Law Of The Real Estate Business Flashcards
What can a developer do without a public report?
Take lot reservations
How many brokers can a licensee work for at the same time in Arizona?
One at a time
You by unimproved land in a subdivision sight unseen. You have how long to resend the contract?
Six months
What does the Arizona Department of real estate enforce?
Real estate statutes and rules
NOT:
Fair housing statutes, landlord-tenant dispute, complaints regarding escrow officers
Education required for a real estate sales person’s license includes
90 hours of real estate education
Once the a DRE publishes a sub dividers public report, assuming there are no material changes, the public report is valid for
Five years
What is the maximum number of lots in the subdivision a person may own and sell without having to apply for a public report?
Five
A sale of subdivided land in Arizona is resend a ball by the purchaser if it does not include
Legal access
NOT:
Water rights, title insurance, warranty deed
An auctioneer auctioning real property is required to have
A real estate license
Improved subdivided property is defined as a parcel of land
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
The rules of the real estate commissioner
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
Hey subdivider must be able to give the purchaser
Permanent access
Arizona law defines a subdivision as land that is divided or propose to be divided for sale or lease into
Six or more lots of less than 36 acres each
The real estate advisory board
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
And Arizona real estate licensee may not charge for document preparation according to
Arizona constitution article XXVI
To qualify as an Arizona real estate broker the candidate must
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
A real estate license is granted for what period of time?
Two years
Arizona real estate law states that the real estate commissioner may
- 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.
Arizona real estate law states that the real estate commission or may not
Hold an active real estate license while acting as real estate commissioner
The affidavit of disclosure will be recorded with what other document?
The deed
And affidavit of disclosure is
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.
Information disclosed in the public report includes
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
Bulk land is
A parcel of 160 acres or more and exempt from the public report requirement
Subdivision laws were enacted to
Protect the public
The legal description Method used to describe subdivisions is
Lot block and Platte
The right to adopt subdivision regulations falls under the governments constitutional
Police power
If local government standards are stricter than the state standards the____________________ standards prevail.
Stricter
The individual who divide the parcel of land into smaller parcels is the…
Subdivider
The individual who adds improvements to the land is the…
Developer
A lot split is defined as dividing land into
Six or more pieces of 36 acres or less
A document that may be included with lot splits is the
SDR Subdivision disclosure report also called the public report
The maximum deposit that can be excepted with a lot reservation
$5000 per lot
