Legal Issues Flashcards
What items are permanent and attached to real property
Fixtures
If a sales person is not an employee of a broker for tax purposes but works for the broker the sales person is an
Independent contractor or sub agent
A public report will be denied on a subdivision if the developer cannot show
Ownership or title to the property
When a person asked with intent to harm someone and suffer a loss this is called
Fraud
Before a public report is issued a developer may
Take lot reservations
The licensee has a right to prepare all real estate documents according to
Arizona Constitution article XXVI
If a subdivision is sold with no ingress or egress the sale would be
Voidable by the buyer
A public report is required when you sell more than how many lots
Five lots
The primary purpose of a public report is to
Inform and protect the buyer
A broker must keep a copy of the public report for how many years
Five years
If a public report is required but the buyer was not issued one, the buyer may resend the contract within how many years
Within three years without cause
When a person buys a timeshare they have how many days to resend without cause
Seven days
And improved lot is defined as
One that has a structure or a contract that is written for a structure to be built within two years
A public report is given to the buyer
Before signing the contract
Does the department of real estate endorse a public report
No
When a developer is advertising a subdivision they may not say
The property has no risk
If a buyer buys an unimproved subdivided property site unseen
They have six months to rescind the sale
A licensee must notify the real estate department within how many days of a conviction or a misdemeanor
10 days
Arizona environmental policies are controlled by the
Arizona Department of environmental quality
A sales person is protected from what kind of action taken against them for failure to disclose a murder, death, suicide or felony act that occurred on or in the property
Civil or criminal action
The seller is responsible to give the buyer all documents regarding the homeowners association if there are less than how many units
50 units
The homeowners association is responsible to give the buyer all documents regarding the association if there are how many units
50 or more units
A temporary brokers license will be issued for what reasons but not for an extended leave of absence
Death insanity or disability
Community property with right of survivorship can only be held by who
Husband and wife
With community property with right of survivorship upon the death of one spouse the other receives the entire property value this is known as
Step up in basis
All disclosures of material facts must be
In writing
Arizona superfund sites are called
Water quality assurance revolving fund areas
If a commission dispute arises between two brokers they must
Allow the transaction to close and then take the necessary legal action
Can a broker file a commissioning against the property in order to cloud the title
No
A variance and zoning would be
And exception of zoning law
Revocable permission to use the property for weekends only for a summer camp would be a
License
When does the seller received the buyers earnest money
At close of escrow
What does the salesperson do with the earnest money check
Turn it over to the broker
What is similar to medical malpractice insurance
Errors and omission insurance
When a real estate license expires the licensee must
Hey a graduated late fee
Fair dealing is the same as
Honesty
After a marriage the husband received real estate from his uncle is a gift the real estate would be considered the husbands
Sole and separate property
A broker is required to keep rejected offers for at least
One year
If a subdivision is sold with no ingress or egress the sale
Would be voidable by the buyer
Three parties take title as joint tenants he they decided to sell the property all three parties would be required
To sign the sales contract
A timeshare presentation may not last more than how many minutes
120 minutes
Arizona Department of real estate does not have jurisdiction over what kind of advertising
For sale by owner advertising
When a property owner is requesting a variance they are required to show what
A hardship
The broker may deposit the earnest money within the statutory period of time
After the offer is accepted
This is required 15 or fewer parcels other than subdivided land are located in an unincorporated area of the county
Land disclosure affidavit
When subdividing lots the legal description used is
Lot and block
