AZ Real Estate - Law Of The RE Business, Rules & Regs Of RE Dept - B1 Flashcards
Duties of Commissioner
Formulation of Commissioners rules, issuing RE licenses, investigate licensees, administer RE recovery fund
Real estate commissioner is appointed by
Governor
Real estate advisory board is appointed by
The Governor
Real Estate Board has how many members?
9
Article 26 requires _____ and permits_____.
all RE contracts to be in writing and permits brokers and agents to prepare all docs
A RE sales license is valid for?
24 months
RE exam scores are valid for?
1 year
Salesperson must renew license?
Every 2 years
____ hours of continuing education are required every two years.
24
Subdivider has hostesses showing houses. Telling price and terms. Hostesses must be
Licensed
Timeshare must give Public report w/
12 or more intervals
How many days does employing broker have to return terminated salesperson license to Dept of RE?
10 days
Affidavit of Disclosure
Buyer has 5 days to rescind after receipt of disclosure
Disclosure applies if 5 or fewer parcels in unincorporated areas not located in subdivision are sold regardless of property type
Affidavit of disclosure is recorded w/ deed
RE license granted for?
2 years
Leasing agent cannot accept
commission on sales of apts
To qualify as AZ broker candidate must
Have had experience in 3 of last 5 years.
Statute of Frauds created to prevent
Perjury
AZ real estate licensee must not charge for doc prep per
AZ Const Article 26
What does not have to be in writing
Agreements btw 2 brokers to divide commission and lease of a year or less but lease begins at oral agreement
When advertising property what must be in ad
Brokerage firm or broker
Salesperson gets earnest money and does what?
Gives it to broker
Brokers must keep records of all transactions for?
5 years from termination of transaction.
RE advisory board
Advises and evaluates the commissioner.
AZ law says subdivision is
6 or more lots of less than 36 acres each
When broker and salesperson cannot resolve dispute they can
Bring an action in court
When buyer purchases a parcel of unimproved land what is his right to rescind?
7 day unilateral right to rescind if he has seen property
Once applicant passes RE exam, applicant must obtain active or inactive license
Within 1 year
A subdivider must give purchaser
Permanent access
If you do not renew your license it will be
Expired
When broker is charged an admin fine the amt is up to
$1,000
Improved subdivided property is defined as parcel of land
On which structure has been built
Who is responsible for formulating commissioners rules?
RE Commissioner
Max amt of personal $ a broker can keep in trust acct?
$3,000
Who may accept a commission from an out of state broker?
The referring brokerage
If a broker abandons or moves their real estate office and fails to notify the commissioner, what happens?
Their license will be automatically cancelled.
How long does a broker doing sales need to keep records?
5 years
All listings must be in writing to be enforceable comes from?
AZ Revised Statutes
The Commissioner cannot…
Create RE statutes
Broker required to put earnest monies in escrow or trust acct when?
By the close of the next business day
Broker gets oral offer over phone. What should she do?
Present the oral offer
Licensees cannot charge for doc prep because of?
AZ Constitution Article 26
What happens when a broker’s license expires?
Salespeople must find another broker
What is not needed on broker trust account receipt?
Name of brokerage
You buy land in unimproved subdivision sight unseen. How long do you have to rescind?
6 months
Who is responsible for formulating our industry rules and regs?
Real Estate Commisioner
Broker moves office sign must be removed?
Immediately
Right to license RE agents come from?
State Legislature
What can a developer do without a Public Report?
Lot reservations
Don’t renew your license on time. It is?
Expired
Commissioner can refuse to issue public report because..
Subdivider has previous fraud convictions
Right of licensee to prepare certain docs comes from?
AZ Constitution
Subdivider must be able to give purchaser?
Public access
If buyer buys land where public report was required but not issued, buyer may void sale within?
3 years
In order to renew license need___hrs continuing Ed?
24 hours
Broker subdivision report not needed on?
Commercial lots
When public report not needed sometimes need Affidavit of Disclosure. When?
- Property in unincorporated area (not in a city or town)
- Property is NOT in subdivision
- Five or fewer parcels are involved in transaction
- All property affected - office buildings, farms, factories, stores, houses, raw land
Who may initial purchase k?
Designated broker or delegated associate broker
When sales license expires and is now being renewed, late charge would be
A graduated monthly fee
A public report should be given to buyer before?
Buyer signs the contract
If buyer does not get public report before signs purchase contract, buyer…
Is not obligated to go through w/ purchase.
Buyer has void able contract for 3 years.
Buyer is not receiving full protection
The real estate advisory board is appointed by the
Governor
A verbal lease of one year is?
Valid
Salesperson gets offer on property of another listing broker but cannot contact listing broker w/I 24 hours. Salesperson should?
Request seller give salesperson written authorization to present offer
How long milestone developer keep receipt showing he gave public report to buyer?
5 years
If broker does not notify RE Comm of office closing what happens?
Admin fine of $1,000 is assessed
Taking of lot reservations before a public report is issued does not apply to?
Improved industrial lots
Broker goes on vacation for 10 days. Who can be left in charge?
Any RE licensee employed by broker
How many members on Real Estate Advisory Board?
9
