AZ STATE SPECIFIC EXAM (Latest Update
) Questions & Answers {Grade
A} 100% Correct
At the end of the three- year tax redemption period, a person who holds the certificate
of purchase: - correct answer May extend the period
Ad valorem would apply to which of the following: - correct answer Property taxes
The redemption period in a property tax foreclosure would be how long after the
certificate of purchase has been issued: - correct answer 3 years
Of the following liens: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien
recorded in 2006, which has second priority? - correct answer Mortgage
,A buyer is obtaining a new loan to purchase property. The buyer is most likely to
accept title with which of the following liens remaining unpaid as of close of escrow: -
correct answer Property taxes for the current year for the property being sold
The Homestead Exemption in AZ is now set at: - correct answer $150,000
Homestead exemption will protect a person against which of the following? - correct
answer Unforeseen personal judgments
What will terminate a homestead exemption? - correct answer Selling the property,
moving out of the property, filing an abandonment of homestead BUT NOT buying other
property
If a husband and wife own community property and the husband dies, who receives the
husband's half? - correct answer Heirs
,What action will void a homestead? - correct answer Declaring primary residence in
another state
In AZ, property owned before marriage is sole and separate. Property acquired after
marriage would be considered: - correct answer community property
You homestead your property then default on a loan for $50,000 secured with a note
and Deed of Trust. How much does the one foreclosed on owe? - correct answer
$50,000
A property that is in foreclosure has had a valid homestead recorded. What is the
status of the foreclosure? - correct answer Foreclosure will continue as normal
, Which of the following would apply to community property with right of survivorship? -
correct answer Step-up in basis, Avoiding probate, Can only be held by husband and
wife BUT NOT willing to a third party
In order to qualify for the $150,000 homestead exemptions, you may have which of the
following? - correct answer Primary residence
A person would qualify for a homestead when? - correct answer Upon taking
ownership and moving in
Which of the following would qualify for a homestead exemption? - correct answer
Married couple living in a co-op, Single person living in a mobile home that is parked in
rented space, Unmarried people living in manufactured housing on jointly-owned land
BUT NOT family who owns a house in the name of a corporation
) Questions & Answers {Grade
A} 100% Correct
At the end of the three- year tax redemption period, a person who holds the certificate
of purchase: - correct answer May extend the period
Ad valorem would apply to which of the following: - correct answer Property taxes
The redemption period in a property tax foreclosure would be how long after the
certificate of purchase has been issued: - correct answer 3 years
Of the following liens: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien
recorded in 2006, which has second priority? - correct answer Mortgage
,A buyer is obtaining a new loan to purchase property. The buyer is most likely to
accept title with which of the following liens remaining unpaid as of close of escrow: -
correct answer Property taxes for the current year for the property being sold
The Homestead Exemption in AZ is now set at: - correct answer $150,000
Homestead exemption will protect a person against which of the following? - correct
answer Unforeseen personal judgments
What will terminate a homestead exemption? - correct answer Selling the property,
moving out of the property, filing an abandonment of homestead BUT NOT buying other
property
If a husband and wife own community property and the husband dies, who receives the
husband's half? - correct answer Heirs
,What action will void a homestead? - correct answer Declaring primary residence in
another state
In AZ, property owned before marriage is sole and separate. Property acquired after
marriage would be considered: - correct answer community property
You homestead your property then default on a loan for $50,000 secured with a note
and Deed of Trust. How much does the one foreclosed on owe? - correct answer
$50,000
A property that is in foreclosure has had a valid homestead recorded. What is the
status of the foreclosure? - correct answer Foreclosure will continue as normal
, Which of the following would apply to community property with right of survivorship? -
correct answer Step-up in basis, Avoiding probate, Can only be held by husband and
wife BUT NOT willing to a third party
In order to qualify for the $150,000 homestead exemptions, you may have which of the
following? - correct answer Primary residence
A person would qualify for a homestead when? - correct answer Upon taking
ownership and moving in
Which of the following would qualify for a homestead exemption? - correct answer
Married couple living in a co-op, Single person living in a mobile home that is parked in
rented space, Unmarried people living in manufactured housing on jointly-owned land
BUT NOT family who owns a house in the name of a corporation
