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Real Estate: Various IV


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Landlord/Owner
Lessor means:
Security Agreement
Document used to mortgage personal property in Arizona is a:
Trustor, Trustee and Beneficiary,
The three parties to a trust deed are:
Devisor
The person who leaves real property by a will is called the:
Buyer & Seller
An agreement of sale is between:
The intent of the Annexor
The most important test of a fixture is:
Annually (Paid twice yearly)
Real property taxes are levied in Arizona:
an Estate
A right in property is best described as:
Two party contract
A bilateral contract is a:
c) Contract of Sale (Land Contract)
Three methods of purchasing real property on credit are: (MDC)
First Monday in January
Taxes become a lien on the:
c) Community Property
Name the three most common ways that a husband and wife can take title to real property in Arizona: (JTC)
Bare Legal Title
A trustee holds:
Lease-Option
When a lessee signs a valid lease with the lessor with full intention of buying the property at a negotiated price at a later date, it is called a:
Bargain & Sale Deed
A deed with NO warranties is called a:
90 Days
Trustor has how many days to reinstate the loan:
Property acquired prior to the marriage OR obtained during the marriage by gift or will
Separate property refers to:
Truth-in-Lending
Regulation "Z" is:
Employer/Employee
The relationship between a broker and a salesperson is that of:
A Condition for Loss of Rights
Defeasible means:
Judgment
The final order of the court on money owed is called a:
Laches
When a party fails to file action within the legal lime frame allowed by law, it is called:
Real Estate Commissioner
Rules and Regulations are written by:
640
Number of acres in a section
One and One Half Months Rent
Security deposits may not exceed:
Legal person artificial person
A corporation is a:
Force and Effect of the Law itself
Commissioner's rules have:
Usefulness
Utility means a property's
Specific liens
Tax liens are:
Highest and Best Uses.
An appraiser's first consideration is always:
First Mortgage
Primary financing refers to:
$30,000 Per Transaction
The maximum amount payable from the Recovery Fund on behalf of a licensee is:
Commissioners Public Report
C.P.R. means:
Obsolescence
The loss of value from all causes is called:
An Estate of Inheritance
A Tenant in Common is:
Ground Water and Surface Water
Two types of water in Arizona:
manufactured home
aka mobile home or trailer. personal property that becomes real property when hitch and axles are removed, home is permanently attached and DMV title is canceled. Built to federal HUD building codes. Y3
modular home
never movable by itself; always real property once it has been assembled. Built to NC state building codes. Y3
fructus naturales
fruits natural naturally occurring vegetation that does not require annual planting and cultivation (flowering bushes, trees, etc.) Y3
fructus industrialies
fruits industry farming; crops that require annual planting and cultivation (corn, wheat, etc). aka emblements Y3
IRMA
Total Circumstances Test is it real or personal?
agricultural fixture
items attached to real property by a tenant under a farm lease; becomes real property when attached and remain when tenant leaves Y4
UCC
Uniform Commercial Code
nonfreehold estate
possessor does not own the property; possession does not last a lifetime (ex. lease) Y4
estate
an interest in real property that includes a present or future right of possession
subjacent support
right to have surface property supported from beneath Y9
lateral support
right to have adjacent property support the natural boundaries of the land Y9
reliction
gradual increase in land by permanent recession of body of water Y9
foreshore
strip of land between high and low tide lines; owned by state of NC Y9
water ownership
no tide non-navigable bodies of water land owner owns to center of body of water
encumberance
any right or interest in land which normally diminishes the value of the estate Y10
judgment lien
a general lien owed as a result of a judgment imposed by a court of law; becomes valid when judgment is docketed; valid for 10 years; should be attached in the county where the property is located Y10
docketed
when a judgment is entered and indexed in a judgment book at the county courthouse Y10
specific lien
a lien against a specific piece of real estate Y10
mortgage or deed of trust
a specific lien on a piece of real estate used as collateral for a loan Y10
IRS lien
a general lien owed to the federal government Y10
NC Dept of Revenue lien
a general lien owned to the state of NC Y10
personal property tax lien
a general lien owned on personal property Y10
mechanic's lien
a specific lien for failing to pay a contractor or subk for services performed on a property; must be filed within 120 days of the last day that labor/materials were furnished; valid from first day labor/materials were furnished Y10
special assessment lien
a specific lien for failing to pay for a special assessment (improvement) on the land Y10
real property tax lien
aka ad valorem tax lien; a specific lien for taxes to the county and/or city in which property is located Y11
Machinery Act
governs standards for real estate property taxation, tax assessment, tax appraisal and requirements for tax-exempt status B49
octennial reappraisal
real property is reassessed for ad valorem taxes every 8 years
horizontal adjustement
every 4 years between octennial reappraisial in which ALL property within a county/city can be adjusted up/down by a percentage. may or may not happen Y11
dominant estate
land that receives the benefit of the easement Y11
servient estate
land that has the easement attached to it Y11
prescriptive easement
easement acquired through adverse use. Related: adverse possession Y11
defeasible fee estate
may be lost on the occurrence or nonoccurence of a specified event; aka qualified fee estate; related: fee simple determinable, fee simple subject to a condition subsequent B26
fee simple determinable
requires that a specified activity or land use continue; if owner no longer uses the land for that purpose, ownership reverts automatically back to original owner (ex. Land can only be used for church purposes) Y5
fee simple subject to a condition subsequent
states what action or activity that an owner cannot perform; if owner performs that action, former owner can retake possession through court proceedings (ex. Do not sell alcohol on property) Y5
pur autre vie
estate for the life of another; one person is given the right to use the property as long as another person is alive; can use estovers of the land, must pay ad valorem taxes and interest on pre-existing loans; entitle to all income and property arising during the life tenancy (ex. A daughter-in-law live in a house as long as grandchildren are alive) Y5
estovers
leftovers of the land. Life estate tenants live off the land but cannot do anything to waste the life estate (ex. Use wood, but not sell timber rights); Y5
estate for years
has a definite term with a beginning and end date; terminates automatically without notice ex. Hotel room, beach house rental Y6
estate from year-to-year
aka periodic tenancy; tenancy of indefinite duration; automatically renewed; notice must be given to terminate this tenancy ex. Renting an apartment Y6
notice required to terminate periodic tenancy
week-to week tenancy 2 days notice; month-to-month tenancy 7 days notice; year-to-year tenancy 30 days notice; leases for longer than 30 days require 30 days notice of termination Y6
estate at will
tenacy at both the pleasure of the landlord and tenant; normally on a friendly basis and either party can terminate at any time without notice Y6
estate at sufferance
tenant entered into the estate lawfully, but now retains possession unlawfully; possession is on a hostile basis and eviction is required to terminate ex. refusing to leave a rented house Y6
concurrent ownership
ownership by more than one person or entity Y6
NC Condominium Act
in effect for all condos created on or after October 1, 1986; developer records: a) declaration with a description at the register of deeds b)detailed plat giving physical description of the complex c) a set of bylaws to provide for internal management of the unit owners Y8
consumer protection provisions of nc condo act
a) purchaser of a new condo with a copy of a public offering statement before sales contract can be signed b) purchaser of a new condo has the right to cancel within 7 calendar days c) purchasers of a resale condo must be given a resale certificate stating the monthly common expense assessment and any other fees Y8
townhouse ownership
owner owns individual unit, including shared walls and the land underneath; pay monthly dues to the homeowner's association and maintains the common areas Y9
voluntary alienation
voluntarily transferring title by deed through a sale or gift; deed is tangible evidence of title to real estate Y12
grantee
the buyer that receives the deed Y13
bequeath
when one gives a title to personal property Y12
intestate succession law
tells how property will be distributed if you die intestate Y12
involuntary alientation
giving up title to real estate involuntarily Y13
lien foreclosure sale
occurs when one defaults on a loan or fails to pay property taxes Y13
OCEAN
Open (well known); Continuous (uninterrupted); Exclusive (not shared with another); Adverse (intent to take land); Notorious (hostile, no permission by owner) B77
illegal use
a use that is in direct violation of an existing zoning ordinance. Can be detected and punished at any time Y13
special use permit
aka conditional-use permit; allows a particular property to be used for a special purpose which is in the public interest ex. church or hospital in a residential area Y14
bulk regulations
building restrictions that apply to all property in an area (ex. Minimum setback from street) Y14
subdivision ordinances
city and county laws that govern the development of land including streets, water, sewage and parks Y14
street status disclosure
requires sellers to disclose whether neighborhood streets are public or private; a material fact Y14
required elements of a deed
1. must be in writing 2. grantor must be true owner of the real estate 3. both grantor and grantee must be named in the deed 4. property must be adequately described 5. language in deed must be adequate to show conveyance 6. the grantor must sign the deed 7. deed should be delivered by the grantor and voluntarily accepted by the grantee Y15
quit claim deed
releases the person who signs it from any interest that he/she may have the property; used to remove a cloud on title Y16
trustee's deed
given by trustee at a deed of trust foreclosure sale Y16
sheriff's deed
given at execution sale for a judgment against the property owner Y16
tax deed
given at a tax foreclosure sale Y16
deed of gift
used to give a gift of real property; must be recorded within 2 years to be valid Y16
timber deed
used to transfer timber rights Y16
mineral deed
used to transfer subsurface rights Y16
covenant of seisin
part of a general warranty deed in which grantor warrants that he/she is the legal owner of the property and has the right to convey title B67