Land Development

Question 1

What is the purpose of the Subdivision Disclosure Report?

A: Protect the Public
B: Protect the developer
C: Protect the Real Estate Commissioner
D: Protect the municipality

Answer 1

A: Protect the Public

Question 2

The Arizona Affidavit of Disclosure would include all of the following EXCEPT:

A: The disclosure applies to all land sold in five or fewer parcels in unincorporated areas
B: The affidavit of disclosure will be recorded with the deed
C: The affidavit of disclosure applies only to residential zoned property
D: Buyer has a 5 day right to rescind after receipt of the disclosure

Answer 2

C: The affidavit of disclosure applies only to residential zoned property

Question 3

The rescission period on the purchase of inspected unsubdivided land is:

A: Midnight on the 3rd calendar day
B: Midnight on the 7th calendar day
C: 5pm on 3rd business day
D: 5pm on the 7th business day

Answer 3

B: Midnight on the 7th calendar day

Question 4

If a client signs a contract to have a home built exactly like the model, what is the rescission period?

A: 7 business days
B: No rescission period
C: 7 days
D: 6 months

Answer 4

B: No rescission period

Question 5

What is the maximum deposit allowed with a lot reservation?

A: $5000 fully refundable
B: $5000 non refundable
C: $10000 fully refundable
D: $10000 non refundable

Answer 5

A: $5000 fully refundable

Question 6

If you buy unimproved land in a subdivision “sight unseen” you have how long to rescind the contract?

A: Three months
B: Six months
C: Ninety days
D: One year

Answer 6

B: Six months