How to print a list of all taxonomy terms assigned to a node?

Drupal 7

Code snippet to print the terms associated to a node in Drupal 7

 

// we get the node ID
if (arg(0) == 'node' && is_numeric(arg(1))) {
    $nid = arg(1);
}

$node = node_load($nid);

// grab all terms without specifying field names and no db_query:
function example_get_terms($node) {
    $terms = array();

    foreach (field_info_instances('node', $node->type) as $fieldname => $info) {
        foreach (field_get_items('node', $node, $fieldname) as $item) {
            if (is_array($item) && !empty($item['tid']) && $term = taxonomy_term_load($item['tid'])) {
                $terms[] = $term->name;
            }
        }
    }
    return $terms;
}

$terms = example_get_terms($node);