2024 AZ Real Estate exam with verified questions & Answers 2023//AZ Real Estate
What is the form of co-ownership in which two or more persons each have an undivided interest in the property but no right of survivorship? - CORRECT ANSW-Tenancy in Common
A type of ownership that is considered a long-term lease is best described as: - CORRECT ANSW-Cooperative
Building codes are primarily enforced by: - CORRECT ANSW-the issuance of permits
In the allodial system of land ownership, which of the following would not apply? - CORRECT ANSW-Freedom. The allodial system allows for police power, eminent domain, and escheat.
Cap Rate - CORRECT ANSW-NOI / Market Price
What type of legal description would make reference to a stake? - CORRECT ANSW-Metes and bounds
Improved subdivided property is defined as - CORRECT ANSW-A parcel of land on which a structure has been built
An interest in and possession of any real property is called - CORRECT ANSWAn estate
Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side setbacks to be at least 5 feet. She will need to get what to be able to legally proceed and be assured that future owners will not have a problem? - CORRECT ANSW-A variance will provide permanent permission to deviate from the setback rules.
When an attorney gives an abstract of title, he would also give: - CORRECT ANSW-An opinion.
The selling price of real estate is most generally based on: - CORRECT ANSWThe selling price of real estate is most generally based on market value; the most probable price a property should bring in a competitive and open market
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