Quiz

Arizona property taxes are based on
A) pro rata share
B) assessed value
C) front footage
D) transfer value
B) assessed value

The tax rate applied to owner occupied residential property is:
A) 10%
B) 12%
C) 14%
D) 16%
A) 10%

Which of the following liens would have priority?
A) Recorded mechanic liens
B) Unrecorded mechanics liens
C) IRS liens
D) Property taxes
D) Property taxes

Property taxes become a lien the first day of:
A) January
B) October
C) November
D) March
A) January

if a property is not bid at a tax lien sale:
A) The excess rebate goes to the property owner.
B) Anyone can later buy the tax lien from the Treasurer
C) All other liens are terminated
D) The property can only be sold next February
B) Anyone can later buy the tax lien from the Treasurer.

Rank the following liens in the order of their priority from highest to lowest: IRS lien, Property Taxes, Special Assessments
A) IRS Lien, Property Taxes, Special Assessments
B) Property Taxes, Special Assessments, IRS Liens
C) Property Taxes, IRS liens, Special Assessments
D) IRS liens, Special Assessments, Property Taxes
B) Property Taxes, Special Assessments, IRS Liens

When a broker misappropriates funds, this is called?
A) Conversion
B) Commingling
C) Conveyance
D) Consideration
A) Conversion

What type of property would have the highest tax rate?
A) Vacant land
B) Shopping center
C) Parking lot
D) Residential housing
B) Shopping center

What is the priority of property tax liens?
A) Date recorded
B) After IRS liense
C) Always in first position
D) After the homestead exemption
C) Always in first position

When are the first half property taxes delinquent?
A) October 1
B) November 1
C) March 1
D) May 1
B) November 1

The two designations or classifications of water law in Arizona are:
A) Navigable and non-navigable
B) Ground and Surface
C) Flowing and stagnant
D) None of these
B) Ground and Surface

Taxes are assessed on:
A) Improvements on the land
B) Value of the property
C) Amount paid for the property
D) Assessments on the property
B) Value of the property

The doctrine of water usage in Arizona is known as:
A) Riparian
B) Prior appropriation
C) Reliction
D) Reliction back
B) Prior appropriation

Water rights in Arizona are:
A) A constitutional right of property owners
B) Indefeasible by right of law
C) Federal right
D) First in time, first in right
D) First in time, first in right

In Arizona, property taxes are payable:
A) Twice a year
B) 90 days after Bill received
C) January 1 of every year
D) on the fiscal year
A) Twice a year

When a party owns land on a non-navigable stream it is said that they hold title to:
A) Low water mark
B) High watch mark
C) As stated in the original legal description
D) Must be determined by a surveyor
A) Low water mark

When the County assessor evaluates real estate for the purpose of taxation, this is called:
A) Loan to value
B) Dollar value
C) Mill value
D) Assessed value
D) Assessed value

Arizona real estate taxes are levied:
A) twice a year
B) once a year
C) every five years
D) quarterly
B) Once a year

Second-half real estate taxes are due
A) January 1
B) October 1
C) November 1
D) March 1
D) March 1

Once a homeowners association establishes the assessments they are paid:
A) Annually, based on costs
B) Quarterly, based on costs
C) Annually, based on the homeowne's association's budget
D) Quarterly based on the developer's budget
C) Annually, based on the homeowne's association's budget

Which of the following liens are paid first after a foreclosure?
A) 1st mortgage
B) Mechanic's liens
C) IRS liens
D) Property taxes
D) Property taxes

At the end of the three-year tax redemption. A person who holds the certificate of purchase:
A) Must foreclose
B) may extend the period
C) Will automatically obtain title
D) The period is automatically extended
B) may extend the period

Which of the following best describes prior appropriation?
A) Reliction
B) First in time, first in right
C) Riparian Rights
D) Adequate Water Supply
B) First in time, first in right

Ad valorem would apply to which of the following:
A) income tax
B) rent
C) property taxes
D) net income
C) property taxes

The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued:
A) 1-year
B) 2-years
C) 3-years
D) 90 days
C) 3-years

Of the following lines: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006, which has second priority?
A) IRS lien
B) 2nd year property taxes
C) Mortgage
D) 3 year's property taxes
C) 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:
A) Property taxes for the current year for the property being sold
B) Back taxes on the property being sold
C) Seller's note and deed of trust against the property being sold.
D) IRS lien against the seller
A) Property taxes for the current year for the property being sold

The Homestead Exemption in Arizona is now set at:
A) $20,000
B) $50,000
C) $100,000
D) $150,000
D) $150,000

Homestead exemption will protect a person against which of the following?
A) Subsequent liens
B) Mechanic's liens
C) Unforeseen personal judgments
D) Secured loans
C) Unforeseen personal judgments

What will NOT terminate a homestead exemption?
A) Selling the property
B) Moving out of the property
C) Buying other property
D) Filing an abandonment of homestead
C) Buying other property

If a husband and wife on community property and the husband dies, who receives the husbands half?
A) Wife in all cases
B) 1/2 wife, 1/2 heirs
C) Heirs
D) Children 3/4, wife 1/4
C) Heirs

What action will void a homestead?
A) Declaring bankruptcy
B) Filing joint tenancy
C) Declaring primary residence in another state
D) Death of a spouse
C) Declaring primary residence in another state

In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered:
A) Community property
B) Sole and separate
C) Tenancy in common
D) Joint tenancy
A) 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?
A) Nothing
B) $50,000
C) 90 days of payment
D) 6 months of payment
B) $50,000

A property that is in foreclosure has had a valid homestead recorded. What is the status of the foreclosure?
A) Homestead will protect the equity
B) Homestead will delay the foreclosure
C) Foreclosure will continue as normal
D) Lender may only obtain the amount over the homestead limit
C) Foreclosure will continue as normal

Which of the following would NOT apply to community property with right of survivorship?
A) Step-up in basis
B) Avoiding probate
C) Willing to a third party
D) Can only be held by husband and wife
C) Willing to a third party