prac exam 8

The Arizona homestead exemption allows homeowners to exempt up to

$250,000 of the value of their primary residence

What is the maximum plot size for a lot in a group of 10 lots in order for the land to be considered unsubdivided?

160

John wants to do a 1031 tax exchange with a property he just sold. How many calendar days does he have to identify a new property for the exchange?

45

The average score for Americans overall falls between

670-739 (approximately 710).

Which of the following would be considered a foreign person according to FIRPTA?

A company incorporated in France with regional development offices in the U.S.

Alluvion describes new deposits of land that are the result of what natural process?

Accretion

Which phase of the investment cycle is best known for write-offs and, depending on the project, tax credits?

Acquisition

A real estate employment agreement is

Arizona's term for a listing agreement or buyer agency agreement.

Which of the following statements is true regarding community property rights and property ownership?

Both partners may own other properties purchased before the marriage separately (in severalty), but any properties purchased during their marriage are owned equally.

what are the two types of physical deterioration?

Curable and incurable

In Arizona, which of these groups of professionals isn't listed on the NMLS to validate their license status?

Escrow agents

Conventional loans may be conforming or nonconforming, depending on whether they meet ______ guidelines.

Fannie Mae and Freddie Mac

Which statement accurately describes an abstract of title?

Few states require an abstract of title when conveying property.

After purchasing a property, what can Jeremiah do to clear a possible future claim on the property's title?

File a suit to quiet title.

Shonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building?

In severalty

agent only has to diclose

KNOWN hazards, not suspected

All of the following are part of the ADEQ's core functions EXCEPT ______.

Licensing

On what type of listing (or listings) may a net listing be used in states where they are legal?

Open, exclusive agency, or exclusive right-to-sell listings

Randa is trying to lower the vacancy rates for the commercial property she manages because her revenue targets will increase by 8% over the next year. What type of budget contains this revenue detail?

Operating budget

Which occupancy type is eligible for a VA loan?

Owner-occupied - Borrowers must certify that they will occupy the residence purchased with the VA loan.

Which of the following business entities may apply for an employing broker's license in Arizona?

Partnership

When working with a client on a real estate sale, a real estate licensee is usually acting as which type of agent?

Special

Forecasting the income and expenses that we can reasonably expect to bring in and pay out over a short term results in a budget that's every property manager's dream. That budget is ______.

Stabilized

Which special lease clause stipulates that the tenant is responsible for paying any increase in taxes over the base year's taxes, in addition to the base rent?

Tax

Katherine is purchasing a second home as an investment/vacation property. She has a large down payment, and the seller is financing the rest of the purchase. Which of these statements is true?

The Closing Disclosure and Loan Estimate aren't required in a seller-financed transaction.

Under a sole proprietorship form of business, ______.

The owner assumes personal liability for all debts

Which of the following is true about adverse possession?

The possessor must take legal action to obtain title.

What is the purpose of the title search?

To collect evidence that the title is a marketable title, meaning it's clear and free of encumbrances

How many parties does a mortgage involve?

Two: borrower and lender

Can police power ever be used in a way that restricts citizens' freedom?

Yes, if it's for the public good.

When lead is present, what rule covers remodeling of the property?

ead Renovation, Repair, and Painting (RRP) Rule

Reliction

the gradual receding of water, which uncovers new land.

The alienation clause allows

the lender to make the loan due if the borrower sells or otherwise transfers the property.