Real Estate Sales Licensing - Notes & Facts for Brief Study Flashcards Preview

AZ Real Estate (ASREB) 5/2017 > Real Estate Sales Licensing - Notes & Facts for Brief Study > Flashcards

Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
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1

What rates are used to calculate the assessed value of 1) Residential and 2) Land

Residential 10%
Land 16%

2

How will property taxes show on Closing Statement

Debit Seller, Credit Buyer

3

What is lien priority

Property taxes
Special Assessments

4

When a property tax sale is held. What does the low interest bidder receive

Certificate of Purchase

5

Property Taxes Would be AHEAD of an IRS lien or a deed of trust

Arizona Property taxes would always be in first lien position

6

What is a buyer most likely to accept title with....

property tax lien for the current year's taxes

7

Which of the deeds have the best warranties

General warranty

8

Who receives title through a deed of conveyance

Grantee

9

Deed restrictions that run with the land and liens are

Encumbrances

10

Escrow Company works for....

Buyer and Seller

11

A deed is legally enforceable if it is....

Recorded

12

What is the purpose of a closing statement

Shows all monies / costs involved in a transaction

13

Who signs the settlement sheet?

Buyer, Seller and Escrow agent

14

What does the Covenant of Seisin promise?

The grantor has the right to convey the property

15

Title Insurance has no impact on what?

No impact on property value

16

When an abstract of title was completed, what does it indicate?

It indicates that a title search was completed

17

What must be paid when a conventional loan is greater than 80%?

PMI Private Mortgage Insurance must be paid at time of closing.

18

Owner's Title Insurance is for the protection of who?

Buyer

19

What would never show on a closing statement?

Principal payments

20

What is the (mathematical) difference between debits and credits?

The amount needed to close the escrow and balance.

21

When the buyer is buying a rental property, the security deposits are....

not prorated

22

Owner's title insurance policy would not cover.....

Parties in Possession

23

What is it called when the escrow company turns the matter over to the court to settle a dispute?

Interpleader

24

Can a property be sold with no ingress or egress?

Yes, is must be stated in the deed

25

What is the Affidavit of Value

document recorded along with the deed. (Affidavit literally means "has pledged one's faith".

26

When / Why is Affidavit or Value used by the county assessor

to hep the assessor determine property value for taxation

27

When is the docket and page number assigned

redecoration

28

What would an extended policy of title insurance cover

Encroachments

29

In order to record a deed it must be....?

Signed and Acknowledged

30

What is Pur Autre Vie

"For the life of another" when a party is given a life estate based on the life of another person.