Quiz
In order to qualify for the $150,000 homestead exemption, you may have which of the following
A) Primary residence
B) Primary residence and vacation home
C) Number of residences does not matter
D) Rental apartment building
A) Primary residence
A person would qualify for a homestead when?
A) They have lived in the property 3 of the last 5 years
B) Upon taking ownership and moving in
C) Eighteen months after ownership
D) When they have sold other investment properties
B) Upon taking ownership and moving in
Which of the following would NOT qualify for a homestead exemption?
A) Married couple living in a co-op
B) Single person living in a mobile home that is parked in rented space
C) Family who owns a house in the name of a corporation
D) Unmarried people living in manufactured housing on jointly-owned land
C) Family who owns a house in the name of a corporation
All of the following deeds will convey title EXCEPT:
A) General warranty
B) Special warranty
C) Quit claim
D) Disclaimer
D) Disclaimer
Which of the following would not appear on public report?
A) Utilities
B) Title condition
C) Market value
D) Legal description
C) Market value
When a lot is sold outside of a subdivision, which of the following must appear in the deed?
A) Zoning ordinances
B) Square footage
C) Water rights
D) No ingress or egress exists
D) No ingress or egress exists
An affidavit of value would contain all of the following EXCEPT
A) Consideration
B) Tax transfer stamps
C) Description
D) Signatures
B) Tax transfer stamps
What is the purpose of an affidavit of value?
A) Assist the County Assessor in determining property values
B) To meet IRS requirements
C) To assist in determining capital gains tax
D) To assist the State Treasurer in sales tax revenue
A) Assist the County Assessor in determining property values
In Arizona, you may obtain title under which of the following?
A) Easement by prescription
B) Adverse possession
C) License action
D) Disclaimer deed
B) Adverse possession
Which of the following coverage would NOT be included in an owner's policy of title insurance?
A) Forged documents
B) Unknown heirs
C) Parties in adverse possession
D) Recorded mechanics liens
C) Parties in adverse possession
Which of the following would NOT be covered in a standard owner's policy of title insurance?
A) Easements obtained by prescription
B) Improper delivery
C) Conveyance made by a minor
D) Forged documents
A) Easements obtained by prescription
An owner's title policy would protect a buyer against which of the following?
A) Encroachments
B) Survey error
C) Unrecorded easements
D) Forgery
D) Forgery
In Arizona, a deed must be signed by the:
A) Grantee
B) Mortgagor
C) Grantor
D) Trustor
C) Grantor
A deed is acknowledged in Arizona to:
A) Show the intent of the grantee
B) Meet the recordation requirements
C) Meet state law
D) Meet the Statute of Frauds
C) Meet state law
Who signs a deed of conveyance?
A) Vendee
B) Grantor
C) Beneficiary
D) Trustee
B) Grantor
At what point does recordation take place?
A) Docket and page number are assigned
B) At close of escrow date
C) The date the document was signed
D) The date the document was notarized
A) Docket and page number are assigned
A licensed contractor is hired and paid in full directly by the owner of a commercial property. The general contractor fails to pay the subcontractors for the work they performed. The general contractor then files bankruptcy, and subcontractor files a mechanics lien within 125 days from the completion of his work. In this situation, which of the following is true regarding the subcontractor
A) The lien is not valid because the owner did not hire the contractor
B) The lien is not valid because it was not recorded within the required time period
C) The lien is not valid because the owner paid the general contractor in full
D) The lien is valid as long as foreclosure action is taken within 100 days of recording the lien
B) The lien is not valid because it was not recorded within the required time period.
How long does a subcontractor have to file a mechanic's lien?
A) 60 days after completion of work
B) 60 days from contract date
C) 90 days after completion of work
D) 120 days after completion of work
D) 120 days after completion of work
Which of the following would NOT be involved in a Deed of Trust?
A) Trustor
B) Trustee
C) Beneficiary
D) Vendor
D) Vendor
A defeasance clause in a Deed of Trust allows for:
A) The trustee to foreclose
B) Cancellation of the lender's claim upon full note payment
C) Lender's protection against forgery
D) Non-assumability of a loan
B) Cancellation of the lender's claim upon full note payment
If one was to research the county public records, one would always find?
A) Loans on the property
B) Adverse possession
C) Easements
D) Mechanic's liens
D) Mechanic's liens
When a Deed of Trust is satisfied, the trustee sends out a:
A) Satisfaction of mortgage
B) Defeasance clause
C) Deed of reconveyance
D) Warranty deed
C) Deed of reconveyance
An owner hires a general contractor to build a commercial project. The owner pays the general in full, but the general fails to pay the subcontractors. Which of the following statements are true?
A) The subs can only look to the general for payment
B) The subs can file a mechanics lien against the property
C) The subs cannot file a mechanic's lien
D) The subs must wait for the general to file the mechanics lien
B) The subs can file a mechanics lien against the property
Who would provide instructions regarding signing of the deed of conveyance?
A) Trustor
B) Trustee
C) Beneficiary
D) Sheriff
C) Beneficiary
Naked legal title best describes the interest of:
A) Trustee under a trust deed
B) Trustee in an agreement for sale
C) Trustee in a mortgage
D) Beneficiary to owner
A) Trustee under a trust deed
What is NOT true regarding a mechanic's lien?
A) General contractor has 120 days to file a lien
B) Subcontractor has 120 days to file a lien
C) A mechanics lien may be filed at any time
D) A mechanics lien is valid for six months
C) A mechanics lien may be filed at any time
Property taxes are what type of lien?
A) General
B) Specific
C) Inchoate
D) Incorporeal
B) Specific
Which of the following could NOT be part of a Deed of Trust
A) Judicial foreclosure
B) Non-judicial foreclosure
C) Statutory forfeiture period
D) Reinstatement period
C) Statutory forfeiture period
An Assignment of Rents Clause is for the benefit of the:
A) Trustor
B) Beneficiary
C) Trustee
D) Mortgagor
B) Beneficiary
A mechanic's lien must be placed on title by a general contractor within:
A) 90 days from the start of the job
B) 120 days after job is completed
C) 60 days from the start of the job
D) 60 days after completion
B) 120 days after job is completed
When do you file a mechanic's lien?
A) Beginning of week
B) Completion of work
C) Six months after completion
D) After obtaining a judgement
B) Completion of work.
A mechanic's lien may be filed by:
A) The utility company
B) Construction employee
C) The auto mechanic
D) The lumber supplier
D) The lumber supplier
If you have been given notice of a possible future lien, this lien is probably for:
A) Recorded judgement
B) Mechanic's lien
C) Property insurance
D) Purchase money mortgage
B) Mechanic's lien
A general contractor does work for a tenant in a commercial leased space. The tenant fails to pay the contractor. Which of the following is true regarding the mechanic's lien?
A) The contractor may not file a lien
B) The contractor will lien the entire building
C) The contractor can only lien the leasehold interest
D) The contractor must have the owner's permissiont to file a lien
C) The contractor can only lien the leasehold interest
A tenant hires a contractor to construct a patio roof. The tenant refuses to pay the amount owed, the mechanic may file a lien against:
A) Beneficiary
B) Mortgagor
C) Tenant's improvements
D) Owner
C) Tenant's improvements
Once originated, under the Deed of Trust, who owns the property?
A) Trustor
B) Trustee
C) Assignee
D) Beneficiary
A) Trustor
Who pays the fee for recording a Deed of Reconveyance?
A) Beneficiary
B) Trustor
C) Trustee
D) Fiduciary
A) Trustor
Which of the parties below would hold "naked title" in a deed of trust?
A) Trustee
B) Trustor
C) Morgagee
D) Beneficiary
A) Trustee
When a mechanic's lien is recorded and later results in a judgement, what is the lien priority of the judgement?
A) When the notice of completion is recorded
B) Same as the mechanic's lien
C) Day judgement is recorded
D) Day work is completed
B) Same as the mechanic's lien
Judgements in Arizona would be valid for what period of time?
A) 1 year
B) 2 years
C) 3 years
D) 5 years
D) 5 years
What accompanies a deed of trust?
A) Mortgage
B) Note
C) Estoppel
D) UCC
B) Note