QUESTIONS & KEY CONCEPTS EXAM
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What should a buyer's agent disclose if they learn the neighboring property was a remediated meth lab? - Answer Disclose both the meth lab history and the condition of the subject property if they could affect the buyer's decision or price. Who pays commissions earned from pending transactions if a salesperson changes brokers? - Answer A1 Realty pays the salesperson directly for those earned commissions. What is the default form of ownership in Arizona if two unmarried friends buy a cabin without specifying title? - Answer Tenancy in common. How does Arizona law classify rental property inherited by a married person? - Answer As separate property. When must an Arizona landlord return a tenant's security deposit after a lease ends? - Answer Within 14 business days. What option remains for a buyer after the 10-day timeshare rescission window if required blanks are unfilled? - Answer The buyer may void the contract. Where would a homeowner find charges for a Community Facilities District in Arizona? - Answer On the property tax bill. What is the key difference between an Active Management Area and an Irrigation Non-Expansion Area? - Answer AMAs require conservation programs and management rules; INAs mainly restrict expansion of irrigated acreage. What specific information about the earnest money deposit must be documented in an Arizona purchase contract? - Answer The form/payment method of the earnest money. What information must be included in an Arizona Affidavit of Value? - Answer The sales price/consideration and the legal description of the property.
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