ARSTitle32Ch20/Subdivisions/UnsubdividedLand/Timeshare

Question 1

Enact and enforce laws to protect the health, safety, and welfare of the public…

Answer 1

Police power

Question 2

ARS Title 32, Chapter 20, Article 4: (reference)

The Commissioner must be notified of the subdivider’s intent to subdivide through ? report.

Answer 2

Public Report aka Subdivision Disclosure report

Question 3

Subdivision laws were enacted to ensure responsible development/protect the public
TRUE/FALSE

Answer 3

TRUE

Question 4

Land is divided into six or more lots, parcels, or fractional interests, each of which is less than 36 acres is called?

Answer 4

Subdivision

Subdivision Land

Question 5

The individual who divides a parcel of land into six or more parcels is the?

Answer 5

Subdivider

Question 6

Prior to issuance of the Public Report, a subdivider may only accept ?

Answer 6

Lot reservations

Question 7

If a subdivider fails to provide a Public Report to the purchaser, the sale rescindable by the purchaser within ?

Answer 7

Three years

Question 8

The subdivider mush keep the receipt from a buyer for the Public Report for how many years?

Answer 8

5

Question 9

If there are material changes to the information in a Public Report, the Commissioner may require the subdivider to provide a(n)?

Answer 9

Amended Public Report

Question 10

When a subdivision is within an AMA the subdivider must obtain a Certificate of ? from ADWR (AZ Dept of Water Resources

Answer 10

Cert of Assured Water Supply

Question 11

After receiving the Amended Public Report, a buyer has ? to cancel the purchase contract

Answer 11

10 years

Question 12

Exemptions to the Public Report, exist for a

1. bulk sale or lease of six or more lots to one buyer,
2. sale or lease of lot or parcels of ? acres or more
3. sale or lease of parcels zoned and restricted to ? or ? uses

Answer 12

160 acres

commercial, industrial

Question 13

A ? exemption allows an owner of six or more parcels in an existing subdivision to use the original Public Report if the report is less than five years old.

Answer 13

Subsequent Owner Exemption

Question 14

A buyer of unimproved lot or parcels from a subdivider has ? days to rescind the purchase if the buyer has seen the land and ? months to rescind if the buyer has not inspect the land.

Answer 14

7 calendar day

6 months

Question 15

Subdivided land is defined as dividing land into ?

Answer 15

six or more parcels, each less than 36 acres

Question 16

The rescission period on an improved subdivided lot is ?

Answer 16

None

Question 17

A subdivider must provide a ? access to the development site and to each parcel within the development

Answer 17

permanent

Question 18

The maximum deposit that can be accepted with a lot reservation is?

Answer 18

$5000 per lot

Question 19

An improved lot or parcel has a ? or a contract to build one within ? years

Answer 19

structure

2

Question 20

A lot split is defined as dividing land into ? or fewer parcels

Answer 20

5 or fewer

Question 21

When required, an Affidavit of Disclosure must be delivered to a buyer at least ? days prior to closing

Answer 21

7

Question 22

After receiving an Affidavit of Disclosure, a buyer has ? days to rescind the purchase

Answer 22

5 days

Question 23

Unsubdivided land is defined as dividing land into ? or more parcels of ? acres

Answer 23

6

36 acres each and less than 160 acres

Question 24

Public Reports are required on the sale of any ? and ? land

Answer 24

Subdivided and Unsubdivided land

Question 25

The sale of subdivided land is regulated under? (hint ARS, what is the ARS title, chapter and article

Answer 25

ARS Title 32, Chapter 20, Article 4

Question 26

The sale of unsubdivided land is regulated under what title? (hint ARS)

Answer 26

ARS Title 32, Ch. 20, Article 7

Question 27

The sale of interest in a timeshare is regulated under what title (ARS)?

Answer 27

ARS Title 32, Ch. 20, Article 9

Question 28

The sale of ? or more timeshare units requires the developer to obtain a ? Public Report

Answer 28

Timeshare Public Report

Question 29

A purchaser may rescind a contract to purchase a timeshare within ? calendar day of executing contract

Answer 29

10

Question 30

If a sale is made prior to issuance of a timeshare public report, the sale is voidable by the purchaser within ? years

Answer 30

3

Question 31

Two important items that a timeshare public report must contain are a statement for installation of all improvements including ? and provisions for the ? of occupancy rights with other owners.

Answer 31

offsite improvements | exchange

Question 32

1. List the # of Parcels and Size of Parcels for the following 2. Y/N is a Public Report required for the following: (A)Lot Split (B)Subdivided Land (C)Unsubdivided Land

Answer 32

``` #of Parcels Parcel Size Reqd PR (A) 5 or less N/A No Lot Split ``` (B) 6+ up to 6 Yes Subdivided Land (C) 6+ 36 to 160 Yes Unsubdivided Land

Question 33

The purchaser of unimproved land in an AZ can void the purchase contract if the subdivider does NOT provide: a. title insurance b. water rights c. permanent access d. warrant deed

Answer 33

C. perm access

Question 34

To apply for a Public Report on an AZ subdivision, a developer must submit all of the following items to the RE Commissioner 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

Answer 34

D

Question 35

If a buyer has not inspected a parcel of land before purchasing it from the developer, he or she has: a. 3 day to rescind under Regulation Z b. 7 days to rescind c. 7 days to inspect and rescind d. 6 months to inspect and rescind

Answer 35

D.

Question 36

The RE commissioner can deny the issuance of a Public Report on a subdivision bc of the subdivider's inability to: a: provide buyers with comparable sales price b. provide paved roads to the property c. deliver clear title or equitable interest promised d. provide elevations and floor plans

Answer 36

C.

Question 37

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

Answer 37

B

Question 38

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

Answer 38

D

Question 39

An AZ broker or developer must keep acknowledgment of a buyer's receipt of a Public Report for a minimum 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

Answer 39

D