Arizona Real Estate State Exam (Newest updated

Arizona Real Estate Exam
Study online at https://quizlet.com/_7g2dx

1. Encumber, Access, Use, Transfer, Exclude are all __________: Bundle of Rights
2. Real Property that you can touch is __________: Corporeal
3. Real Property you can NOT touch is __________: Incorporeal
4. Chattel is __________: Personal Property
5. Adjoining landowners that have the right to use the water is called __________-
: Littoral Rights
6. Enabling Legislation is __________: Police Power
7. Taking private property for public us is __________: Eminent Domain
8. Reversion of property to state if property owner dies without a will or heirs is
__________: Escheat
9. Lessor is the __________: Owner/Landlord
10. Lessee is the __________: Renter/tenant
11. Landlord receives fix rent & pays all other costs is __________: Gross lease
12. Lessor will NOT pay maintenance, insurance, taxes this is called __________: Net
Lease
13. Landlord receives a % of gross sales: Percentage Lease
14. Lease that allows the payments to adjust up or down is called __________: Index
Lease
15. A lease that starts low and then increases at set intervals is called __________-
: Graduated Lease
16. A lease were one person owns the land and the other improvements is called
__________: Ground Lease
17. Ownership in Estate is called __________: Freehold Ownership
18. The highest ownership without conditions is called __________: Fee Simple Absolute
19. Leasehold estate for a specific period of time is called __________: Estate for years
20. A leasehold that is month to month, week by week is called __________: Estate
from period to period
21. A leasehold that you move in and stay as long as you want is called __________-
: Estate at will
22. A leasehold where the tenant refuses to leave is called __________: Estate at
Sufferance
23. __________ Certificate verifies the terms of the lease: Estoppel Certificate
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, Arizona Real Estate Exam
Study online at https://quizlet.com/_7g2dx

24. Types of tenancies that you own it by yourself is called __________: Sole & Seperate
25. Type of tenancies that 2 more more persons owns is called __________: Co-Own-
ership
26. Types of tenancies if a married couple and a single person buy a home is
called __________: Tenancy In Common
27. Grantor has the right to convey (give) is called __________: Covenant of Seizin
28. Grantor promises to defend grantee against the claims of 3rd parties is called
__________: Covenant of Quiet Enjoyment
29. Grantor Promises the property is free from encumbrances except those
revealed is called __________: Covenant against encumbrances
30. A deed to remove a "clouds on title" (releases an interest) requires court
action is called __________: Quit Claim Deed
31. A deed a spouse signs that they release any interest there might be in a
property is called __________: Disclaimer Deed
32. A law suit pending is called __________: Les Pendens
33. Forfeiture based on buyers equity is __________: 0%-20% equity 30 days
20%-30% equity 60 days
30%-50% equity 120 days
50% and more 9 months
34. Economic Life for Residential is __________ years
Economic Life for Commercial is __________ years: 27 1/2 for Residential
39 for Commercial
35. The most significant Investing Principle is __________: Diversification
36. Taxable profit earned when selling a capital asset is called __________: Capital
Gains
37. _________ is the release of liability: Novation
38. _________ lien is a mortgage, car loan, etc.: Specific Lien
39. _________ lien is against everything you have (IRS): General Lien
40. _________ payments are amortized loan payments. (Principle + Interest): Level
Payments
41. _________ (term or straight) payments is paying only the interest-Principle
stays the same: Interest Only
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