Quiz
Ownership/Transfer - State Specifics
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Questions in this quiz (50)
1The rights of the owner of property along the banks of a stream or river are called?
- ALittoral rights
- BHereditament
- CRiparian rights
- DAvulsion
2The use of surface water in Arizona is governed by all of the following except?
- ARiparian rights
- BPrior appropriation
- CReasonable use
- DRecorded permit issued by state Department of Water Resources
3When taxes are prorated on a closing statement, which of the following is true?
- ACharged to the Seller, Credit to the Buyer
- BCharged to the Buyer, Credit to the Seller
- CCharged Buyer & Seller
- DCharged Buyer only
4In Arizona, the law provides that if not specified, a man and wife will hold property as?
- AJoint tenants
- BCommunity property
- CTenants by the entirety
- DTenants in common
5An Arizona Homestead is valid for?
- A$50,000
- B$100,000
- C$125,000
- D$150,000
6Which will not terminate a homestead exemption?
- ASelling the property
- BMoving out of the property
- CBuying an additional property
- DFiling an abandonment of homestead
7Grandfathered irrigation rights do which of the following?
- ARun with the land
- BRemain with the seller
- CCan be transferred separately
- DAre used by permit
8Which of the following would be considered an exempt domestic well?
- AOne with maximum pump capacity of 50 gallons per minute
- BOne with a maximum pump capacity of 35 gallons per minute
- CAny size pump used for domestic use
- DAny size pump as long as you give notice of intent to drill
9Which of the following deeds would fail to transfer title?
- AA deed to Henry Jones using his state name "Mr. Magic"
- BA deed made to Joe Smith, ET UX
- CA deed made to Henry or Susan Smith
- DA deed made to Susan Smith and husband
10The premium for for title insurance is paid:
- AMonthly with the mortgage payment
- BOn an annual basis
- CUpon issuance of the title policy
- DBy the original subdivider for all subsequent
11A deed can be:
- AForeclosed
- BAssigned
- CTransferred
- DSigned with an "X"
12Title to real property is transferred when a valid deed is?
- ASigned
- BDelivered
- CRecorded
- DEscrowed
13One who dies intestate leaving behind a m other, a brother, a sister, a son and a granddaughter who is the daughter of her deceased daughter. Who will receive the estate?
- AThe son
- BThe son and granddaughter
- CThe son and mother
- DThe son, mother and granddaughter
14The covenant that binds the grantor to obtain and deliver any other instrument that may be needed to make the title good is?
- ACovenant of warranty forever
- BCovenant of further assurance
- CCovenant against encumbrances
- DCovenant of seizin
15Acquiring land by hostile action would relate to?
- ALicense
- BAdverse possession
- CEasement in gross
- DEminent domain
16The difference between prescription and adverse possession is?
- APermission is given for prescription
- BTime only is given to adverse possession
- CHostile use of the property
- DTitle to the property
17Real estate title information is best found in the records of the?
- ASecretary of State
- BCounty recorder
- CTax assessor
- DVendor
18The ad valorem tax is percentage of full market value. Residential property is assessed at?
- A15%
- B16%
- C18%
- D10%
19A owner occupied residential property is appraised at $45,000 and is assessed for tax purposes at the prescribed rate, and the tax rate is $10.50 per $100 of assessed value. The tax on the property would be?
- A$6,750.00
- B$472.50
- C$1,086.75
- D$4,725.00
20The purchaser at a tax sale receives a:
- ACertificate of sale
- BCertificate of purchase
- CCertificate of title
- DTreasurer's deed
21Property taxes become a lien the first day of:
- AJanuary
- BOctober
- CNovember
- DMarch
22If a property is not bid at a Tax Foreclosure sale:
- AThe excess rebate goes to the property owner
- BAnyone can buy the purchase certificate
- CAll other liens are terminated
- DThe property can only be sold next February
23What is the priority of property tax liens?
- ADate recorded
- BAfter IRS liens
- CAlways in first position
- DAfter the homestead exemption
24When are the first half property taxes delinquent?
- AOctober 1
- BNovember 1
- CMarch 1
- DMay 1
25A joint tenancy deed requires the signatures of:
- AAll grantors
- BAll grantees
- CGrantors and Grantees
- DDeed not be signed
26In the absence of a request for joint tenancy, how would husband and wife likely hold property in Arizona?
- ATenancy by the entireties
- BCommunity property
- CDower / Courtesy
- DTenants in common
27Property taxes are collected by the county:
- ATreasurer
- BDirector of Taxation
- CAssessor
- DCollector
28The official property valuation for tax purposes is a/an:
- AAssessment
- BSpecial assessment
- CAppraisal
- DEncroachment
29Second half real property taxes become due in Arizona on?
- AOctober 1
- BNovember 1
- CMarch 1
- DMay 1
30The phrase "ad valorem" most nearly means?
- AThe adding of value
- BAssessment of value
- CAccording to value
- DAcquiring of value
31Regarding water usage, which of the following does not apply to Arizona?
- APrior appropriation
- BSurface water permit
- CRiparian rights
- DReasonable use
32The homestead exemption in Arizona is now set at?
- A$20,000
- B$50,000
- C$75,000
- D$150,000
33Arizona property taxes become a lien:
- AOctober 1st
- BNovember 1st
- C1st Monday in January
- DMarch 1st
34In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered?
- ACommunity property
- BSole and separate
- CTenancy in common
- DJoint tenancy
35Which of the following is based upon the determination of whether a stream or river is navigable or non-navigable?
- ALand rights
- BPrior appropriation rights
- COwnership of the water rights
- DUse of surface water
36The right of a landowner to take water from a river flowing through his property?
- ALittoral rights
- BRight of correlative use
- CRiparian rights
- DRight of prior appropriation
37If a husband and wife own community property and the husband dies, who receives the husband's half?
- AWife in all cases
- B1/2 wife, 1/2 heirs
- CHeirs
- DChildren 3/4, wife 1/4
38What type of property would pay the most taxes
- AVacant land
- BShopping center
- CApartment house
- DResidential housing
39A disadvantage of ownership in a cooperative when compared to a condominium would most likely be the?
- ARestriction on profit upon resale
- BDanger that other owners might be unable to pay their share toward the mortgage and taxes
- CPerson liability of owners should they default on their payments
- DHigh tax assessments
40An owner of a condominium apartment holds
- ATitle
- BA leasehold
- CSame as a cooperative apartment
- DOnly a life estate
41Time sharing is associated with which of the following?
- ACooperatives
- BProfits
- CJoint ventures
- DCondominiums
42The two designations or classifications of water law in Arizona are?
- ANavigable and non-navigable
- BGround and surface
- CFlowing and stagnant
- DNone of these
43In Arizona, marketable title is most commonly evidenced with?
- AAn abstract of title
- BA certificate of title
- CA title insurance policy
- DA torrens certificate
44In Arizona, the charges for the day of closing customarily:
- ACharged to seller
- BCharged to the buyer
- CSplit between the buyer and the seller
- DPaid by the escrow company
45The Doctrine of Water Usage in Arizona is known as?
- ARiparian
- BPrior appropriation
- CReliction
- DReliction back
46Water rights in Arizona are?
- AA constitutional right of property owners
- BIndefeasible by right of law
- CFederal right
- DFirst in time, first in right
47If a husband and wife acquire real property in Arizona, they are presumed to hold title as?
- ATenants in common
- BJoint tenants
- CTenants by the entireties
- DCommunity property
48You default on a loan for $50,000 secured with a note and Deed of Trust on your homestead property. How much does the one foreclosed on owe?
- ANothing
- B$50,000
- C90 days of payment
- D6 month of payment
49What terminates a homestead?
- ASelling the property
- BListing a property
- CRe-mortgaging
- DSubordination agreement
50The real estates commissioner is appointed by the?
- AGovernor
- BAdvisory Board
- CLegislature
- DBroker within the state
Information
- Description
- Gray Book
- Author
- Un_known
- Language
- English
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