Arizona Residential Purchase Contract Mock Exam With A+ Graded Solutions 2026/2027

Arizona Residential Purchase Contract Mock Exam
With A+ Graded Solutions 2026/2027
1. Which party is responsible for providing the Residential Seller’s Property Disclosure
Statement (SPDS)?

 A) The Buyer's Broker.

 B) The Seller.

 C) The Escrow Company.

 D) The Home Inspector.

 Correct Answer: B. The Seller is required to deliver the completed SPDS to the Buyer
within 3 days after Contract acceptance.

2. According to the AAR Purchase Contract, how many days does the Buyer have to conduct
their Due Diligence (Inspection Period)?

 A) 5 days.

 B) 7 days.

 C) 10 days.

 D) 15 days.

 Correct Answer: C. The default inspection period is 10 days, unless a different
timeframe is negotiated and written into the contract.

3. What happens to the Earnest Money if the Buyer cancels the contract based on a
disapproved inspection within the inspection period?

 A) It is forfeited to the Seller.

 B) It is split 50/50 between the brokers.

 C) It is returned to the Buyer.

 D) It is held in escrow until the property resells.

 Correct Answer: C. If the Buyer cancels during the inspection period due to
disapproved items, they are entitled to a full refund of the Earnest Money.

4. In Arizona, the "Cure Period" notice lasts for how many days?

 A) 1 day.

 B) 3 days.

 C) 5 days.

 D) 7 days.

 Correct Answer: B. If a party fails to perform a duty under the contract, the non-
breaching party must deliver a notice giving the breaching party 3 days to "cure" the
breach.

, 5. When does "Acceptance" of the contract officially occur?

 A) When the Seller signs the offer.

 B) When the Buyer receives the signed offer.

 C) When the signed contract is delivered to the other party or their broker.

 D) When escrow is opened.

 Correct Answer: C. Acceptance is defined as the time the signed contract is delivered
to the offeror or the offeror's agent.

6. Which of the following is considered a "Fixture" and stays with the property unless
excluded?

 A) Free-standing microwave.

 B) Draperies and rods.

 C) Potted plants on the patio.

 D) Above-ground portable spa.

 Correct Answer: B. Draperies, rods, and window coverings are specifically listed as
fixtures in the AAR contract.

7. Who is typically responsible for paying the Escrow Fee in a standard Arizona transaction?

 A) The Buyer only.

 B) The Seller only.

 C) It is split equally between Buyer and Seller.

 D) The Lender.

 Correct Answer: C. While everything is negotiable, the common practice in Arizona is
to split the escrow fee 50/50.

8. The "Lead-Based Paint Disclosure" is required for homes built before which year?

 A) 1970.

 B) 1978.

 C) 1982.

 D) 1990.

 Correct Answer: B. Federal law requires this disclosure for any residential dwelling
built prior to 1978.

9. If a property is located in an unincorporated area, what document must the Seller provide?

 A) HOA Addendum.

 B) Affidavit of Disclosure.

 C) Solar Lease Addendum.