FREE Arizona Real Estate License Basic Questions and Answers
In Arizona, corporations often possess property under what kind of ownership?
Explanation:
Both governments and private citizens own property in Arizona LLCs in severalty. When a single person or legal entity owns real estate, it is known as ownership in severalty (or tenancy in severalty), giving the owner total authority over the land. The owner is ""severed"" from other owners, which is where the word comes from.
In Arizona, there is a married couple that is legally separated. The spouse posts a listing for their jointly acquired vacation property in Tucson and gets a very good offer. What will be the outcome?
Explanation:
Since selling a jointly-owned property requires authorization from both parties, the listing for this property was never legitimate and any sale agreement would be null and void.
In Arizona, you need to have the following in order to sell land and attached manufactured homes:
Explanation:
When selling the land along with the manufactured home, only licensed real estate agents are permitted to sell the attached home.
What kind of license is required to sell timeshares in Arizona?
Explanation:
Timeshares are real property interests with a divided form of ownership or use rights, and selling deeded interests in real property needs a real estate license. These properties are usually resort condominiums, where each owner has a set amount of time to utilize the property and several parties have the right to use it.
When is a licensee subject to an investigation by the Arizona Department of Real Estate?
Explanation:
Investigations are only necessary when a member of the public submits a legitimate, documented complaint, even though they may be conducted based on initiatives, recommendations, or spot checks.
By what means do the majority of government buildings in the State of Arizona own real property?
Explanation:
When title is held by corporations, government agencies, or individuals, the property is owned in "severalty."
Who is in charge of fixing a rented property's repairs under the terms of the Arizona Landlord Tenant Act?
Explanation:
Any essential repairs will have to be made by the party named as the responsible party under the lease. Enacted to regulate the renting of dwelling units and the rights and responsibilities of landlords and renters, the Arizona Residential Landlord and Tenant Act relates to typical rental housing.
Which Arizonan law completely overrides a tenancy?
Explanation:
According to Arizona's community property laws, spouses share all property. According to these laws, all property obtained by both parties during their marriage will be regarded as community property in Arizona, with a few exceptions. To refute this assumption, a spouse must provide substantial and convincing proof that the assets are their own.
In an Arizona condo complex with a total of only 25 units, who is in charge of providing all CCRs and HOA paperwork to a potential buyer?
Explanation:
In Arizona, the owner is in charge of the paperwork and delivery in complexes with up to 49 units.
Property managers in Arizona are in charge of the following, with the exception of:
Explanation:
Property managers are in charge of helping with maintenance, performing credit checks, and collecting rent; however, they are not allowed to give referral fees to any unlicensed individual.
When does a new buyer in Arizona become the owner of the property?
Explanation:
The completion of a property transfer is indicated by the grantee receiving a deed.