Arizona Real Estate License Practice Exam 2025 – All-in-One Resource to Pass with Confidence!

Question: 1 / 1505

What is the purpose of an affidavit of value?

Assist the county assessor in determining property values

The purpose of an affidavit of value is primarily to assist the county assessor in determining property values. This document is generally submitted when real estate transactions occur, providing essential information about the sale price and other relevant details. The county assessor utilizes the information from the affidavit to assess the property's value accurately, which helps ensure equitable taxation based on current market conditions. By providing data directly related to sales, the affidavit contributes to an updated and fair valuation process that supports overall property tax assessments within the jurisdiction.

While the other options may reference relevant aspects of the real estate transaction process—such as IRS compliance for tax purposes or considerations for capital gains tax—the main function of the affidavit of value is directly tied to supporting the county's assessment activities.

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Comply with IRS requirements

Assist in determining capital gains tax

Assist the state treasurer in sales tax revenue

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