ARIZONA REAL ESTATE EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e ARIZONA REAL ESTATE EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Arizona property taxes are based on: - ANSWER- Assessed value The tax rate applied to owner occupied residential property is: - ANSWER- 10 % Which of the following leins would have priority? - ANSWERProperty taxes Property taxes become a lien the first day of - ANSWERJanuary If a property is not bid at a tax lien sale: - ANSWER- 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. - ANSWER- Property Taxes, Special Assessments, IRS Liens 2 | P a g e What type of property would have the highest tax rate - ANSWER- Shopping center What is the priority of property tax liens? - ANSWER- Always in first position When are the first half property taxes delinquent? - ANSWERNovember 1 Taxes are assessed on: - ANSWER- Value of the property In Arizona, property taxes are payable: - ANSWER- Twice a year When the county assessor evaluates real estate for the hep purpose of taxation, this is called: - ANSWER- Assessed value In Arizona real estate taxes are levied: - ANSWER- Once a year Second half real estate taxes are due: - ANSWER- March 1st 3 | P a g e Once a homeowner's association establishes the assessments, they are paid: - ANSWER- Annually based on the homeowner's association's budget Which of the following liens are paid first after a foreclosure? - ANSWER- Property taxes At the end of the three-year tax redemptiorn period, a person who holds the certificate of purchase: - ANSWER- May extend the period Ad valorem would apply to which of the following - ANSWERProperty taxes The redemption period in a property tax foreclosure would be how long after the certificate of purchase has been issued: - ANSWER- 3 years Of the following liens: delinquent taxes since 2004, mortgage recorded in 2002, IRS lien recorded in 2006, which has second priority? - ANSWER- 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 4 | P a g e remaining unpaid as of close of escrow - ANSWER- Property taxes for the current year for the property being sold The Homestead Exemption in Arizona is now set at: - ANSWER- 150,000 Homestead exemption will protect a person against which of the following? - ANSWER- Unforeseen personal judgments What will NOT terminate a homestead exemption? - ANSWERBuying other property If a husband and wife own community property and the husband dies, who receives the husband's half? - ANSWER- Heirs What action will void a homestead? - ANSWER- Declaring primary residence in another state In Arizona, property owned before marriage is sole and separate. Property acquired after marriage would be considered - ANSWER- Community property