Trustor (Creator), the Trustee (Holder), the beneficiary (One who benefits), relating to trust deeds
Judicial foreclosure(court and more costly) vs. nonjudicial foreclosure (conducted by the lender),
public auction, number of days notice,
deed of reconveyance (use in a trust deed to release lien), satisfaction of mortgage (used in a mortgage to release the lien), etc.
One question asked if there was a choice of an acceleration clause concerning nonjudicial foreclosure. The better choice was, “that if there was a public auction, there was not an acceleration clause." Don't know what you think about that, I think I got it right by answering 'public auction'.
If the Commissioner does not issue a report for the subdivider, you
have 3 years to cancel the purchase.
Nonissuance of public report - 3 years to cancel!
In a contract, written words take priority over printed words.
Month’s property tax bills are due in March and October, and months they are delinquent are May and November
Tax sales are held during what month each year? (February)
Who holds the tax sale? (county)
Redemption of the certificate of purchase must occur within 3 yrs. of date of the tax sale.
priority of liens; ie, The order is 1) property tax, 2) special assessment, 3) IRS.
A judgment lien is valid for 5 yrs. from the date it was entered by the court.
If landlord's noncompliance materially affects health and/or safety of the tenant, lease can be terminated in _ days (ans: 5).
A judgment, when recorded, becomes an involuntary lien. The type of lien is equitable.
Know: COALD, PCEEED, PETE, Characteristic of land (Economic and Physical), etc.
How long do you have to keep an accepted contract? 5 years
When do you have to take the sign down when a broker moves to a new location? Immediately
Do you have to be licensed when negotiating an exchange? Yes
Property management?
How long do you have to take a sign down from a listed property? as soon as possible or when requested to do so.
Read the Statutes and and Commisioner's Rules. There are links to both of these on Sue's site.
To whom do you give the earnest money deposit? Broker (Remember the agent is appointed duties by the Broker, but the Broker is responsible for everything - including directing the agent to place the money in escrow. TRICK QUESTION!)
How long do you keep closed sales? 5 years
How long do you keep a rejected offer? 1 year
Who has to be licensed? Someone who negotiates a real estate exchange, sale, list, etc.
If there is a disagreement between a salesperson and a broker, who settles
it?
Not the commissioner
It becomes a Civil suit
If an agent changes offices, he/she must notify Real Estate Department within 10 days.
If you are an agent of a buyer, you should disclose environmental problems and you should direct buyer to correct agency. You do Not direct to FEMA or antitrust, but you can direct to EPA.
What is the statutory right of redemption for property tax sales in Arizona? Three years
Advertising must have the name of the brokerage in the ad.
Ads must have owner/agent if person is licensed and selling a property as a FSBO. Selling your own property as a FSBO is not recommended!!!! If a salesperson sells his/her property on their own, the broker is still liable for salesperson’s actions.
Subdivision report must be held for 3 years if not listed with a broker. Five years from the date of closing (if closed)/contract date(if cancelled) if through a real estate agency.
In an agreement for sale, the file must be kept for five years from close of escrow.
Possibly one question on the Recovery Fund
Recovery fund. Four people involved, $10,000/person to a maximum of
$30,000 claim.
$30,000 per transaction/$90,000 agregate per licensee for (new
figures differ from book)
An action for a judgment that subsequently results in an order for payment from the real estate recovery fund shall not be started later than five years from the accrual of the cause of action.
If a broker does not pay the agent his commission, the agent must file a civil law suit . Commissioner doesn’t get involved .
Title 44 of Statutes. Several questions on landlord tenant act/ property
management
A minor, married to a veteran, has a valid contract (it’s
not voidable or void)
Statute of frauds – must be in writing
Statute of Limitation - Action must be brought within three years after
the discovery or by the exercise of reasonable diligence.
Class 6 Felony for forging signature
If an agent lists a property, who must give permission to put up a sign?
The owner
Can a tenant give permission? No – only the owner!
Notice for tenant? 48 hours/ two days
When a Meat packing plant is near the property, what must the agent do? Disclose "noxious odors at different times." Same for water treatment, golf course affluent water, etc.
Land Affidavit of Disclosure for parcel of unsubdivided land of 5 acres or more, must have the document "land affidavit of disclosure" – land affidavit must be signed.
Where do real estate agents get the right to write contracts? Article 26
When placing an ad by an office, which uses the concept of team players, you do not have to list all of the team players. You must register the names with the commissioner. Names do not have to be disclosed in public. This is true for signs, also.
Mixing personal funds and client funds is called commingling.
Misappropriation of funds is called conversion!
Who can negotiate a sale? Only a real estate licensee may negotiate sales, listings, exchanges for a commission.
Who does not need a real estate license? Attorney representing his client, title company, bank, etc.
Present all contracts at the same time. Can’t present lowest to the
highest or the one that comes in first. Lay them in front of the seller
to choose.