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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91

When is homestead protection lost?

When the person sells or moves out of the property

92

How long are judgments valid for?

5 years

93

When may judgments be renewed?

May be renewed within the last 90 days of the five years

94

How are judgments from another state recorded in Arizona?

Foreign Judgment

95

Where would judgments appear?

Title report, credit report and in the county recorder's office

96

Judgement are what type of lien?

A general lien. They attach to real and personal property.

97

What determines Value

Utility, Scarcity, and Transerability

98

When conducting a neighborhood analysis, the appraiser is interested in

Economic Depreciation

99

What is an example of external (economic) obsolence?

Air pollution; Noise

100

What are the CAP rate and Capitalized value based on?

Net Income

101

What approach would an appraiser use when appraising special property (church)

Cost Approach

102

What are appraisers paid based on?

Time, travel, work

103

What is Integration and Disintegration (Development, Stability & Decline).

What an appraiser looks for when studying an area for growth and decline.

104

Is a building has a poor floor plan it is an example of

Functional Obsolescence.

105

What happens when the CAP rate goes up?

The value goes down

106

What approach must an appraiser use when appeasing land

The Market Approach

107

What is the Cost Approach

Also known as summation.This is an estimate of value based on reproduction / replacement costs. Used for new construction, custom homes, special use or service property (churches, theaters) where comps are unavailable.

108

What is the Market Approach

Also known as comparative analysis, used when appraising land and "used" residential property.

109

Operating Expenses do not include

Vacancies and loss of credit

110

What is reconciliation?

Also known as correlation. This is the final step when an appraiser used all three appraisal approaches (Cost, Market and Income Approach).

111

What is the least important factor when using the Market Approach?

Property in Foreclosure

112

What may you have at the end of the economic life?

Salvage Value

113

What is the highest price a property will demand?

Market Value

114

Economic Depreciation is always.... what?

Incurable

115

What would an appraiser do is the comps in the area has less features than the subject property?

Add dollar value to the subject property.

116

What is substitution?

The benefits of one property when compared to another

117

What can the landlord keep if the lessee pays upfront deposits and then cancels the lease

Security Deposit

118

When must a licensee notify the RE dept of a felony or misdemeanor

10 days

119

All contracts must be initialed by a designated broker or delegated associate broker... when?

Within 10 business days

120

Who regulated Arizona Environmental policies?

AZ Department of Environmental Quality