ASREB School and State Test Review Q & A Rated Perfectly!!

ASREB School and State Test Review Q & A Rated Perfectly!! How are AZ property taxes charged? Ad Valorem What does Ad Valorem mean? Assessed Value How are Arizona Property Taxes paid? Levied once, Paid Twice When are AZ property Taxes Due? and Delinquent? Oct-Nov and March-May (O No More Money) Who do you pay the property taxes to? County Treasurer What is the penalty for AZ Property Tax Delinquency? 16% Property Tax Assessment Ratio Residential? 10% Property Tax Assessment Ratio Land? 16% Property Tax Commercial/Industrial? 19% Inchoate? Lein not yet Complete Are Mechanics Liens loans? NO Mechanics Leins must be what to be valid? Recorded How Many Days must you file a Mechanics "pre lien" notice? within 20 Days of Beginning What does "CoW" stand for? Completion of work How man days from "Cow" to Record a Mechanics lien? 120 How many days from recordation of Mechanics lien to file a law suit? 180 What does "homestead" do? and how much? $150,000 homeowner equity against involuntary liens (judgements) Must a house be a primary residence to be a Homestead? Yes A Homestead cannot have? non-natural entities What does a Homestead not protect against? Voluntary Liens What does the Landlord Tenant Act Do? Regulates relationship between landlord and tenant Does the Landlord Tenant Act regulate relationships for property management? NO What is the Max security deposit? 1.5x rent How many days must the landlord refund the Security deposit? And how much do they refund? 14 days, 2x amount withheld and Wrongly withheld How long does a landlord have to deliver possession? 5 days How long does the landlord have to give to enter the rental unit? 2 days How many days notice must a landlord give for Breach of contract? 10 days If a tenant is doing illegal acts on property when can the landlord give notice? Immediately How many days does a landlord have to terminate month to month contacts? 30 days How many days does a landlord have to terminate week to week contact? 10 days How many days does the landlord have to terminate due to flood/fire? 14 days How many days does a landlord have for distraint? 10 days How many days does the landlord have to repair minor defects? 10 days For minor defects on a leased property what may the tenant do to repair? and what is the dollar amount? Deduct half the rent, $300 (whichever is greater) How many days does the landlord have to repair essential services? what happens if they are not repaired in set time? 5days, tenant may declare lease in breach What is a Deposit of money the public can claim against? Recovery fund How much does it cost for a salesperson and Broker to put into the Recovery fund? $10 salesperson $20 Broker What does the recovery fund cover? Any transaction (real estate) in the state of AZ Can a real estate Licensee claim from the recovery fund? No Who else cannot claim from the recover fund? Non Natural entities When is the recovery funds' balance checked? June 30'th Who checks the recovery fund's balance? Commissioner How much money does the recovery fund have to have in it at all times? $600,000 How does the State make up the recovery fund balance if it drops less than $600,000? ALL renewing licensees must pay into the fund that rolling year what is the time limit to make a recovery fund claim? None What is the max pay-out for the recovery fund-per claim? $30,000 What is the max payout of the recovery fund for a licensee's lifetime? $90,000 What happens to the sales persons licenses when a claim is made upon them? Terminated How can a Licensee re-apply for a license, after theirs is terminated due to a claim from the recovery fund? And how many years may the commissioner keep them out of practice? Pay the fund back, up to 5 years What article allows real estate licensees to write contracts? xxvi Can a licensee charge to write a contract? NO Can you practice real estate without a license? if not what is the penalty? NO, class 6 felony how is common law established? By traditions and courts what does the statue of frauds require? real estate contracts must be in writting Who has force and effect of law on a licensee? Commissioner What classifies a subdivision? 6 or more lots less than 36 acres What classifies an un-subdivided property? 6 or more lots 36-160 acres what is a property that is greater than 160 acres? land what is required in the sale of subdivided and un-subdivided land? public report Can sales of a subdivision happen prior to a public report? No What can happen before a public report is issued to an undeveloped subdivision? and how much $? lot reservations w $5000 are lot reservations refundable if made before a public report was issued? Yes If there was no public report made on a subdivision, how many years can it still be voidable?