ARSTitle32Ch20/Subdivisions/UnsubdividedLand/Timeshare Flashcards
Enact and enforce laws to protect the health, safety, and welfare of the public…
Police power
ARS Title 32, Chapter 20, Article 4: (reference)
The Commissioner must be notified of the subdivider’s intent to subdivide through ? report.
Public Report aka Subdivision Disclosure report
Subdivision laws were enacted to ensure responsible development/protect the public
TRUE/FALSE
TRUE
Land is divided into six or more lots, parcels, or fractional interests, each of which is less than 36 acres is called?
Subdivision
Subdivision Land
The individual who divides a parcel of land into six or more parcels is the?
Subdivider
Prior to issuance of the Public Report, a subdivider may only accept ?
Lot reservations
If a subdivider fails to provide a Public Report to the purchaser, the sale rescindable by the purchaser within ?
Three years
The subdivider mush keep the receipt from a buyer for the Public Report for how many years?
5
If there are material changes to the information in a Public Report, the Commissioner may require the subdivider to provide a(n)?
Amended Public Report
When a subdivision is within an AMA the subdivider must obtain a Certificate of ? from ADWR (AZ Dept of Water Resources
Cert of Assured Water Supply
After receiving the Amended Public Report, a buyer has ? to cancel the purchase contract
10 years
Exemptions to the Public Report, exist for a
- bulk sale or lease of six or more lots to one buyer,
- sale or lease of lot or parcels of ? acres or more
- sale or lease of parcels zoned and restricted to ? or ? uses
160 acres
commercial, industrial
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.
Subsequent Owner Exemption
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.
7 calendar day
6 months
Subdivided land is defined as dividing land into ?
six or more parcels, each less than 36 acres
The rescission period on an improved subdivided lot is ?
None
A subdivider must provide a ? access to the development site and to each parcel within the development
permanent
The maximum deposit that can be accepted with a lot reservation is?
$5000 per lot
An improved lot or parcel has a ? or a contract to build one within ? years
structure
2
A lot split is defined as dividing land into ? or fewer parcels
5 or fewer
When required, an Affidavit of Disclosure must be delivered to a buyer at least ? days prior to closing
7
After receiving an Affidavit of Disclosure, a buyer has ? days to rescind the purchase
5 days
Unsubdivided land is defined as dividing land into ? or more parcels of ? acres
6
36 acres each and less than 160 acres
Public Reports are required on the sale of any ? and ? land
Subdivided and Unsubdivided land
The sale of subdivided land is regulated under? (hint ARS, what is the ARS title, chapter and article
ARS Title 32, Chapter 20, Article 4
The sale of unsubdivided land is regulated under what title? (hint ARS)
ARS Title 32, Ch. 20, Article 7
The sale of interest in a timeshare is regulated under what title (ARS)?
ARS Title 32, Ch. 20, Article 9
The sale of ? or more timeshare units requires the developer to obtain a ? Public Report
Timeshare Public Report
A purchaser may rescind a contract to purchase a timeshare within ? calendar day of executing contract
10
If a sale is made prior to issuance of a timeshare public report, the sale is voidable by the purchaser within ? years
3
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.
offsite improvements
exchange
- List the # of Parcels and Size of Parcels for the following
- Y/N is a Public Report required for the following:
(A)Lot Split
(B)Subdivided Land
(C)Unsubdivided Land
#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
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
C. perm access
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
D
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
D.
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
C.
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
B
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
D
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
D
