 1
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The two designations or classifications of water law in Arizona are:
a. Navigable and non-navigable b. Ground and surface c. Flowing and stagnant d. None of these |
B. Ground and surface
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Taxes are assessed on:
a. Improvements on the land b. Value of the property c. Amount paid for the property d. Assessments on the property |
B. Value of the property
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The Doctrine of water usage in Arizona is known as:
a. Riparian b. Prior appropriation c. Reliction d. Reliction back |
B. Prior appropriation
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Water rights in Arizona are:
a. A constitutional right of property owners b. Indefeasible by right of law c. Federal right d. First in time, first in right |
D. First in time, first in right
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In Arizona, property taxes are payable:
a. Twice a year b. 90 - days after bill received c. January 1st every year d. On the Fiscal year |
A. Twice a year
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When a party owns land on a non=navigable stream, it is said that they hold title to:
a. Low water mark b. High water mark c. As stated in the original legal description d. Must be determined by a surveyor |
a. Low water mark
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When the county assessor evaluates real estate for the purpose of taxation, this is called:
a. Loan to value b. Dollar value c. Mill value d. Assessed value |
d. Assessed value
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Real estate taxes are levied in Arizona:
a. Twice a year b. Once a year c. Every five years d. Quarterly |
b. Once a year
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Second half of real estate taxes are due:
a. January 1st b. October 1st c. November 1st d. March 1st |
d. March 1st
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Once a homeowner's association estatblishes the assessments, they are paid:
a. Annually based on costs b. Quarterly based on costs c. Annually based on the homeowner's association budget d. |
c. Annually based on the homeowner's association budget
d. Quarterly based on the developers budget |
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Which of the follwing liens are paid first after a foreclosure?
a. 1st Mortgage b. Mechanics liens c. IRS liens d. Property taxes |
d. Property taxes
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At the end of the three=year tax redemption period, a person who holds the certificate purchase:
a. Must foreclose b. May extend the period c. Will automatically obtain title d. The period is automatically extended |
b. May extend the period
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Which of the following best describes prior appropriation?
a. Reliction b. First in time, first in right c. Riparian Rights d. Adequate Water Supply |
b. First in time, first in right
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Ad valorem would apply to which of the following:
a. Income tax b. Rent c. Property taxes d. Net Income |
c. Property taxes
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The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued:
a. 1 year b. 2 years c. 3 years d. 90-days |
c. 3 years
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Which of the following listed below would be considered personal property?
a. Easement appurtenant b. Fixtures c. Leasehold Improvements d. Promissory Note |
d. Promissory Note
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All of the following are true regarding discount points except:
a. They increase the lenders yield b. They reduce the lenders yield c. They are usually 1% of loan amount d. They decrease the loan term |
b. They reduce the lenders yield
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Which of the following would be a fixture?
a. Annual crops b. Free standing range c. A storage shed attached to a slab d. Plants in outside pots |
c. A storage shed attached to a slab
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Which of the following is personal property?
a. Lease b. Fixtures c. Tenements d. Easement Appurtenant |
a. Lease
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Which of the following would not be a use of police power:
a. State laws b. Environmental regulations c. Condemnation of a property d. Licensing of real estate agents |
c. Condemnation of a property
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Wetlands would come under which of the following controls?
a. Police power b. Deed restrictions c. Zoning d. Eminent domain |
a. Police power
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Zoning, set back lines, parking restrictions, building codes and environmental law would be examples of:
a. Deed restrictions b. Eminent domain c. Police power d. Enabling legislation |
c. Police power
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Homeowners Association fees are paid:
a. Annually b. Semi-annually c. Total cost of the improvements d. Pro-rata share |
d. Pro-rata share
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Under certain conditions a utility may acquire an easement by:
a. Police power b. Eminent Domain c. Appurtenant Right d. Adverse Possession |
b. Eminent Domain
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Application for a variance would most likely show which of the following:
a. Non-conforming use b. Hardship on the property c. Spot-zoning d. Grandfathered use |
b. Hardship on the property
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Which of the following would be considered real property:
a. Trade fixtures b. Fixtures c. Mobile home d. Crops |
b. Fixtures
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An economic characteristic of real estate would be:
a. Mobility b. Indestructible c. Non-homogeneous d. Modification |
d. Modification
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The purpose of zoning is to do which of the following:
a. Limit the number of commercial buildings b. Restrict over population of an area c. Promote health and safety of a community d. Create the highest and best use of a property |
c. Promote health and safety of a community
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