Arizona Real Estate License Exam Prep Already Graded A

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Arizona Real Estate License Exam Prep Already Graded A police power ✔✔zoning enforcement code enforcement city planning enforcement P.I.T.I. impound account ✔✔required on all FHA and VA l... oans Principle Interest Tax Insurance Points ✔✔lenders charge to increase their return either 1% of loan amount or 1/8% of lenders investment Prior Appropriation ✔✔Water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators hereditament ✔✔any property, whether real or personal, which is capable of being inherited. caissions ✔✔small parcels of land that serve as support foundations intangible ✔✔meaning that they have no physical form ie rights of way tangible ✔✔Capable of being touched real property ✔✔Land, including land improvements, structures and appurtenances thereto, but excludes movable machinery and equipment. littoral rights ✔✔(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark. assessment rates ✔✔residential 10% vacant land 16% commercial property 20% special assessment taxes ✔✔Payments for improvements escheat ✔✔The reversion of property to the state in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned eminent domain ✔✔the right of the state to take private property for public use police power ✔✔the power to temporarily confiscate land buildings in emergency riparian rights ✔✔The right of a landowner to the use of water on or adjacent to his land. exempt well ✔✔permit required to drill well less then 2 acres and pumps maximum of 35 gallons per minute bill of sale ✔✔A receipt that serves as written or formal evidence of the transfer of ownership of goods right of emblement ✔✔right to havest money crops which mature after leaving property trade fixtures ✔✔Items of personal property brought to the premises by the tenant that are necessary to carry on the trade or business to which a rental property will be devoted chattel ✔✔an item of personal, movable property; slave law of situs ✔✔governed by laws of where property land is situated appurtenant ✔✔Those rights,privileges,and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property,such as right- ofway,easement,and property improvements. municipalities ✔✔a local government unit that is incorporated by the state and has a large amount of self government ad valorem ✔✔According to Value M.A.R.I.A ✔✔-Method of Attachment -Adaptibility -Realtionship of the parties -Intention -Agreement bundle of rights P.U.E.E.T ✔✔possession use encumbrance exclusion transfer allodial system ✔✔free ownership which gives all rights except freedom and destruction zoning categories ✔✔residential (r) commercial (c) industrial (I) agricultural (a) proposed development (pad) government rights P.E.T.E ✔✔police power eminent domain taxation escheat master plan ✔✔25 year plan of future development property taxes ✔✔levied 1st jan due October and march if not paid 16% intest charged tax lien sales ✔✔sale of tax liens by state sold in febuary lowest bidder will get a certificate of purchase to pursue the debt if not paid within 3 years can foreclose on property license ✔✔the act of giving a formal (usually written) authorization easement appurtenant ✔✔Easement that is intended to benefit the property of the easement holder easement in gross ✔✔A personal right to use the land of another. easement by express agreement ✔✔grant an easement by right of eminent domain easement by implication ✔✔Occurs because of necessity, such as the conveyance of a landlocked property. easement by prescription ✔✔an easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law community property ✔✔property acquired during marriage owned separately and equally by both spouses. joint tenants with right of survivorship ✔✔equal rights to a property however if one owner dies, that owner's share goes to the other owner or split amongst the others tenants in common ✔✔shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists freehold estates ✔✔Estates of indeterminable length, existing for a lifetime or forever less than freehold ✔✔Those interests held by renters/lessees. A lease. free simple absolute ✔✔the highest and most complete form of ownership, potentially infinite duration fee determinable ✔✔A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words, "so long as" or "while" or "during." if terminated automatically reverts to grantor fee conditional ✔✔"provided that" "on condition that" property is used as etc etc if violated grantor or grantors heirs must pursue court action to get property back fee tail ✔✔can only be passed to blood relatives illegal in Az ordinary life estate ✔✔an ordinary life estate ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named third party (remainder).For example, John King grants a life estate in a property to Mary Brown, to endureover Mary's lifetime. John establishes that when Mary dies, the property will revert to himself. estate for year ✔✔lease for set period of time estate from period to period ✔✔Leasehold interest that automatically renews until either party gives notice to change the terms; month to month; not terminated by death of either party, nor sale of property estate at will ✔✔either the landlord or tenant may agree to terminate the lease "at will" estate at sufferance ✔✔Tenant remains on the property, without the landlord's permission, after the lease has expired gross lease ✔✔Tenant pays rents, landlord pays all expenses of property; most common form of residential lease net lease ✔✔Lease requiring tenant to pay not only rent but also taxes, insurance, utilities and repairs percentage lease ✔✔Common lease for retail property; often a base monthly rent plus a percentage of any gross sales over that amount index lease ✔✔allows rent to be increased or decreased periodically based on a stipulated index. graduated lease ✔✔A lease where the rent will increase periodically in amounts specified in the lease, as contained in the escalation clause. ground lease ✔✔A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant's rights and obligations continue until the lease expires or is terminated through default. assignment lease ✔✔A tenant transfers all leasehold interests to new lessee. Original tenant retains secondary liability for paying the rent. lease terminates ✔✔when it expires agreement of both parties abandonment total destruction condemnation merger easement by necessity ✔✔occurs when land does not have access to a street or public right-ofway and is landlocked involuntary alienation ✔✔The act of transferring property to another without the owner's consent and usually carried out by operation of law, i.e., by adverse possession, eminent domain, escheat, or to satisfy delinquent tax or mortgage lieans. 12:202 grantor ✔✔giver of the deed grantee ✔✔reciever of the deed habendum clause ✔✔to have and to hold legal description ✔✔not street address uses government surveys etc covenant of seizin ✔✔the grantor owns the property and has right to convey convenient of quiet enjoyment ✔✔the grantor will defend grantees title against clams by third parties if the title turns out to be defective covenen against further encumbrances ✔✔grantor promises the propert is free from encumbrances apart from those already revealed further assurance ✔✔in both special and general warranty deeds , the grantor agrees to perfect or correct the title if necessary during their lifetime warranty forever ✔✔nforevermore general warranty deeds the grantor agrees to defend he title against claims, if he doesn't he granted can sue for damages up to property value at time of sale patent deeds ✔✔first deeds issue by government conveying deeds ✔✔bargain and sale deeds special warranty general warranty bargain and sale deed ✔✔sold generally by state or government ie foreclosures etc sheriffs deed ✔✔foreclouse due to non paymen of mortgage or other defauts treasurers deed ✔✔failure to pay taxes executors deed ✔✔the selling of estates by probate trustees deed ✔✔result of foreclose on title of deed loan general warranty ✔✔3 covenants and 2 warranties greatest protection for purchasers special warranty ✔✔most common used 3 covenants and 1 warranty quit claim deeds ✔✔releaseing of minor interests in property gift deed ✔✔used between relative to pass property to another as a gift disclaimer deed ✔✔todeedforeclouse buy a house etc without spouse they must sigh disclaimer deed deed recording ✔✔must be accompanied with notorized affidavit of value with signatures of buyer and seller once recorded affadavit of value sent to tax assessors office proof of title ✔✔certificate of title torrents certificate (not in az) title insurance (most common) [Show More]

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