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98 Cards in this Set
- Front
- Back
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A CLUE report can only be obtained by:
a. Buyer b. Listing agent c. Seller d. Seller’s insurance agent |
d. Seller’s insurance agent
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An individual who owns one unit of a multi-unit complex with an undivided interest in the common area would own:
a. An apartment b. A cooperative c. A condominium d. A time share |
c. A condominium
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CLUE reports were formed by:
a. Real Estate Law b. Federal Law c. Insurance industry d. Buyer’s representatives |
c. Insurance industry
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Separate property acquired prior to marriage and kept separate is:
a. Community property b. Sole and separate property c. Community property with no right to will d. None of the above |
b. Sole and separate property
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The right of survivorship is associated with:
a. Tenants in common b. Joint tenants c. Severalty d. Community property |
b. Joint tenants
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Building construction is regulated through:
a. Zoning regulations b. Registrar of Contractors c. Building codes d. State Law |
c. Building codes
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The Substructure of a house is its:
a. Floor b. Framing c. Concrete d. Foundation |
d. Foundation
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The theory of community property is:
a. Husband and wife become equal partners b. Husband and wife own all property together c. Community property can only be willed by the spouse d. Husband and wife decide what each owns |
a. Husband and wife become equal partners
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Joint Tenancy and Tenancy in Common have which common unity?
a. Interest b. Time c. Title d. Possession |
c. Title
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The rescission period on the purchase of a time share is?
a. 3 days b. 7 days c. 10 days d. 30 days |
b. 7 days
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In Arizona when two unmarried individuals take title, how is it assumed they will take title unless otherwise specified?
a. Community property b. Joint Tenancy WROS c. Tenants in Common d. Tenancy by the Entirety |
c. Tenants in Common
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Two brothers bought a home and took title as joint tenants. One brother dies. The surviving brother now owns the home:
a. In Severalty b. Tenant in Common c. Joint Tenant WROS d. Tenancy by the Entirety |
a. In Severalty
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When an individual puts their property in a trust to managed by another individual, the person who is managing the trust is the:
a. Trustor b. Trustee c. Administrator d. Beneficiary |
b. Trustee
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What type of business ownership offers limited liability
a. General partnership b. Corporation c. Joint Venture d. Limited partnership |
d. Limited partnership
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A trust that is established by a person prior to death is called a:
a. A Testamentary trust b. A Beneficial trust c. A Voluntary trust d. An Inter Vivos trust |
d. An Inter Vivos trust
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A corporation owns property in what form:
a. Severalty b. Tenancy by the Entirety c. Joint Tenancy d. None of the above |
a. Severalty
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At least 100 beneficiaries are required in:
a. LLC b. REIT c. Trust d. Lind trust |
b. REIT
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When multiple people share ownership in a single property with the right of use for a limited period of time, it is a:
a. Townhouse b. Cooperative c. Time Share d. Condo |
c. Time Share
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Investors in a Limited Liability Company are called
a. Beneficiaries b. Trustees c. Partners d. Members |
d. Members
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What is granted after construction is completed and an inspection has been performed?
a. Building Permit b. Affidavit of Completion c. Certificate of Occupancy d. Registrar of Contractors Permit |
c. Certificate of Occupancy
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Property acquired after marriage
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Community Property
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Ownership automatically goes to survivor(s)
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WROS With Right to Survivorship
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Easiest method of ownership to convey ownership
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Severalty
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Living trust
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Inter Vivos Trust
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Minimum of 100 Beneficiaries
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REIT Real Estate Investment Trust
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Investors for one project only
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Joint Venture
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Trust takes effect after death
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Testamentary Trust
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Individual who manages trust
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Trustee
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Individual who benefits from trust
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Beneficiary
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Creator of Trust
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Trustor
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7 Day rescission period when purchasing this
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Timeshare
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Comprehensive Loss Underwriting Exchange
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CLUE Report
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Shares can be unequal
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Tenants in Common
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The owner of a cooperative occupies a unit with this
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Proprietary Lease
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A corporation can take title in property in severalty T/F
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True
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Right to survivorship is associated with tenants in common T/F
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False (Joint Tenancy)
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Tenancy by the entirety is not legal in Arizona T/F
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True
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When individuals take title as Tenants in common, the interest can be equal or unequal T/F
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True
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When property is taken as community property, the husband and wife can will their half to anyone they choose T/F
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True
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It is the salesperson's responsibility to advise clients on the best way to take title T/F
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False (Consult your lawyer)
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Community property WROS gives automatic ownership to the spouse T/F
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True
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Inter Vivos trust is a living trust T/F
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True
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A corporation cannot hold title as Joint Tenancy T/F
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True
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A married couple can own property as joint tenants T/F
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True
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When title is taken as Community Porperty WROS, husbands and wives cannot transfer their share of the property without the other's knowledge T/F
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True
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In a Limited Liability Company losses are not passed onto the members T/F
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False (all members share in the loss)
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Separate property can be acquired prior to the marriage and kept separate T/F
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True
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The rescission period for time share is 10 days T/F
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False (7 days)
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Classifications of water in Arizona are:
a. Littoral and riparian b. Ground and surface c. Navigable and non-navigable d. AMA and Open |
c. Navigable and non-navigable
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Zoning changes which cause loss of value to property:
a. Offer owner compensation b. Offer owner no compensation c. Are rescinded d. Are illegal |
b. Offer owner no compensation
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All are true regarding a property tax lien except:
a. It is a voluntary lien b. It is a superior lien c. It is a specific lien d. It is an unrecorded lien |
a. It is a voluntary lien
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Which of the following is taxed at a higher rate:
a. Residential home b. Vacant shopping center c. Vacant land d. Residential rental property |
b. Vacant shopping center
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All of the following are government powers except:
a. Police power b. Escheat c. Zoning d. Eminent domain |
c. Zoning
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Which of the government powers allow the government to take private property for public use:
a. Police power b. Eminent domain c. Escheat d. Taxation |
b. Eminent domain
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When are the taxes for the period of January through June due:
a. March 1 b. May 1 c. October 1 d. November 1 |
c. October 1
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When a new zoning law does not permit an already existing use, that use is:
a. Covered by a variance b. Grandfathered in c. Terminated immediately d. Given a statutory time limit |
b. Grandfathered in
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The water table is:
a. The depth at which water can be found b. The high water mark c. Depth of stream of river d. Land below the water |
a. The depth at which water can be found
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When are the taxes delinquent for the period of July through December:
a. March 1 b. November 1 c. October 1 d. May 1 |
d. May 1
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Ownership rights of land bordering non-navigable rivers and streams are:
a. Riparian rights b. Alluvion rights c. Rights of prior appropriation d. Littoral rights |
a. Riparian rights
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Which of the following liens are in second position:
a. 2007 property tax lien b. FHA loan c. 2009 property tax lien d. IRS judgment |
b. FHA loan
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All of the following assessment rates are correct except:
a. 20% residential rental b. 10% residential c. 16% vacant land d. 24% commercial |
a. 20% residential rental
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What is the area called between two non-compatible zoning classifications:
a. Intermediate zone b. Buffer zone c. Variance zone d. Common areas |
b. Buffer zones
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What document do you check to determine the amount of insulation needed in a new house:
a. Zoning ordinance b. Deed restriction c. Building code d. Subdivision regulations |
c. Building code
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Taxes in Arizona are levied:
a. Monthly b. Semi-annually c. Annually d. Bi-monthly |
c. Annually
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The successful bidder at a Treasurer’s sale receives:
a. A certificate of purchase b. A certificate of sale c. A treasurer’s deed d. A bargain and sale deed |
a. A certificate of purchase
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The government power of “escheat” allows the state to claim ownership of real or personal property if the person dies:
a. Unbequeathed b. Intestate with no heirs c. Testate with no heirs d. Intestate |
b. Intestate with no heirs
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Permission for land use not normally permitted by the zoning classification of the property is:
a. A differential b. A zoning change c. A change d. A Variance |
d. A Variance
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Which of the following is unique to a property tax lien:
a. Specific lien b. Statutory lien c. Involuntary lien d. Unrecorded lien |
d. Unrecorded lien
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Allows use that does not meet current zoning
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Grandfathering
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Die intestate with no heirs
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Escheat
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State controls use of water
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Prior Appropriation
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Distance from property line
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Setback
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Government's right to take land for public use
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Eminent Domain
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Rights on navigable waterways
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Littoral
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Powers conferred on municipal governments
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Enabling Acts
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Power of state to adopt and enforce laws and regulations to promote and support public health, safety and welfare
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Police Power
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3 years after the Treasurer's sale
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Tax redemption period
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Sudden loss of land
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Avulsion
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Area between 2 non-compatible types of zoning
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Buffer zone
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Depth at which water can be found
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Water table
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rights on non-navigable waterways
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Riparian
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Gradual loss of land by movement of water
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Erosion
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Improvement does not conform with zoning because it existed prior to the enactment of current zoning
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Non-conforming
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Every individual who owns real property is subject to the four government powers T/F
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True
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Police power is the private right of citizens
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False (it is to promote the general welfare of the public)
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The redemption period on a Treasurer's sale is 90 days prior to the sale T/F
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False (it is 3 years after the sale)
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Condemnation is the power that allows the government to take private land for public use T/F
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False (eminant domain)
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Zoning is one of the four government powers T/F
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False (zoning is part of Police power)
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Special assessments are levied based on the front footage of the property T/F
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True
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When zoning does not permit an already existing use, that use is granted a variance T/F
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False (Grandfathering)
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Once the property is grandfathered, the owner can remodel T/F
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False (cannot be remodeled, enlarged, changed or destroyed)
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Taxes are a general lien T/F
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False (they are a superior lien)
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'Ad Valorem' means 'according to value' T/F
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True
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Taxes become delinquent on January 1 T/F
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False (first half taxes are delinquent on Nov 1st of that year, second half taxes are delinquent on May 1st of the following year)
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Taxes are paid annually T/F
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False (first half taxes are paid on October 1 of the same year, second half taxes are paid on March 1 of the following year)
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The tax sale is held in March of each year T/F
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False (the tax sale in in February)
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The two classifications of water are ground and surface T/F
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False (these are types of water. the two classifications are navigable and non-navibable)
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The Doctrine of Prior Appropriation is 'first in time, first in right' T/F
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True
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