Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Statutes > ARS Title 32, Ch 20 Article 4 - Req's and Public Report > Flashcards

ARS Title 32, Ch 20 Article 4 - Req's and Public Report Flashcards

1
Q

The purchaser of unimproved land in an AZ subdivision can void the purchase contract if the subdivider does not provide

a. title insurance

b. water rights

c. permanent access

d. warranty deed

A

C. Permanent Access

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

To apply for a Public Report on an AZ subdivision, a developer must submit all of the following except the

a. terms and conditions of the proposed sale or lease
b. provisions for permanent access
c. liens and condition of the title
d. market value of the subdivision

A

D. market value of the subdivision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A subdivision is defined as improved or unimproved land that is divided or proposed to be divided into

a. four lots
b. five lots
c. six or more lots
d. any number lots

A

C. six or more

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If a buyer has not inspected a parcel of land before purchasing it from the developer, he/she has

a. 3 days to rescind under Regulation Z
b. 7 days to rescind
c. 7 days to inspect and rescind
d. 6 mos. to inspect and rescind

A

D. 6 mos + and rescind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The RE Commissioner can deny the issuance of a Public Report on a subdivision because of the subdivider’s inability to

a. provide buyers w/ comparable sales prices
b. provide paved roads to the property
c. deliver clear title or equitable interest promised
d. provide elevations and floor plans

A

C. deliver clear title or equitable interest promised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Prior to the issuance of the AZ Public Report, the subdivider may accept

a. purchase contracts
b. lot reservations
c. purchase options
d. ground leases

A

B. lot reservations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In a subdivision, a developer may make all of the following claims in advertising except

a. the price and terms are fixed
b. there is no down payment
c. the lots make nice building sites
d. the subdivision is endorsed by the RE Commissioner

A

D.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When advertising property for sale in an AZ subdivision, the subdivider may represent the property in all of the following ways except

a. that it is without risk to the purchaser
b. that there are paved roads
c. the price and terms
d. utilities are available

A

A.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

All of the following items must be submitted to the RE Commissioner for issuance of a timeshare Public Report except

a. development of an added with at some future date
b. the legal description and location of the land
c. a statment of assurances for the installation of off-site improvements
d. provisions for the exchange of occupancy rights w/ owners of other timeshare projects

A

A.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A Public Report is required in AZ if a timeshare project consists of

a. 4 or more units
b. 8 or more”
c. 11 or more”
d. 12 or more”

A

D. 12+

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A purchaser of a timeshare in AZ may rescind the contract to purchase within a mas of how many calendar days of execution of the contract

a. three days
b. five”
c. ten days
d. six months

A

C. ten days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

An AZ broker or developer must keep acknowledgment of a buyer’s receipt of a Publice Report for a mi of

a. 1 yr from close of escrow
b. 1 yr from date of the contract
c. 3 yrs from closing
d. 5 yrs from closing

A

D. 5 yrs from closing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the max age of a Public Report in order to qualify for a subsequent owner exemption

a. 1 yr
b. 2 yrs
c. 5 yrs
d. 6 yrs

A

C. 5 yrs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

If there are material changes from an original Public Report, the Commissioner may require the subdivider to create a(n)

a. subsequent owner exemption
b. amended Public Report
c. original subdivision disclosure report
d. affidavit of disclosure

A

B.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Which is not exempt from the Public Report requirement

a. a bulk sale of 10 lots
b. the sale of ten 200 acre parcels
c. the lease of a property zoned, and deed restricted for industrial use
d. the sale of one house owned by an investor who owns five other prop in the same subdivision

A

D.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A property divided for sale into six or more lots which are between 36 and 160 acres each is

a. subdivided land
b. unsubdivided land
c. exempt from disclosure of adverse material facts
d. subject to all subdivision statutes

A

B. unsubdivided

17
Q

In the sale of a timeshare, all are true except

a. the buyer must receive a paper copy of the sales agreement
b. blank spaces on the sales agreement render the agreement voidable
c. the buyer has a max of seven days within which to cancel the purchase agrmnt
d. the sale agreement must include disclosures that must be initialed by the buyer

A

C.

18
Q

Before the Commissioner issues a Public Report on a subdivided land, the subdivider may not

a. take lot reservations
b. enter into a binding contract
c. advertise the lots for sale
d. begin lot improvements

A

B.

19
Q

A Public Report will be denied a developer for all of the following reasons except

a. failure to deliver marketable title
b. not providing detailed floor plans
c. inability to use property as advertised
d. not able to show financial ability to complete the project

A

B.

20
Q

A Public Report would be required on all of the following prop except

a. residential timeshare
b. new home sales
c. apartments converted to condos
d. commercial lots

A

D.

21
Q

A Public Report is to be given to a buyer

a. before the buyer signs the contract
b. within three days of signing contract
c. within seven days after signing contract
d. within six months of signing the contract

A

A. before

22
Q

Improved subdivided property is defined as a parcel of land

a. that has streets, walkways, and utilities
b. on which a structure has been built or will be within 2 yrs
c. that has ingress and egress
d. that has been graded and is ready for future development

A

B.

23
Q

Once the ADRE publishes a subdivider’s Public Report, assuming there are no material changes, the PR is valid for

a. 2 yrs
b. 5 yrs
c. 10 yrs
d. there is no time limit

A

B. 5

24
Q

You buy unimproved land in a subdivision sight unseen. You have how long to rescind the contract

a. 1 yr
b. 6 mos
c. 7 days
d. 90 days

A

B. 6 mos

25
Q

What can a developer do without a Public Report

a. take lot reservations
b. prepare sales contracts
c. close escrow
d. accept non-refundable deposits

A

A.

26
Q

A subdivider in a planned community has plans to build four types of model homes. A buyer goes under contract for a lot on which the subdivider is going to construct one of the four model homes. Four days later the buyer wants to rescind. Do they have the right to rescind

A. yes, within 7 days

B. no, because it is an improved lot

C. yes, bc it is an unimproved lot

D. No, bc it is an unimproved lot

A

B. no, its an improved lot.

REMEMBER:** by definition an **improved lot** is a subdivision which a structure exists or on which a contract has been entered into …THAT OBLIGATES THE SUBDIVIDER /DEVELPER TO CONSTRUCT A STRUCTURE WITHIN 2 YEARS FROM DATE OF CONTRACT OF SALE**

27
Q

All of the following are included in an Affidavit of Disclosure except

a. utilities availability
b. location of the nearest fire station
c. inclusion in a FEWA floorplain
d. solar energy devices

A

B.

28
Q

What is the main purpose of a Public Report

a. to inform the buyer about the property
b. to advise neighbors of a potental zoning change
c. to disclose closing costs
d. to create a lot reservation in a subdivision

A

A.

29
Q

When a subdivision is within an AMA the subdivision must obtain a certificate of Assured Water Supply from the ADWR

True or False

A

True.

AMA - Active Groundwater Management Area

ADWR - AZ Dept of Water Resources

30
Q

MEMORIZE ME!!

A
31
Q
A
32
Q
A

Real Estate Statutes (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions