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Real Estate > Legal Issues > Flashcards

Legal Issues Flashcards

1
Q

What items are permanent and attached to real property

A

Fixtures

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2
Q

If a sales person is not an employee of a broker for tax purposes but works for the broker the sales person is an

A

Independent contractor or sub agent

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3
Q

A public report will be denied on a subdivision if the developer cannot show

A

Ownership or title to the property

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4
Q

When a person asked with intent to harm someone and suffer a loss this is called

A

Fraud

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5
Q

Before a public report is issued a developer may

A

Take lot reservations

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6
Q

The licensee has a right to prepare all real estate documents according to

A

Arizona Constitution article XXVI

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7
Q

If a subdivision is sold with no ingress or egress the sale would be

A

Voidable by the buyer

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8
Q

A public report is required when you sell more than how many lots

A

Five lots

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9
Q

The primary purpose of a public report is to

A

Inform and protect the buyer

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10
Q

A broker must keep a copy of the public report for how many years

A

Five years

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11
Q

If a public report is required but the buyer was not issued one, the buyer may resend the contract within how many years

A

Within three years without cause

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12
Q

When a person buys a timeshare they have how many days to resend without cause

A

Seven days

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13
Q

And improved lot is defined as

A

One that has a structure or a contract that is written for a structure to be built within two years

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14
Q

A public report is given to the buyer

A

Before signing the contract

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15
Q

Does the department of real estate endorse a public report

A

No

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16
Q

When a developer is advertising a subdivision they may not say

A

The property has no risk

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17
Q

If a buyer buys an unimproved subdivided property site unseen

A

They have six months to rescind the sale

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18
Q

A licensee must notify the real estate department within how many days of a conviction or a misdemeanor

A

10 days

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19
Q

Arizona environmental policies are controlled by the

A

Arizona Department of environmental quality

20
Q

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

A

Civil or criminal action

21
Q

The seller is responsible to give the buyer all documents regarding the homeowners association if there are less than how many units

A

50 units

22
Q

The homeowners association is responsible to give the buyer all documents regarding the association if there are how many units

A

50 or more units

23
Q

A temporary brokers license will be issued for what reasons but not for an extended leave of absence

A

Death insanity or disability

24
Q

Community property with right of survivorship can only be held by who

A

Husband and wife

25
Q

With community property with right of survivorship upon the death of one spouse the other receives the entire property value this is known as

A

Step up in basis

26
Q

All disclosures of material facts must be

A

In writing

27
Q

Arizona superfund sites are called

A

Water quality assurance revolving fund areas

28
Q

If a commission dispute arises between two brokers they must

A

Allow the transaction to close and then take the necessary legal action

29
Q

Can a broker file a commissioning against the property in order to cloud the title

A

No

30
Q

A variance and zoning would be

A

And exception of zoning law

31
Q

Revocable permission to use the property for weekends only for a summer camp would be a

A

License

32
Q

When does the seller received the buyers earnest money

A

At close of escrow

33
Q

What does the salesperson do with the earnest money check

A

Turn it over to the broker

34
Q

What is similar to medical malpractice insurance

A

Errors and omission insurance

35
Q

When a real estate license expires the licensee must

A

Hey a graduated late fee

36
Q

Fair dealing is the same as

A

Honesty

37
Q

After a marriage the husband received real estate from his uncle is a gift the real estate would be considered the husbands

A

Sole and separate property

38
Q

A broker is required to keep rejected offers for at least

A

One year

39
Q

If a subdivision is sold with no ingress or egress the sale

A

Would be voidable by the buyer

40
Q

Three parties take title as joint tenants he they decided to sell the property all three parties would be required

A

To sign the sales contract

41
Q

A timeshare presentation may not last more than how many minutes

A

120 minutes

42
Q

Arizona Department of real estate does not have jurisdiction over what kind of advertising

A

For sale by owner advertising

43
Q

When a property owner is requesting a variance they are required to show what

A

A hardship

44
Q

The broker may deposit the earnest money within the statutory period of time

A

After the offer is accepted

45
Q

This is required 15 or fewer parcels other than subdivided land are located in an unincorporated area of the county

A

Land disclosure affidavit

46
Q

When subdividing lots the legal description used is

A

Lot and block

Real Estate (15 decks)

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