ASREB (Arizona School of Real Estate and Business) sales
person session 14 Exam Review guide Questions and
Answers 2025/2026
A lien imposed on property by the local county government to secure payment of
delinquent taxes owned on real property or personal property - correct answer arizona
tax lien
When a property owner doesn't pay his/her property taxes, the local county government
puts a lien on it and those liens are sold as - correct answer tax lien certificates
Anyone who buys a tax lien certificate is then paid when the property owners pays back
the property taxes with the 16% interest. If the owner doesn't pay back the property
taxes the property goes to whom by foreclosing? - correct answer the person that
bought the tax lien certificate for that property
What is the formula to figure out property taxes based on assessed value - correct
answer market value x assessment value = assessed value
What is the formula to determine taxes using equalization factor - correct answer
assessed value x equalization factor = equalized assessment x tax rate = annual tax
If you live in a house, condo, or townhome that is part of a common interest community,
you are responsible for paying dues and assessments to this - correct answer
homeowners association or condo association
If you don't pay your hoa or coa then this could be put on your house - correct answer
lien that could lead to foreclosure
The hoa or coa cannot foreclose unless - correct answer the owner has been
delinquent in paying amounts secured but the lien for 1 year or the delinquent amount is
$1200 or more
, Both of these these instruments are what creates the lien on the property when a lender
makes the loan - correct answer mortgage & deed of trust
Typically used by subcontractors and suppliers, and are a legal claim against property
that has been remodeled or improved to which they haven't received payment for the
work or supplies - correct answer mechanics lien
Who can file a mechanics lien - correct answer only parties who have a written
contract with the owner-occupant agains the owner occupied residential project and
design professionals if they have written contract with the property owner or written or
oral contract with an architect who has a written contract with the owner
This type of lien takes priority over all other encumbrances (except construction loans if
mortgage is recorded within 10 days) to the property that attach after the time labor
commenced on the project - correct answer mechanics lien
Results from a person not paying their federal income tax. - correct answer internal
revenue service lien
Enforced through the issuance of a writ of execution and the ultimate sale of the
property and can only be attached to real estate only - correct answer judgement liens
How do judgement liens get attached - correct answer the creditor files and records a
judgment with the county recorder in any arizona county where the debtor owns
property now or where they may own property in the future.
How long with a judgment lien in arizona remain attached to the debtors property
regardless if the property changes hands? - correct answer 5 years
What is the penalty to a lienholder for recording an improper lien (wrongful or
groundless lien) - correct answer the great of $5,000 or triple actual damages cause by
the invalid lien
person session 14 Exam Review guide Questions and
Answers 2025/2026
A lien imposed on property by the local county government to secure payment of
delinquent taxes owned on real property or personal property - correct answer arizona
tax lien
When a property owner doesn't pay his/her property taxes, the local county government
puts a lien on it and those liens are sold as - correct answer tax lien certificates
Anyone who buys a tax lien certificate is then paid when the property owners pays back
the property taxes with the 16% interest. If the owner doesn't pay back the property
taxes the property goes to whom by foreclosing? - correct answer the person that
bought the tax lien certificate for that property
What is the formula to figure out property taxes based on assessed value - correct
answer market value x assessment value = assessed value
What is the formula to determine taxes using equalization factor - correct answer
assessed value x equalization factor = equalized assessment x tax rate = annual tax
If you live in a house, condo, or townhome that is part of a common interest community,
you are responsible for paying dues and assessments to this - correct answer
homeowners association or condo association
If you don't pay your hoa or coa then this could be put on your house - correct answer
lien that could lead to foreclosure
The hoa or coa cannot foreclose unless - correct answer the owner has been
delinquent in paying amounts secured but the lien for 1 year or the delinquent amount is
$1200 or more
, Both of these these instruments are what creates the lien on the property when a lender
makes the loan - correct answer mortgage & deed of trust
Typically used by subcontractors and suppliers, and are a legal claim against property
that has been remodeled or improved to which they haven't received payment for the
work or supplies - correct answer mechanics lien
Who can file a mechanics lien - correct answer only parties who have a written
contract with the owner-occupant agains the owner occupied residential project and
design professionals if they have written contract with the property owner or written or
oral contract with an architect who has a written contract with the owner
This type of lien takes priority over all other encumbrances (except construction loans if
mortgage is recorded within 10 days) to the property that attach after the time labor
commenced on the project - correct answer mechanics lien
Results from a person not paying their federal income tax. - correct answer internal
revenue service lien
Enforced through the issuance of a writ of execution and the ultimate sale of the
property and can only be attached to real estate only - correct answer judgement liens
How do judgement liens get attached - correct answer the creditor files and records a
judgment with the county recorder in any arizona county where the debtor owns
property now or where they may own property in the future.
How long with a judgment lien in arizona remain attached to the debtors property
regardless if the property changes hands? - correct answer 5 years
What is the penalty to a lienholder for recording an improper lien (wrongful or
groundless lien) - correct answer the great of $5,000 or triple actual damages cause by
the invalid lien
