3/29 review
Licensees aren't allowed to describe a premium or reduced cost as an
"award" or "prize."
A seller received $800,000 for a 5.5 acre rectangular parcel alongside a road frontage. The property is 400 feet deep. What was the price per front foot of the property? $1,335.67 $2,000 $363.64 $598.95
$1,335.67 First, find the square footage (5.5 × 43,560 = 239,580). You're given one dimension of the rectangle, so find the other: 239,580 ÷ 400 = 598.95 front feet. To find the price per front foot, $800,000 ÷ 598.95 = $1,335.67 per front foot.
The Simpsons are buying the Martins' house for $415,000, and closing is set for March 15. The Martins have a loan balance of $230,000 at a rate of 4.7% and have prepaid property taxes ($2,506) and insurance ($1,400), and they also have mortgage interest to consider. Using a 365-day proration method, calculate the prorated amount the Simpsons will owe the Martins at closing. Assume February has 28 days this year. The sellers own the day of closing. $1,997.62 $3,113.46 $604.95 $792.54
$1,997.62 Calculate daily rates for taxes to be prorated: $2,506 ÷ 365 = $6.87. The Martins pay the first 74 days (January 1 through March 15): 74 x $6.87 = $508.38. $2,506 - $508.38 = $1,997.62 owed by the Simpsons. Homeowner's insurance isn't prorated between the buyer and seller. A homeowner's insurance policy is an agreement between the insurance company and the policyholder, so any refund due to the seller/homeowner will be handled between those two parties.
Nico is buying a home for $625,000. His earnest money deposit is 8%. He wants to avoid private mortgage insurance (PMI) on his conventional loan, and he owes 5% of the purchase price in closing costs. How much money should he bring to closing? $106,250 $156,250 $31,250 $81,250
$106,250 Conventional loans often require 20% down to avoid PMI ($125,000), and Nico has paid a $50,000 deposit ($625,000 x .08). Closing costs are $31,250 ($625,000 x .05). He needs $106,250 to close ([$125,000 - $50,000] + $31,250).
Edric owes $115,000 on his lakefront home, which he's selling for $350,000. He's spent $73,000 in major renovations, and he wants to take that expense into consideration when he calculates how much he'll actually pocket at closing. What number does he come up with? $162,000 $235,000 $277,000 $308,000
$162,000 Once Edric's loan is paid off, he'll be left with $235,000 ($350,000 - $115,000). When he subtracts the cost of the renovations, he's left with $162,000 ($235,000 - $73,000).
An appraiser used the cost approach to estimate a property's value at $220,000. The site value was $50,000, and the total depreciation estimate was $4,000. What was the estimated cost of improvements?
$174,000 To estimate value, an appraiser adds the site value to the estimated cost to replace improvements then subtracts the estimated depreciation. So to solve the equation, you need to solve for cost of improvements. In order to do this, you have to move the given values to the other side of the equation - $50,000 + $4,000 . Here's the equation used to find the cost of improvements = $220,000 ‒ $50,000 + $4,000.
A buyer has a 30-year, $750,000 loan with a 5.75% interest rate. How much of the first monthly payment is interest? $10,869.57 $3,500.93 $3,593.75 $3,750.27
$3,593.75 Multiply the principal balance by the interest rate: $750,000 x .0575 = $43,125;. Then find the monthly rate by dividing $43,125 by 12 to get $3,593.75. Since the principal balance is less the next month, the interest amount will change too.
Consumers may apply for a maximum of ______ per transaction from the recovery fund.
$30,000 Consumers may apply for a maximum of $30,000 per transaction, regardless of the number of aggrieved parties or the number of licensees involved.
steps of non-judicial foreclosure
1. The lender decides how soon to foreclose after payments stop. 2. The Notice of Trustee's Sale is recorded.*The trustee sale can't happen until at least 90 days after the Notice of Trustee's Sale is recorded. 3. The trustee posts/publishes notice of the sale in the following places and times: *At the courthouse and on the property itself at least 20 days prior to the sale date *In a newspaper serving the county at least once a week for four consecutive weeks, with the last day being at least 10 days prior to the date of the sale 4. The trustee's sale and bidding process 5. Once sale is complete, sale is recorded within seven days of the receipt of funds. The trustee has 90 days after the sale to apply those proceeds to the repayment of the loan balance and any foreclosure costs
Upon the termination of the property management agreement the property management firm must return all owner monies remaining in property accounts except for money needed to pay obligations related to the property during the term of the property management agreement. The money must be returned to the owner within _____.
35 days Once a property management agreement is terminated, the property manager has 35 days to reimburse any money remaining in the property management accounts maintained for the owner, except for money needed for unpaid obligations incurred during the property management agreement term.
How much personal money can an Arizona broker have in a trust account?
3k
When Ray receives a Notice of Trustee's Sale, he knows his property is in foreclosure, and he needs to hustle to find a way to reinstate his loan. He hasn't got much time, though Arizona law requires a minimum of ______ between the date the notice is recorded and the date of the sale. 30 days 90 days One year Six months
90 days The trustee's sale is held no fewer than 90 days after the Notice of Trustee's Sale is recorded.
Arizona permits employing brokers to engage the services of licensees who act through certain business entities. Which of the following is a business entity through which a salesperson or associate broker may perform and be paid?
A professional limited liability company or PC (as an officer or shareholder)
What record in Arizona is considered sufficient disclosure to owners and potential buyers of property in an airport influence area?
A record, filed by the state or a governing body, of an airport influence area in the recorder's office for each county that has property in the airport influence area A record of an airport influence area, filed by the state or a governing body in the recorder's office for each county that has property in the airport influence area, is considered sufficient disclosure that a property is located in an airport influence area.
Appraiser Category training Appraiser Trainee Licensed Residential Real Property Appraiser Certified Residential Real Property Appraiser Certified General Real Property Appraiser
Appraiser Trainee: 75 hours qualifying education No experience requirement Licensed Residential Real Property Appraiser: 150 hours Appraisal Qualifications Board core curriculum 1,000 hours of experience in no fewer than six months Certified Residential Real Property Appraiser: 200 hours Appraisal Qualifications Board core curriculum 1,500 hours of experience Certified General Real Property Appraiser: 300 hours Appraisal Qualifications Board core curriculum 3,000 hours of experience
The fibers of what material are dangerous when inhaled because they can lodge in the lungs and intestines, causing cancer?
Asbestos
Heather is a real estate licensee in Arizona, and she has three other licensees working under her supervision. What type of license does Heather hold?
Broker There are two categories of licensure: salesperson and broker. To act as a designated broker or employing broker with the ability to supervise others, you'll need a broker's license.
Ruby's single-family home in an urban neighborhood was auctioned off at a trustee's sale. There was also a junior lien on the property for a home equity loan. Will Arizona's anti-deficiency statutes protect Ruby?
C. Yes, the statutes protect Ruby because her property meets the requirements for a protected residential property. Arizona's statutes prohibit the lender from pursuing a deficiency judgment if the property is 2.5 acres or less with a single one- or two-family dwelling, so Ruby's foreclosure falls under this protection.
Who is exempt from licensure requirements. (property manager types 3)
Commercial property managers HOA property managers Short-term rental property managers
To what type of ownership do horizontal property acts apply? a. Condominium b. Leasehold c. Manufactured housing d. Single-family dwelling
Condominium Horizontal property acts apply to condo ownership.
In addition to providing a disclosure of any lead-based paint hazards in homes built before 1978, what must a seller's agent provide to prospective buyers?
EPA lead safety pamphlet
The ______ provides financial and technical assistance to landowners who put conservation practices into place on their agricultural and non-industrial private forestland.
Environmental Quality Incentive Program
Which type of lawsuit do tenants commonly file against property managers?
Fair housing violations
Which type of distressed property transaction requires a cash purchase? Foreclosure auction Pre-foreclosure REO Short sale
Foreclosure auction Cash payment is required at a foreclosure auction.
If a licensee requires outside intervention to collect his legitimately earned compensation from his employing broker, he would do so in court, and he would need to prove that ______.
He held an active license at the time of the transaction Licensees taking court action to retrieve legitimately earned compensation will need to prove they've earned the compensation, and they'll need to prove that their license was active at the time of the transaction.
As part of investigating a complaint made against an Arizona broker, the commissioner can NOT
Hold the defendant in custody
Identifying the purpose of the appraisal leads the appraiser to do what next?
Identify data needed.
The best description of what CAGRD does?
It provides a system to demonstrate assured water supply. CAGRD provides a system for residents and water providers to demonstrate an assured water supply in accordance with state rules.
Fairwell Lending must seek the court's permission to foreclose on a property used as collateral for a loan that is in default. What type of foreclosure process is likely being used? Arbitration Deed in lieu of foreclosure Judicial foreclosure Non-judicial foreclosure
Judicial foreclosure Judicial foreclosures require court involvement.
Which federal act makes it illegal to send unsolicited commercial solicitations via fax without the recipient's permission or an established relationship?
Junk Fax Prevention Act of 2005 Under the Junk Fax Prevention Act of 2005, it's illegal to send an unsolicited commercial message via fax unless the sender has permission from the recipient or an established business relationship with the recipient.
What disclosure form in Arizona is completed by sellers and divided into six sections that address the condition of the property?
Residential Seller's Property Disclosure Statement Think about potatoes—or spuds—when it comes to disclosing a property's condition in Arizona. The Residential Seller's Property Disclosure Statement, or SPDS, is the form that's used.
What kind of property manager is not exempt from licensure
Residential managers who live off-site
A property you're valuing for an investor client sits in the middle of a blighted neighborhood, though a few homes appear to be undergoing renovation. Which neighborhood life cycle stage is making the property appealing to an investor?
Revitalization A neighborhood undergoing revitalization is perfect for some investors, since values will climb as more properties in the neighborhood are renovated or rebuilt.
After issuing a public report to Arizona unsubdivided landowner Carlton Cruz, the commission learns that Cruz has an administrative order entered against him in California barring him from selling real estate. What action will the commission likely take against Cruz?
Revoke the public report. The commission will likely revoke the public report in this situation. In this and similar situations, the commission has the authority to suspend or revoke a public report that has already been issued.
Which of these steps does an Arizona lender take after borrower default on a loan secured by a mortgage?
The lender accelerates the loan and files a court action requesting foreclosure.
The capitalization process uses a capitalization rate, which is based on what?
The performance of comparable properties The capitalization rate is based on the performance of comparable properties. It's the expected rate of return on an investment and can be calculated using the formula of: NOI ÷ V = R, or net operating income ÷ value = rate.
Mitzi's foreclosed property was sold at an Arizona trustee's sale. After the sale, she was notified that the lender had filed a deficiency judgment against her. Under what condition can this happen in Arizona?
The subject of the foreclosure was a commercial property. In Arizona, anti-deficiency statutes protect most residential properties from a deficiency judgment, but the protection doesn't cover foreclosed commercial properties.
Sonia receives a Notice of Trustee's Sale from one of the parties on her deed of trust. Who's responsible for sending her this notice? The beneficiary The lender The trustee The trustor
The trustee
When a piece of land that used to be irrigated (as farmland, for example) is converted to another use (e.g., building a subdivision), it's given a ____________________. Right-holders may pump a maximum of three acre-feet per acre per year and the right may not be transferred separately from the land to which it's attached.
Type 1 groundwater right
Both tenants and property owners file lawsuits against property managers. Which item is a common tenant grievance?
Wrongful entry/invasion of privacy
When Shauna looked at the legal description of the property she was interested in purchasing, she read the following: "Beginning at the corner of State Route 61 and Hallowell Road, north for 314 feet, then southwest for 193 feet." In this description, what does "north for 314 feet" represent?
a mete Metes (measures) are the direction and distance of a line forming the boundary of the property.
A borrower whose home is in foreclosure in Arizona under a deed of trust has the right to reinstate the loan. What other party is allowed to do this? a. Any creditor holding a junior lien on the property b. Any investor approved by the lender c. The beneficiary d. The trustee
a. Any creditor holding a junior lien on the property A junior lien holder is allowed to cure the default of a higher-priority lien in order to stop the non-judicial foreclosure and protect the creditor's interests.
ABC Bank in Arizona financed Betty's purchase of a three-bedroom home a few years ago. She kept up with the payments on the loan until a few months ago but is now in default. How will ABC Bank most likely go about initiating the foreclosure process? a. Ask the trustee on the deed of trust to record a Notice of Trustee's Sale with the county. b. File a court action with the superior court requesting the right to foreclose. c. File a Notice of Demand with the county where Betty's property is located. d. Send Betty a notice of acceleration, demanding full payment of the loan and noting foreclosure as the outcome if she fails to comply.
a. Ask the trustee on the deed of trust to record a Notice of Trustee's Sale with the county. A non-judicial foreclosure is initiated when the trustee records a Notice of Trustee's Sale in the county where the property is located.
At the root of Arizona's Residential Landlord and Tenant Act is the state's desire to keep quality rental housing available to state residents. What's the act's main purpose? a. Clarify the rights and obligations of landlords and tenants. b. Create bureaucracy and provide a revenue stream for the state. c. Protect landlord rights. d. Protect tenant rights.
a. Clarify the rights and obligations of landlords and tenants.
Stephen lives on-site at an apartment complex where he manages the property. This is the only building he manages, and he doesn't receive any special compensation. Does Stephen need to be licensed to do his job? a. No, he doesn't need to be licensed in this case. b. Yes, all property managers must be licensed in Arizona. c. Yes, he needs a license because it's the only location where he works. d. Yes, property managers who live on-site must always be licensed.
a. No, he doesn't need to be licensed in this case. Property managers who live on-site and are residential leasing agents, as long as they conduct property management at only one location during their work day and don't receive special compensation, do not need to be licensed in Arizona.
Which of these would NOT be considered an alternative to foreclosure? a. The borrower abandons the home and stops making payments on the loan. b. The borrower and the lender agree to restructure the terms of the loan to make the payments more affordable. c. The homeowner and lender agree to accept an offer for the property that is less than the borrower owes on the home loan. d. The homeowner conveys the deed to the lender in exchange for cancelling the loan.
a. The borrower abandons the home and stops making payments on the loan. When the borrower stops making payments on the loan, this is default, which allows the lender to foreclose on the property. The other options described are deed in lieu of foreclosure, a short sale, and loan modification.
The property management proposal includes information such as ______. a. Details about the property manager's personal interests and hobbies b. Details about the property manager's qualifications c. Personal information about the property manager's family d. The benefits and bonuses the owner will give the property manager in return for services rendered
b. Details about the property manager's qualifications The proposal should provide information about the property manager's qualifications, the duties the property manager will perform, and the reports the property manager will provide to the owner.
Which of these is NOT a part of the process at a trustee's sale in Arizona? a. Bidders make a $10,000 deposit prior to the sale. b. If the lender chooses to bid on the property, no other bid is accepted. c. The highest bid that meets the lender's minimum wins the property. d. The winning bidder must pay the trustee cash by the end of the next business day.
b. If the lender chooses to bid on the property, no other bid is accepted. The trustee's sale is an auction where the property is sold to the highest bidder, who must pay cash by the next day (unless it's a credit bid from the lender). If no bid meets the lender's minimum, the lender wins the property.
Which one of these would NOT be an element of comparison an appraiser would use when applying the sales comparison approach to a property valuation? a. Financing terms and cash equivalency b. Income generated c. Market conditions at time of sale d. Physical characteristics of the property
b. Income generated The sales comparison approach doesn't factor in any income a property may have generated; that's an aspect of the income approach.
What is NOT a benefit of using the property management agreement? a. It addresses issues related to terminating the agreement. b. It creates an agreement between a property owner and a tenant. c. It eliminates potential misunderstandings between the parties. d. It outlines the property manager's responsibilities to the owner.
b. It creates an agreement between a property owner and a tenant. The parties to a property management agreement are the property owner and the property manager.
Your client Tino is selling 15 acres of property. The land includes a well, and the new owner, Margaret, is also buying the water rights. Which statement about this situation is true? a. If the property is within an INA, Margaret won't be able to use this water to irrigate crops. b. Margaret has to supply ADWR with the new ownership information. c. Margaret must apply for either a Type 1 or Type 2 right to use the well. d. You or Tino need to fill out a Request to Change Well Information form.
b. Margaret has to supply ADWR with the new ownership information. Even though Tino and Margaret will take care of the property sale, ADWR needs to know the updated owner information for the well. This is generally the job of the new owner.
Tip-Top Title, an Arizona title company, is the trustee for a home loan secured by a deed of trust. When the borrower defaults and the lender decides to foreclose, Tip-Top Title records the appropriate notice with the county to start the process. What does Tip-Top need to do as the next step in the process? a. Notify the court to request a sheriff's sale. b. Notify the trustor and the beneficiary of the recorded notice within five days. c. Post the notice at the courthouse. d. Publish the notice in a local newspaper for four consecutive weeks.
b. Notify the trustor and the beneficiary of the recorded notice within five days.
At an Arizona trustee's sale, the winning bid exceeds the lender's minimum by $14,000. How will the trustee apply the proceeds? a. Any amounts in excess of the lender's minimum are returned to the purchaser if there are no junior liens to pay off. b. The trustee applies proceeds to the costs of the foreclosure, to the outstanding balance of the loan and other lender fees, to any HOA fees, to junior liens, and then to the trustor. c. The trustee applies proceeds to the outstanding balance of the loan, to junior liens in order of priority, and then to the trustor. d. The trustee gives the lender enough to pay off the outstanding loan balance, and the rest goes to the trustor.
b. The trustee applies proceeds to the costs of the foreclosure, to the outstanding balance of the loan and other lender fees, to any HOA fees, to junior liens, and then to the trustor. If the proceeds from the trustee's sale are sufficient, the trustee applies them to the costs of the foreclosure, to the outstanding balance of the loan and other lender fees, to any HOA fees, to junior liens, and then to the trustor.
An Arizona judicial foreclosure gives junior lien holders which one of these rights? a. To accelerate the junior lien b. To pay off all amounts owed to the senior lender and then continue with the foreclosure c. To reinstate the loan and take the position of the senior lien holder d. To take title to the property by paying all other creditors holding a lien on the property, including the foreclosed loan
b. To pay off all amounts owed to the senior lender and then continue with the foreclosure In a judicial foreclosure, the junior lien holder can pay off the borrower's home loan and any other costs required to cure the default. At that point the junior lien holder becomes the senior lien holder and can carry on with the foreclosure.
In the sales comparison approach, using comparables that are five and 15 years old when appraising a subject that is 10 years old is an example of what?
bracketing
All of the following property management duties can be performed by unlicensed employees EXCEPT ______. a. Confirming basic property details b. Fielding maintenance calls from residents c. Reviewing prospective tenant applications d. Setting appointments for rental property showings
c. Reviewing prospective tenant applications Reviewing prospective tenant applications is a task generally performed by licensed property managers, since it requires expertise and the handling of confidential information.
After foreclosure, a deficiency in Arizona is determined using the greater of ______. a. The amount owed to the lender or the foreclosure sale price b. The foreclosure sale price or the borrower's original purchase price c. The foreclosure sale price or the property's fair market value d. The property's fair market value or the borrower's original purchase price
c. The foreclosure sale price or the property's fair market value A deficiency is determined by using the greater of the property's fair market value or the foreclosure sale price and subtracting this from the amount owed to the lender.
Abraham's four-bedroom home in a suburban neighborhood was sold at a foreclosure sale. There were two junior lien holders whose liens against his property were extinguished with the foreclosure sale. What may happen in this situation? a. Because the junior liens were extinguished, the debt was also extinguished, so Abraham no longer owes on those debts. b. The junior lien holders are allowed to pursue a deficiency judgment. c. The junior lien holders can sue Abraham for the debt he owes based on the promissory notes he signed. d. The junior lien holders must apply to the senior lien holder for payment of the amounts Abraham owed them.
c. The junior lien holders can sue Abraham for the debt he owes based on the promissory notes he signed. No deficiency judgment is allowed after this foreclosure in Arizona, but termination of the junior lien doesn't also mean the debt is erased. Abraham's creditors can sue for the money he owes them under that contract.
Which of the following is not required to appear on a broker's property management trust account deposit slip? a. The amount of the deposit b. The date of the transaction c. The name of the brokerage firm d. The names of the parties involved in the transaction
c. The name of the brokerage firm
Mitzi's foreclosed property was sold at an Arizona trustee's sale. After the sale, she was notified that the lender had filed a deficiency judgment against her. Under what condition can this happen in Arizona? a. Mitzi had other properties on which the lender could place a lien. b. The proceeds from the foreclosure exceeded Mitzi's outstanding loan balance. c. The subject of the foreclosure was a commercial property. d. The trustee's sale had no bids, so the lender took title to the property.
c. The subject of the foreclosure was a commercial property. In Arizona, anti-deficiency statutes protect most residential properties from a deficiency judgment, but the protection doesn't cover foreclosed commercial property.
Your client Janine just bought a house in a neighborhood that's serviced by a private water company, Nutri-Water. "How much do their services cost?" she asks you. What should you say? a. "All private water companies in Arizona must use recycled water, and the prices are set by the state government." b. "Since private companies all get their water from the Colorado River, the federal government sets these prices." c. "This is a good question for a water rights attorney! Let me get you the number of a good one." d. "Water companies' prices vary greatly, and may depend on where they get their water."
d. "Water companies' prices vary greatly, and may depend on where they get their water." Almost 350 individual companies operate more than 400 individual water systems in Arizona—and they're all regulated by the Arizona Corporation Commission. Because these companies source water from different places, their pricing varies greatly.
Which of the following circumstances would qualify someone other than the licensee representing the transaction principal to handle negotiations for a real estate transaction? a. The licensee is a salesperson, not a broker. b. The licensee isn't present at the in-person, virtual, or phone negotiation. c. The principals are immediate family members. d. The property has been listed by the property owner.
d. The property has been listed by the property owner. There are only three exceptions to a licensee's obligations to conduct negotiations, and a For Sale by Owner situation is one of them.
A property management agreement must contain ______. a. An allowance for cancellation fees if the agreement is terminated early b. An automatic renewal of the agreement c. A requirement for more than one person's signature to be on any property management checks d. The type and frequency of status reports the property manager will provide to the owner
d. The type and frequency of status reports the property manager will provide to the owner An Arizona property management agreement must contain information on the type and frequency of the status reports the property manager will provide to the owner. The rest of these choices are optional agreement inclusions.
Ruby's single-family home in an urban neighborhood was auctioned off at a trustee's sale. There was also a junior lien on the property for a home equity loan. Will Arizona's anti-deficiency statutes protect Ruby? a. No, the anti-deficiency statutes apply only to the loan that's being foreclosed and won't affect the junior lien. b. No, the anti-deficiency statutes only apply to judicial foreclosures. c. Yes, the statutes prohibit any deficiency judgments after a property is sold at a trustee's sale. d. Yes, the statutes protect Ruby because her property meets the requirements for a protected residential property.
d. Yes, the statutes protect Ruby because her property meets the requirements for a protected residential property. Arizona's statutes prohibit the lender from pursuing a deficiency judgment if the property is 2.5 acres or less with a single one- or two-family dwelling, so Ruby's foreclosure falls under this protection.
The right of reinstatement
deed of trust, non-judicial foreclosure The borrower retains title to the property until the trustee's sale and can remain in possession until the title is transferred. The borrower can reinstate the loan by paying all amounts owed to the lender, including costs for the foreclosure process. The borrower or other eligible party can reinstate the loan up until 5 p.m. Mountain Standard Time the business day before the trustee's sale is set to occur. When a non-judicial foreclosure process is used, the loan isn't accelerated, so reinstatement is sufficient to cure the default.
Which act gives consumers the right to access information held by consumer reporting agencies?
fair credit reporting act
As part of investigating a complaint made against an Arizona broker, the commissioner can
issue subpoenas of witnesses and other evidence, take testimonies, and examine records and other evidence.
right of redemption
judicial foreclosure requires the former owner to pay the new owner the entire purchase price plus an additional 8% to redeem the property. Redemption period:Six months for residential property that wasn't abandoned.Thirty days for residential property that was abandoned prior to the foreclosure sale.
Any well that pumps more than 35 gallons a minute is ______________
non-exempt.
If that advance money isn't going to be deposited in a neutral trust account, it has to be spelled out in the contract, too. To be sure the person giving the money is aware of it, that individual must________________ the provision on the contract.
sign and initial
In which section of the Uniform Residential Appraisal Report would you find data on the subject property's size, shape, zoning, and access to utilities?
site
Gregory called his landlord to let him know a city inspector came by and left a notice that the paint on the house was peeling, which was against code and had to be remedied. Instead of his landlord having to put out a lot of money, Gregory suggested that he would paint the house over the weekend and deduct the cost of materials plus a modest amount from his next month's rent. Is this permitted under Arizona law?
No, because the work had to be done to meet housing code If work must be done to a property to address a code violation, a landlord can't make arrangements with the tenant to take care of the problem.
Your client has just bought a property that includes a well that pumps 45 gallons a minute. What kind of well is it?
Non-exempt
Alan and Kate want to build a 5,000-square-foot ranch-style home on two acres of land they just bought. Once the house is built, how many acres of undeveloped land will remain? 0.88 acres 0.89 acres 1.86 acres 1.89 acres
One acre is equal to 43,560 square feet, so their parcel is 87,120 square feet (43,560 x 2). Subtract the house's 5,000 square feet from that, and you get 82,120 square feet. Divide that by 43,560, and you end up with approximately 1.89 acres.
Employing brokers are permitted to engage the services of salespersons and associate brokers who act through a
PC (as an officer or shareholder) or PLLC (as a member or manager), but not other business entities.
Emblements are ______. Personal property/fructus industriales Personal property/fructus naturales Real property/fructus industriales Real property/fructus naturales
Personal property/fructus industriales
What does the lot and block system use to develop a property's legal description?
Plat references The lot and block system uses plat references to develop a property's legal description.
Which term may an Arizona licensee NOT use to describe a premium or reduced cost? Incentive Offer Opportunity Prize
Prize Licensees aren't allowed to describe a premium or reduced cost as an "award" or "prize."
Which type of insurance can property managers carry to protect against wrongful evictions?
Professional liability coverage Professional liability coverage, also known as errors and omissions insurance, protects against wrongful evictions.
What does an Arizona homeowner lose when choosing to use deed in lieu of foreclosure?
Protection from deficiency judgment
In which of the following distressed property transactions does a lender have to approve the sale because proceeds will be less than what's owed? Fixer Foreclosure REO Short sale
REO
What cancer-causing substance is naturally created when the gas in rocks and soil decays?
Radon
Ashton, an appraiser, is estimating value using the sales comparison approach. He applies more weight to two comparables over several others he used. What process is he utilizing? Averaging Bracketing Conformity Reconciliation
Reconciliation Through the reconciliation process, the most weight may be given to one or two comparables, or equal weight may be given to all. The term correlation is often synonymous with reconciliation. Another term for this is weighted averaging.
An Arizona lender is about to pursue judicial foreclosure. In addition to filing the petition to foreclose, it will file and record a ______. Court order Formal complaint Junior lien Lis pendens
Lis pendens (written notice of lawsuit for real estate)
Which of these is part of a judicial foreclosure in Arizona but won't happen in a non-judicial foreclosure? Auction to highest bidder Deficiency judgment allowed on residential property Loan acceleration Right of reinstatement
Loan acceleration loan acceleration is apart of judicial foreclosure only
Areas with a clay-based soil can benefit from what type of drainfield alternative?
Mound system Areas with thinner or clay-based soil can benefit from a mound system, which consists of a mound of sand and gravel that's trucked in and dumped on the site.