Law Of The Real Estate Business Flashcards

1
Q

What can a developer do without a public report?

A

Take lot reservations

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2
Q

How many brokers can a licensee work for at the same time in Arizona?

A

One at a time

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3
Q

You by unimproved land in a subdivision sight unseen. You have how long to resend the contract?

A

Six months

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4
Q

What does the Arizona Department of real estate enforce?

A

Real estate statutes and rules

NOT:
Fair housing statutes, landlord-tenant dispute, complaints regarding escrow officers

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5
Q

Education required for a real estate sales person’s license includes

A

90 hours of real estate education

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6
Q

Once the a DRE publishes a sub dividers public report, assuming there are no material changes, the public report is valid for

A

Five years

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7
Q

What is the maximum number of lots in the subdivision a person may own and sell without having to apply for a public report?

A

Five

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8
Q

A sale of subdivided land in Arizona is resend a ball by the purchaser if it does not include

A

Legal access

NOT:
Water rights, title insurance, warranty deed

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9
Q

An auctioneer auctioning real property is required to have

A

A real estate license

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10
Q

Improved subdivided property is defined as a parcel of land

A

On which a structure has been built or will be built within two years

NOT:
That has streets walkways and utilities, that has ingress and egress, that has been graded and is ready for future development

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11
Q

The rules of the real estate commissioner

A

Have the force and effect of the law.

NOT:
Are enacted by legislation, are part of the Arizona revised statute, are part of statutory real estate law

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12
Q

Hey subdivider must be able to give the purchaser

A

Permanent access

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13
Q

Arizona law defines a subdivision as land that is divided or propose to be divided for sale or lease into

A

Six or more lots of less than 36 acres each

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14
Q

The real estate advisory board

A

Will advise and evaluate the real estate commissioner

NOT:
Formulate new rules, may revoke a sales person real estate license, is appointed by the real estate commissioner

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15
Q

And Arizona real estate licensee may not charge for document preparation according to

A

Arizona constitution article XXVI

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16
Q

To qualify as an Arizona real estate broker the candidate must

A

Have had real estate experience for three of the last five years

NOT
Be a resident of Arizona, obtain a bond, first become an associate broker and then a designated broker

17
Q

A real estate license is granted for what period of time?

18
Q

Arizona real estate law states that the real estate commissioner may

A
  • Investigate a written and verified complaint made against a licensee
  • have five years experience in real estate title insurance or banking industry in order to be appointed to the position,
  • investigate the action of a licensee at any time.
19
Q

Arizona real estate law states that the real estate commission or may not

A

Hold an active real estate license while acting as real estate commissioner

20
Q

The affidavit of disclosure will be recorded with what other document?

21
Q

And affidavit of disclosure is

A

Like a mini public report that provides information about certain aspects of the property. It is required when the property being sold is in an unincorporated area, is not in a subdivision, has five or fewer parcels involved in the transaction.

22
Q

Information disclosed in the public report includes

A

Physical features of the subdivided land and surrounding area.

Names of the owners,
condition of the title including liens and encumbrances,
completion status of improvements,
Costs for buyers plans for conducting sales seller’s past violations of the law

23
Q

Bulk land is

A

A parcel of 160 acres or more and exempt from the public report requirement

24
Q

Subdivision laws were enacted to

A

Protect the public

25
Q

The legal description Method used to describe subdivisions is

A

Lot block and Platte

26
Q

The right to adopt subdivision regulations falls under the governments constitutional

A

Police power

27
Q

If local government standards are stricter than the state standards the____________________ standards prevail.

28
Q

The individual who divide the parcel of land into smaller parcels is the…

A

Subdivider

29
Q

The individual who adds improvements to the land is the…

30
Q

A lot split is defined as dividing land into

A

Six or more pieces of 36 acres or less

31
Q

A document that may be included with lot splits is the

A

SDR Subdivision disclosure report also called the public report

32
Q

The maximum deposit that can be excepted with a lot reservation

A

$5000 per lot