Arizona Real Estate Vocabulary Latest 2023 100% Pass

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Arizona Real Estate Vocabulary Latest 2023 100% Pass Carryback ✔✔Financing in which the seller takes back a note for part of the purchase price and is secured by a junior mortgage(second or thi... rd mortgage), wraparound mortgage, or contract for deed(between seller and buyer). Agreement for sale ✔✔Terms that transfer ownership from one to another. In real estate, the agreement of sale (purchase agreement) includes agreements about price, timing, and interest. Contract for Sale ✔✔Aka Purchase Money Mortgage or Deed of Trust- A contract for the purchase and sale of real property in which buyer agrees to purchase fro a certain price and the seller agrees to convey title by way of a deed or an assignment of lease(for leasehold property). Acre foot ✔✔A volume of water, sand, or minerals equal to an area of one acre with a depth of one foot(43560 cubic feet); used in measuring irrigation water. If liquid, it equals 325,850 gallons. ad valorem ✔✔Latin for "According to valuation" in real property tax is an ad valorem tax based on the assessed valuation of the property. allodial system ✔✔Bundle of rights air rights ✔✔rights to the use of open space or vertical plane above a property appurtenant ✔✔runs with the land or belongs to; adjunctive; appended; or annexed to. arrears ✔✔State of being delinquent in paying a debt or at or after the end of the period for when if due of levied. assessment ✔✔an official valuation of real property for tax purposes based on appraisals by local government officals; assessed value. assessor ✔✔a public official who appraises property for tax purposes on the assessed value. beneficial use ✔✔domestic or house hold use caisson ✔✔The foundation supports for a building. Chattel ✔✔An item of tangible personal property (chattel evolved form cattle) corporeal ✔✔touch it feel it tangible emblements ✔✔are regarded as personal property even before harvest; thus a tenant has the right to take the annual corp resulting from his labor, even if the harvest does not occur until after tenancy has ended. eminent domain ✔✔the rights of the government to take private property for pubic use and you must sale to the government. escheat ✔✔reversion of property to state if property owner dies intestate without a will or heirs fixture ✔✔an article that was once personal property but has been so affixed to real estate that it has become real property. general plan ✔✔city grid with master plan for next 25 years well planned communities groundwater ✔✔Water under the surface of the earth regardless of the geological structure in which it is standing or moving. hereditament ✔✔Every kind of inheritable property including real, personal, corporeal, and incorporeal those things appurtenant to the land. improvements ✔✔Valuable addition made to property that amount to more than repairs costing labor and capital, intended to enhance the value of the property of extend the useful remaining life. incorporeal ✔✔rights and relationships- non physical intangible or nonpossessory rights in real property, IE easements, licenses, profits etc.... Industrial Friuts ✔✔cash crops intangible ✔✔rights and relationships trademarks, patents, etc.... land ✔✔the real estate and real property surface on which the property is built. littoral ✔✔Lakes ponds seas and streams natural fruits ✔✔is personal until you sell your property. neighborhood plan ✔✔REI personal property ✔✔personalty or chattel - things that are tangiable and moveable police power ✔✔Enabling legislation government helps them selves; regulate limit confiscates, regulates, and limits (condemnation) Private controls ✔✔deed restrictions prior appropriation ✔✔first in time first in right; theory is that if available water were equally divided among all potential users. there would not be adequate supply to produce anything. property ✔✔rights or interest a person owns in a thing real estate or personal real estate ✔✔The physical land; same as real property riparian rights ✔✔river and stream rights situs (law of) ✔✔location (the place where something is held to be located by law surface water ✔✔water falling on the land from storm property owners let flow through their yards on to a lot below as long as it's in sheet form. tangible ✔✔touch it feel it lease, promissory note, objects etc.... tenements ✔✔manmade structures buildings trade fixture ✔✔fixture attached used in business or trade treasurer's deed ✔✔issued after tax forecloser sale and after 10yrs the property is sold by the government urban ✔✔City area Variance ✔✔hardship permission obtained from government zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws water rights ✔✔prior appropriation Zoning ✔✔government regulations Progression ✔✔A principle of appraisal, which states that the worth of a lesser object is increased by being located among better objects. Opposite of regression Regression ✔✔A principle of appraisal stating that, between dissimilar properties, the worth of the better property is adversely affected by the presence of the lesser-quality property. Substitution ✔✔A principle of value stating that the maximum value of a property tends to be set by the cost of acquiring, through purchase or construction, an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution. Economic depreciation or social obsolescence ✔✔Loss of value from causes outside the property (loss of money, it's off your property or can't fix them Revocation ✔✔Act of terminating, canceling, or annulling an offer, as when a seller revokes a broker's agency by canceling the listing (for cause) Renunciation ✔✔Where the agent fires the seller usually happens because of non-cooperation of the seller. [Show More]

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