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AZ Real Estate (ASREB) 5/2017 > A1 > Flashcards

Flashcards in A1 Deck (17)
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1

The concept of Ad Valorem

(In property taxes) According to Value

2

Allodial System

Ownership free of superior overlord

3

Appurtenant

Runs with the land

4

The Right of Emblements

gives tenants - farmers - the right to harvest money crops "industrial fruits" that mature after their departure

5

Encumbrance

Allows owners to borrow money against their property

6

Exclusion

permits owner to bar others from their property

7

Right of Transfer

Enables owners to pass title to another party

8

What are your Bundle of Rights

1) Transfer 2) Exclusion 3) Ecumbrances 4) Use 5) Possession

9

Corporeal

Term used to describe real property - physical or tangible

10

What is the legal test to determine what is or is not a fixture

1) Method of Attachment 2) Agreement 3) Relationship 4) Intent 5) Adaptability

11

What are the physical characteristics of real property

1) Immobility 2) indestructibility 3) non-homogeneity 4) Law of Sitis ( it is governed by the laws where is it located)

12

What are the economic characteristics of real property?

1) Scarcity 2) Modification 3) Fixity 4) Situs

13

Incorporeal

Attachments to real property such as hereditaments (rights of inheritance), easements - the rights- of- way and the like

14

Governments 4 basic rights over property

1) Police Power 2) Eminent Domain 3) Taxation 4) Escheat

15

Who collects taxes in the county?

County Treasurer

16

What are Special Assessments?

Taxes for local improvements such as streets and sewers. They are not ad valorem but based on the benefits accruing the property owner.

This is often done on a pro rata basis, in which the property owner is charged for each foot of land abutting a street under improvement.

17

Urban Property (is?)

City Property (is?)