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AZ Real Estate (ASREB) 5/2017 > A3 > Flashcards

Flashcards in A3 Deck (25)
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1

Who collects the tax stamp fee for state fee that is required by the state of Arizona?

County treasurers office
Buyers agent
County recorders office
Escrow company

County recorders office

QUESTION RATIONALE
Arizona law requires the county recorder to collect the real estate transfer fee

2

In Arizona, one may obtain title under which of the following?

License action
Easement by prescription
Adverse possession
Disclaimer deed

Adverse possession

3

Standard title insurance policy would be for the benefit of the:

Grantor
Grantee
Trustee
Beneficiary

Grantee

4

When a person dies with a will, which of the following statements would be false?

Heir may contest the will

An executor would oversee the probate process

The estate could be subject to taxes before any property is transferred

The estate would not be subject to probate because the party died with a will

The estate would not be subject to probate because the party died with a will

QUESTION RATIONALE
"The estate would not be subject to probate because the party died with a will" is a false statement. A will is probated.

5

Who signs a deed of conveyance?

Grantor
Beneficiary
Vendee
Trustee

Grantor

6

An Affidavit of Value requires which of the following?

All of these
Grantee's name and signature
Grantor's name and signature
Sales price of the property

All of these

QUESTION RATIONALE
An affidavit is a written? sworn statement and this one is swearing to the value of the property. It takes the buyer AND the seller to establish the value with stating the sales price. Note: a., b. and c. read together define what an affidavit of value is.

7

An ALTA title insurance policy would cover which of the following?

Methods of repayment
Errors in survey
Environmental problems
Unrecorded IRS liens

Errors in survey

8

Rent control would least likely benefit who

Property Owner

9

Two people own property and one of them passes away. How was the title held if the heirs receive no interest in the property?

Joint Tenancy

RATIONALE
They held title as joint tenants because in joint tenancy the property passes to remaining owners of the property. Since the question states that the heirs receive no interest then it couldn't have been tenancy in common. All the other answers allow property to pass to heirs. Sole and separate and in severalty are the same answer and are used if only one person owned.

10

A property is held in joint tenancy and one of the parties dies testate, what happens with the property?

Goes to the joint tenant survivor

11

Who is covered by an ALTA policy

Beneficiary

12

Redecoration of the deed is the responsibility of the

Grantee

13

A standard form of title insurance would insure against

Defects recorded but overlooked

14

If a property owner does not evict a trespasser after a period of time, they may acquire an

Easement by Prescription

15

When a simple assumption is done, who is responsible for the loan

Both buyer and seller are responsible for the loan

16

When a loan is secured by a deed of trust, who holds the deed of trust document

Beneficiary

17

In states allowing a trust deed.... A trust deed conveys legal title to

the trustor

18

Once a mechanics lien is filed, it would be valid for

6-months

19

If a party wants to maximize leverage, he should

Have the highest loan to value ratio

20

RESPA does NOT mandate the lender to provide

Three day right of rescission

RATIONALE
Under RESPA, the buyer does NOT receive a three-day rescission right.

21

Familial status under Federal Fair Housing prohibits discrimination against

Parents with children under 18 years of age

22

According to the Equal Credit Opportunity Act, lenders must inform all credit applicants who are rejected of the reasons for denial within ____ days

30 days

23

A timeshare would be required to have a public report if

There are 12 or more intervals

24

What is the difference between and option and a purchase contract

Option does not have to be consummated

25

In an option, the option binds the

optioner

RATIONALE
In this unilateral contract, the optionor is bound. The optionor sold the option to the optionee who holds the option and is not bound to act.