from 180 Questions
Kathy has been a good tenant for two years. Over the weekend, she adopted a dog and failed to notify her landlord. When her landlord found out, he issued a notice for her to either pay the pet deposit or remove the dog from the unit. Which notice did Kathy's landlord likely issue?
10-Day Notice of Material Noncomplianc
Which of the following features is most likely to be the cause of an adjustment to a comparable when preparing a CMA?
A busy street is less desirable for a residential property and more desirable for a commercial property. Other factors that could impact value are foreclosures, short sales, and cash-only sales
Jacob just signed a lease for his brokerage firm. The lease agreement includes taxes as part of the base rent. What kind of lease did he sign?
A modified gross lease-, or MG, includes one, two or all three of the nets in the base rent. They're not billed separately.
In Arizona, foreclosures are usually conducted non-judicially because ______. Topic: Deed of Trust Foreclosure Subtopic: Non-Judicial Foreclosure
Agreement to do so is given by the power-of-sale clause in the deed of trust
Alberto wants to sell his house to his cousin, who's willing to assume his FHA loan. What clause in Alberto's mortgage requires him to obtain the lender's permission to do this?
Alienation clause
Which of the following is a true statement about FHA financing?
An FHA loan is usually more attractive to borrowers who have lower credit scores and down payments.
The Gatlins' lender tells them they can afford a monthly payment of $1,830 on their new home loan. What interest rate are the Gatlins getting if this is an interest-only loan with a principal balance of $349,000?
Annual payment ÷ loan balance = interest rate. $1,830 x 12 to get the annual payment of $21,960. Then divide the annual payment by the loan amount: $21, 960 ÷ $349,000 = .0629, or 6.29%-
Roland's farm land is assessed at 1.5 million dollars and the improvements for $500,000. At a tax rate of 4 mills, how much are Rolan's monthly taxes
Assessed value + improvements = total value of $2,000,000. Multiply 2 million by 4 (mills/millage rate) then divide by 1000 = $8,000 in annual taxes . Divide $8,000 by 12 to give you the monthly tax amount ($8,000 ÷ 12 = $667.00).-
Which of the following is considered an emblement
Emblements are growing crops, such as corn, vegetables-, grain, etc., which are produced annually. These are usually not considered fixtures, but are the personal property of the person who planted them. These may also be called fruits of the industry (fructus industriales).
What does the income approach to value rely on when valuing properties that are five or more units
Gross income multiplie
Which of these scenarios is an example of nomination
Jessie named Serena to purchase a property on his behalf. The agreement requires Serena to convey the property to Jessie immediately after closing. Nomination refers to a process intended to maintain a buyer's anonymity. The buyer purchases a property through someone named as a nominee. The nominee must either assign the contract or convey the purchased property to the buyer.
Siblings Julia and Gene are co-owners of a small retail building in which a tanning salon is currently operating. Gene really wants to leave his ownership interest to his son when he dies, but the way in which they own the property doesn't allow him to do so. What type of ownership do they have? Topic: Property Interests, Estates and Tenancies Subtopic: Tenancies
Joint tenancy does not include the right of inheritance; ownership interest passes to the remaining tenants once a tenant dies.
All of the following are part of the ADEQ's core functions EXCEPT ______
Licensing Licensing is not a core function of the Arizona Department of Environmental Quality.
Determining who the buyers of subdivision homes are, the market niche to target, and whether to have different price points for various phases of development are all considerations in the ______
Marketing strategy
In Arizona, statutes regarding bedbugs and bedbug infestations apply to ______.
Multi-family dwelling
One task a commercial property manager has that a residential property doesn't is ______.
Negotiating lease
Which of these is NOT an option for a seller under an Arizona agreement for sale when a buyer defaults on the loan?
Non-judicial foreclosure- is possible only when a deed of trust is the security instrument.
Which of these property managers would require a license to perform property management services in Arizona?
Property managers who live off-site are generally required to be licensed in Arizona, especially if they manage more than one property.
What type of IRS deduction can be taken for a vacation home
Property tax Property taxes can be deducted for a primary residence, vacation home, or rental property
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
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.
Which of the following scenarios constitutes illegal licensee compensation in Arizona?
Salesperson Miranda's seller client gave her a $250 gift card as a thank you for a job well done at the close of their transaction.
Kendra, a drywall installer, filed a lien against a home builder. Just yesterday, the builder paid her in full. What, if anything, does Kendra need to do now?
She needs to file a lien release, which is a document that cancels the lien
Once the market study has been conducted, a developer can apply to ______ for approvals
State and local agencie
If a landlord wants to notify a tenant that the leased property is subject to a mortgage, what clause would be included in the lease?
Subordination claus
Swede is the vendor in a contract for deed arrangement. The vendee is not making his monthly payments. What is the process Swede can use to reclaim equitable title of the property? Topic: Contracts and Contract Law Subtopic: Contractual Concepts
Termination If the buyer defaults, the seller can terminate the contract. The foreclosure process doesn't apply to contract for deed arrangements. Once the contract has been terminated, Swede could pursue eviction to take back physical possession
In reference to a real estate transaction, which of these terms does NOT refer to the process in which title is actually conveyed and proceeds disbursed? Topic: Escrow and Settlement Subtopic: Closing Statement
Termination Standard terms used to describe the process whereby title is transferred and funds are disbursed include closing, settlement, and consummation.
which type of pest may make mud tubes-tunnels that run along the walls-or shed tiny wings?
Termites These are indications of termite infestation.
Which of the following is NOT a requirement for a property sold under a judicial foreclosure in order for the borrower to be protected under Arizona anti-deficiency statutes?
The borrower used the property for a personal residence.
CAP is at least partially responsible for ______
The current size of the real estate secto
When a branch manager is an associate broker in Arizona, which of the following is true
The designated broker may delegate statutory tasks available to brokers to the branch manager.A designated broker may appoint a licensee as a manager of a branch office or division of the broker's real estate business. When the manager is an associate broker, the designated broker may delegate statutory tasks available to brokers
Which statement regarding fee simple defeasible estates is true? Topic: Property Interests, Estates and Tenancies Subtopic: Real Estate Interests and Ownershi
The estate includes the full bundle of legal rights, but ownership is based on a condition. A fee simple defeasible estate includes the full bundle of legal rights, but ownership may be terminated if the required condition is violated.
You're working with buyers who are pre-approved for a loan of as much as $200,000. Assuming they lock in a 5.25% interest rate at closing, how much of their first payment will go toward interest?
The formula is loan balance × interest rate ÷ months per year. Loan balance is: $200,000 × .0525 = $10,500; $10,500 ÷ 12 = $875-
Arizona HOAs can't prevent homeowners of real property acquired after April 17, 1980 from installing/using solar energy devices, but they are allowed to adopt regulations related to device placement, as long as ______.
The regulations don't prevent the devices' use or functionality, or affect their cost or efficienc
Which of the following are ways a private loan company insulates themselves from the risk of lending funds to a borrower who has had problems securing them elsewhere?
They may charge higher interest, higher fees, and require the borrower provide collateral to secure the loan.
What's the purpose of title insurance?
Title insurance provides the buyer protection against serious financial loss due to unreported defects in the title. It also protects the lender when the property is used as collateral for the loan.It protects the buyer against loss resulting from previously unreported title defects.
A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. What's the total amount the borrower will pay back over the life of the loan?
To find the total amount paid back, multiply the monthly payment ($2,042.71) by the total number of payments (180 = 12 payments/year x 15 years). The total paid back is $367,687.80-
In the sales comparison approach, which of these are selected and evaluated both quantitatively and qualitatively against the subject property? Topic: Appraisal Subtopic: None
When sizing up the competition to the subject in the marketplace, comparable- properties must be selected and compared both qualitatively and quantitatively.
Through which method of voluntary alienation does the devisor convey both real and personal property to the devisee
Will Real property that is conveyed through a will by a devisor is called a devise, and the person who is named as the recipient of the property is called the devisee.
Steve is preparing a market analysis for the Joneses and has selected three comparable properties. How many adjustments should Steve make to the Joneses' property?
Zero Steve won't adjust the subject property. Only the comparable sales price is adjusted. If it is inferior, adjust upward. If it's superior, adjust downward