Arizona Real Estate Reciprocal Exam Prep Flashcards

Arizona Real Estate Reciprocal Exam Prep Flashcards Affidavit of AffixtureA document for owners of mobile homes certifying that the home is immobilized, I.e. anchored to real property ConversionThe process of changing real property to personal property or personal property to real Prescriptive EasementAn easement created by open, notorious, hostile, and continuous usage General PlanA long-range governmental or private program to regulate use and development of property in an orderly manner.Adverse PossessionA person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time.False(T/F) A seller or sellers agent can be found liable for damages if the fail to disclose to a buyer a stigmatized property such as someone died there, or there are reports of haunting, people lived there had AIDS, etc.Natural Area Open Space (NAOS)An area or wide easement restricting and preserving the use as a natural environment.

• It gives the buyer legal title to the property Which statement about an executory contract is FALSE?A.

It establishes the terms and conditions of the saleB. It gives the buyer legal title to the propertyC. It is the written agreement between the buyer and seller.D. It serves as instructions for handling escrow.Encumbranceany claim or right against a property held by another that is not the fee title owner True(T/F) The area on the site plan that outlines the structure is the building footprint Judgment LienThe charge upon the land of a debtor, resulting from the decree of a court, entered in the judgment docket. Lawsuit Income Tax LienThe IRS will file a general lien against all property belonging to that person for various taxes owed and unpaid.True(T/F) Under the Arizona Statute of Frauds, a deed must be in writing to be enforceable.FixtureAn item of personal property that has been converted to real property by being permanently affixed to the realty.False; If Sunshine Realty has a seller client that refused limited representation because of dual agency, Mark cannot show Nancy that particular property (T/F) Mark, a licensee at Sunshine Realty is working with buyer client Nancy. When he presents the READE form, Nancy agrees to limited representation. That allows Mark to show nancy any properties listed by Sunshine Realty.True(T/F) If a buyer were to pass away 3 days before closing, the contract would still be valid and would become binding

on the estate of the buyer.

Buffer zonesA Transitional area between two areas of different predominant land uses.Yes; the lot would be 24,000 SF. Half of an acre (43,560) would be 21,780 SF Let's say you are working with buyers George and Judy, who are looking for an empty lot to build a custom home.They want to have at least half an acre. you have found a lot that you think is suitable for them. The lot measures 120'x200'. Will this lot meet their size request?False; That would be the Arizona Association of Realtors(T/F) The primary source of standardized contracts for Arizona licensees is the Arizona Department of Real Estate.False(T/F) Double Escrow is legal in Arizona Easement Appurtenanta right of use that continues from owner to owner that

involves a relationship between two parcels of land: a

dominant parcel that benefits from a servient parcel Building FootprintThe area on a site plan that is used for the structures False(T/F) Deed Restrictions or CCRs can restrict the use of for sale or for rent signs in Arizona Site PlanA plan of proposed improvements to a parcel Enchroachmentunauthorized intrusion or improvement on another's property 100 or more - The Office of Interstate Land Sales Registration requires registration when the number of lots being offered is 100 or more nonexempt lots.When land is offered interstate, it would be regulated by the Office of Interstate Land Sales Registration. What number of lots must be offered for the regulation to take place?

4.13; Take (300x600) which gives you 180,000. Then take 180,000 and divide it by 43,560 (number of SF in one acre) which then gives you 4.132231405. round to 4.13 How many acres are contained in a parcel of land 300ftx600ft?AppurtenanceA right, privilege, or improvement belonging to, and passing with, the land.Double Escrow (Simultaneous Closing)Simultaneous escrows in the same property wherein the buyer has sold the property prior to closing, uses some of the proceeds from the sales to fund the purchase and realizes the balance of the proceeds as profit Easement personalA type of license where one party has permission (license) to cross or use another's property.10 yearsEthel lives in a house on the lot behind Terry's property.driving across Terry's vacant lot to get to the road without an easement. When Terry finally builds, she puts a fence all around her property, blocking Ethel from the road. To claim an easement by prescription, Ethel would need to

have crossed Terry's property for at least:

Mechanic's LienA statutory lien levied on property by a person who is wrongfully not compensated after providing labor (mechanic) or material (material-man) for the improvement to land. (Only on the specific property where the work was complete.) Not on personal property.

Area VarianceEntitles landowners to use land in a way that is typically not allowed by the dimensional or physical requirements of the zoning law.True(T/F) In Arizona, an owner must be given at least 20 days notice prior to the government beginning a lawsuit to acquire property under Eminent Domain General LienA lien that attaches to all property owned by an individual.Real and personal.True(T/F) A Seller may counter offer multiple offers and if they are all accepted, then may choose which offer they would like.Open and Notorious UseA condition that must be met for prescriptive Easement; the person must have been using the land in an open and obvious way.True(T/F) Before issuing someone a 'Use Variance' the city must notify residents in the area the variance is requested for Riparian RightsAn owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.True(T/F) You must present a verbal offer to your client in Arizona True(T/F) Master planned communities often contain numerous planned unit developments (PUDs) developed by different home builders Arizona Dept. of AgriculturePest Control (Wood-destroying insect) inspectors are licensed by whom?Bill of SaleA document used to transfer ownership of personal property.HeterogeneityA characteristic of real property indicating its diversity or uniqueness.9,000 SF; take 180x100 for area, then divide by two because it is a triangle and not a full rectangular lot.Lot 18 in Happy Acres is a triangle measuring 180 feet at the base. It is 100 feet deep. Calculate the area of the lot.Nonconforming UseA use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.$420,000; frontage lot is the first number 50x100 and 100x100. Add these two for 150. Then multiply 150 by 2800 for $420,000 Ivy bought two adjacent lots. Lot A is 50'x100' and Lot B is 100'x100'. She divided the two lots into three lots and is selling them for $2,800 per front foot. If she sells all three for her asking price, how much will Ivy get?43,560How many square feet are in an acre?Specific LienA lien affecting or attaching only to a certain, specific parcel of land or piece of property.Assured water supplyWhen a new residential development is taking place in an Active Management Area, the developer would be required