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Real Estate Statutes > ARSTitle32Ch20/Subdivisions/UnsubdividedLand/Timeshare > Flashcards

ARSTitle32Ch20/Subdivisions/UnsubdividedLand/Timeshare Flashcards

1
Q

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

A

Police power

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2
Q

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

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

A

Public Report aka Subdivision Disclosure report

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3
Q

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

A

TRUE

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4
Q

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

A

Subdivision

Subdivision Land

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5
Q

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

A

Subdivider

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6
Q

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

A

Lot reservations

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7
Q

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

A

Three years

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8
Q

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

A

5

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9
Q

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

A

Amended Public Report

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10
Q

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

A

Cert of Assured Water Supply

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11
Q

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

A

10 years

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12
Q

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
A

160 acres

commercial, industrial

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13
Q

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.

A

Subsequent Owner Exemption

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14
Q

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.

A

7 calendar day

6 months

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15
Q

Subdivided land is defined as dividing land into ?

A

six or more parcels, each less than 36 acres

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16
Q

The rescission period on an improved subdivided lot is ?

A

None

17
Q

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

A

permanent

18
Q

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

A

$5000 per lot

19
Q

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

A

structure

2

20
Q

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

A

5 or fewer

21
Q

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

A

7

22
Q

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

A

5 days

23
Q

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

A

6

36 acres each and less than 160 acres

24
Q

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

A

Subdivided and Unsubdivided land

25
Q

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

A

ARS Title 32, Chapter 20, Article 4

26
Q

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

A

ARS Title 32, Ch. 20, Article 7

27
Q

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

A

ARS Title 32, Ch. 20, Article 9

28
Q

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

A

Timeshare Public Report

29
Q

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

A

10

30
Q

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

A

3

31
Q

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.

A

offsite improvements

exchange

32
Q
  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

A 
#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

33
Q

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

A

C. perm access

34
Q

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

A

D

35
Q

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

A

D.

36
Q

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

A

C.

37
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

38
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

39
Q

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

A

D

Real Estate Statutes (6 decks)

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