Arizona School of Real Estate and Business Flashcards

Arizona School of Real Estate and Business Flashcards When a loan is sold from one lender to another lender it isAssigned When would a plat map be used?Subdivisions The key factor of an exclusive right to sell listing isBroker is paid no matter who sells the property John purchased a home for $120,000 and later added a garage to the home at a cost of $25,000. He subsequently sold this home for $175,000 minus 7% real estate commission and $10,000 in closing costs. What would be his adjusted basis

$145,000

when constructing a home, the foundation would rest on which of the following Footing How many acres would be contained in the following legal

description: SE4, SW4; S2 NW4 and the SE4 NE4; N2 S2

Sec. 22 320 Acres If you were given boundaries, easements, and measurements but not the orientation of the house, what type of survey would this be?Lot and Block A broker sold the SW1/4 of the southwest 1/4 of the southwest 1/4, and the W 1/2 of the northwest 1/4 of Section 26, Township 4, Range 3, Est. How many acres are included in the sale?90 A contract has been signed but title has not been passed, this is called Exectory A retail store has been in the same spot for 20 years. The land around the store is sold for a housing development.Which is true regarding the retail store The store is grandfathered in If a parcel of real estate is near a toxic waste site, the agent would be obligated to Disclose the fact In a listing agreement, the seller would be the.. Employer What is the relationship of the licensee to the brokerGeneral Agent The N 1/2 of the NW 1/4 of the SW 1/4 of section 32 contains 20acres Who does a salesperson representEmploying Broker Which of the following structures would not use the cost approach Used Residential A broker relationship to a seller would most likely beSpecial Beginning at the SW corner of section 16, go to the SW corner of Section 15, thence to the point of beginning. How many acres are contained in this area 320 What is the smallest unit of measurement Lot and Block A Salesperson represents a seller in a real estate matter.This agency is called General

Which of the following types of listings would be considered more unilateral than bilateral Open Amortizing a loan over 30 years that is to be paid in 7 years is called Balloon Payment The taxes for the year are $1,824. The close of escrow is April 15th. What is the proration at the close of escrow $526.93 debit to the seller Under an Exclusive Agency listingThe seller will not pay a commission if the seller sells the property himself What appraisal method would be used when appraising a church Cost method The law that governs the duty between the Agent and the principle is called Law of Agency Seller hires a broker; the broker makes decisions for the seller without notifying the seller. The broker is acting in which of the following agency Ostensible Which of the following sections are not considered standard 18 A broker is required to give copies of all documents to which of the following parties All parties associated with the transaction A salespersons right to compensation is based on Having a valid license Which sections are contiguous to section 6 in a township1 and 7 cash-on-cash return isMoney received on equity A plat map would include everything EXCEPT Buildings A property is appraised at $85,000 property is assessed at 65% tax rate is 1.85 per $100 of assessed value. The owner sells the property and the close of escrow is August 15th, taxes were paid for the calendar year. What will the settlement sheet show $386.14 credit to the seller What is the distance in miles to range 4 west from the principal meridian 18-24 When using the market data approach, what would you least likely use as a comparison when appraising a 3 bed,

• bath with 2 car garage

Foreclosure Sale How many townships are contained in a government survey "check" 16 An apartment has 2 units at $900 per month each and 2 at $550 per month each. The rents are paid the first of the month in advance, and the close of escrow is June 10th.How much will the buyer receive

$1,933

On a settlement sheet, what is usually true Buyer credited for unpaid taxes A UCC would be used in a transaction that containedPersonal Property A surety bond is most likely used whenA contractor fails to complete a job A plat map shows everything EXCEPTOrientation of structure The world friable would most likely apply to which of the following Asbestos

In a correctional township, fractional sections areNorth and West When alien was releases but the release was not recorded this could cause which of the following Legal Title A row of townships are calledTiers Water table is defined asThe level at which the water will be located A topography map would show what type of survey Contour map When would a plat map be usedSubdivisions Which of the following is not in the 2nd market FHA An agent receives 2 offers on a listing one after another.How do you present the offers to the seller Present both offers at the same time Which of the following is a specific lien regarding real estate Special Assessment Mortgages would not containSubrogation Clause If the car rate on a property is 10% and the income property has 40units renting at $900 per month what would be the value if the expenses are $40,000 per year and the vacancy factor is 5%

$3,704,000

In order to establish effective gross income, one would subtract which of the following items from scheduled gross income Vacancy and loss of credit A method of legal description that uses definite property lines and starting points is called Formal metes and bounds A defeasance clause would be found in aMortgage The document used to verify a mortgage assumption is called Reduction Certificate The person making a counter offer is called the Offeror A rate of return would be related to which of the followingCap Rate A buyer is required to put 10% down for the purchase of a property. The 10% down would be considered Equity A broker has a listing and the seller doesnt want the broker to disclose to the buyer that the seller is going through a divorce. what shouldthe broker do Keep the information confidential When a wrap around is created who is responsible for the underlying loan Vendor When does a salesperson have a listingWhen the listing is signed A row of tiers are known asTownships If the mortgagor has the right to obtain legal title after payment in full, this is referred to as a Title Theory State A term loan isInterest Only Who at closing signs the settlement statement formBuyer, seller, and escrow agent What does a seller usually pay for at closing Deed preperation From the point of beginning, go south 1,200ft, thence west 1,500ft, thence north 600ft thence back to the point of beginning. How many acres are contained in the above description 31 acres

Which of the following would NOT be an operating expense in the income method of appraising Principal & Interest payments Which of the following sections are considered fractional6 A Real Estate broker is normally what type of agentSpecial Agent How does a seller close on a purchase contract Deliver the deed to escrow What is the total number of acres in the Sw 1/4 and the NW 1/4 of section 18 320 acres A real estate company tells another real estate company not to list properties in their area. Both companies agree not to do business in each others area. This practice would be in violation of which of the following Anti-Trust A person wants to buy a property in the future, but also wants the right to reject the offer. This is called First right of refusal Markers and degrees are found in what type of surveyMetes an Bounds Smallest area of a survey would most likely be Lot and Block How many townships are in a 24-mile square 16 Township 5 north range 7 west is located how far from principal meridian 36-42 miles Start in the middle of section 16 and go south 1,320ft thence north 1,320ft thence north 1,320ft and back to the point of beginning. How many acres are contained in this description?40 What is not required for a listing contract to be validCommission Rate What is the process of giving someone the right to sign your name Power of Attorney FNMA isGovernment sponsored Agency A township contains which of the following 23,040 acres What does the gross rent multiplier indicate A factor of rents to price When calculating net operating income you would take into account all the following items EXCEPT Cap Rate What is NOT part of a plat map description Monuments A mortgage that contains release clause is Blanket Mortgage A due-on-sale clause is anNon-assumable clause Which of the followung is not required to appear on a listing areement Construction Cost Which of the following is an example of a unilateral contractReward Poster The distance around a quarter of section 16 in a specific township would be

• miles

A salesperson may enter into a dual agency provided this is Disclosed to the buyer and seller in writing which of the following may be assignedQuit-claim deed "The whole is worth more than the sum of its parts" refers to Assemblage The annual gross multiplier is calculated by Dividing the price paid by the annual gross income