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Arizona School of Real Estate > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
Q

what is the primary responsibility of legislature

A

passing laws

anything referencing statutory law or statues refers to laws adopted by the legislative body

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2
Q

where is real estate law found

A

title 32 chapter 20

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3
Q

what is the judicial branch

A

the court falls under this.

responsible for enforcing laws

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4
Q

what are case laws

A

rules of law developed by judges in court decisions

aka common law

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5
Q

what are administrative agencies a part of

A

the executive branch of gov.

ie HUD, EPA, etc.

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6
Q

administrative entities have broad powers and they

A

have the power to issue rules and regs that carry the force of law.

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7
Q

what are the real estate rules enacted by administrative entities

A

published in the Arizona Administrative Code (AAC)

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8
Q

where are the real estate commission rules found

A

title 4 chapter 28

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9
Q

The AZ Statue’s of Frauds requires

A

all real estate contracts be in writing to be enforceable

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10
Q

who created ADRE, what does it stand for and why was it created

A

Arizona Dept. of Real Estate created by State Legislature to “protect the public interest through Licensure and Regulation of the real estate profession in AZ”

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11
Q

who appoints the real estate commissioner and who cross checks the commissioner

A

government appoints both the commissioner and the advisory board.

advisory board cross checks commissioner

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12
Q

what degree are substantive policy statements

A

advisory only.

“good practice”

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13
Q

what can the real estate commissioner do to a licensee

A

issue and suspend/revoke

may investigate licensee

may administer the Recovery Fund

formulate rules

disseminate educational info

hire and fire real estate dept. employees

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14
Q

what happens when there is a complain filed against a licensee

A

Commissioner initiates investigation and issues Notice of Investigation

licensee has 14 calendar days to respond to allegations

notice also gets sent to designated broker

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15
Q

The ADRE does not have the authority to investigate

A

landlord/tenant disputes

construction defects

home inspections

ethics violation (complaints are filed with Arizona Association of Realtors)

title insurance issues

escrow money issues

commission disputes between licensees

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16
Q

who needs to be licensed

A

anyone who performs - or offers to perform - real estate brokerage related acts for compensation or the expectation of compensation

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17
Q

are license applicants required to live in AZ

A

no

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18
Q

a real estate broker/salesperson may engage in _________ or ________ activities without being seperately licensed to engage

A

cemetery or membership camping sales

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19
Q

a real estate licensee may have only one employing broker for

A

cemetery

membership camping

real estate

20
Q

what are the exemptions from real estate licensing law where people may legally conduct real estate activities without having a real estate license

A
  • person buying/selling own property (For sale by owner)
  • attorney performing duties a an attorney
  • trustee selling under a deed of trust

a guardian, executor, admin, receiver or any other person carrying out a court order

attorney - in -fact

auctioneer, unless auctioning real property

property manager if managing or leasing only one property at a time with some restrictions.

21
Q

what is an unlicensed real estate assistant

A

cannot discuss price, terms, or availability of real property

if they sell, must be licensed

22
Q

if licensee doesn’t complete renewal requirements and passes the 1 year grace period

A

license is terminated

23
Q

what are the 3 types of brokers

A

designated - in charge for all real estate operations. one designated per firm

delegated associate broker - appointed to support and assist designated broker. can review contracts and maintain transaction files

associate broker completed req. for broker’s license but does not have broker responsibilities

24
Q

what is subdivided land

A

one parcel of land divided into 6 or more parcels

25
Q

zoning falls under ____ power

A

police

26
Q

what is a plat

A

detailed survey map of the subdivision that shows geographic boundaries of individual lots and blocks

27
Q

what is the legal description for land within a subdivision

A

identified by the lot and block method

28
Q

what is bulk land

A

parcels of land that are 160 acres or larger

29
Q

what is unsubdivided land

A

land that is divided into 6 or more parcels each being 36 or more but less than 160 acres

30
Q

what is subdivided land

A

land that is divided into 6 or more parcels, each parcel being less than 36 acres

31
Q

what is a lot split

A

land that is divided into 5 or fewer parcels

32
Q

what is an improved lot

A

a parcel that a structure has been built

33
Q

What is a subdivision disclosure report

A

aka public report or commissioner’s public report

developers must submit to the real estate comissioner in order to get project approved

34
Q

how long is a validated public report good for

A

5 years

35
Q

what do developers need when generating a public report

A
  • plat map
  • legal history (questionaire about developer’s legal history)
  • title report
  • evidence of permanent access (aka ingress and egress)
  • evidence of ability to deliver transferable title
  • wastewater disposal plan
  • if located in AMA, need Certificate of Assured Water Supply (guarantee water for 100 years) if located in Open Area, only a source of Adequate Water is required
36
Q

what info must be disclosed in the public report

A
  • physical features
  • names of owners/developers
  • liens and encumbrances
  • completion status of subdivision improvements (utilities, water, etc)
  • costs to be borne by buyers
  • sellers marketing strategy and plans for conducting sales
37
Q

if it is a lot split, is a public report required

A

no, just need an Affidavit of Disclosure (mini public report)

38
Q

when is an Affidavit of disclosure needed

A

the property is an unincorporated area

five or fewer parcels are involved

must be recorded with the deed

39
Q

how long does buyer have right to rescind in a lot split

A

5 days

40
Q

what subdivisions require a public report

A

subdivided and unsubdivided land

bulk land is exempt from the public report requirement

41
Q

what is the recission period for an improved subdivided property

A

NO right of receission

42
Q

recission period for an unimproved subdivided/unsubdivided property sight unseen

A

6 months to rescind

43
Q

recission period for an unimproved subdivided/unsubdivided property sight seen

A

7 days

44
Q

how soon must the developer send the public report to the holder of the lot reservation

A

within 15 calendar days

allows buyer 7 business days to review contract and sign, if not, terminates and deposit is refunded

45
Q

what happens if no public report is received

A

voidable for 3 years

46
Q

how long must developers keep copies of signed public report receipts

A

5 years

Arizona School of Real Estate (11 decks)

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