Arizona - State-Specific Real Estate Questions and Answers

What must subdivided lots have? Ingress & Egress What action takes place when a buyer defaults on a deed of trust? Notice of sale is sent to the owner/trustor from the Trustee What percentage would a owner-occupied residential house be assessed at? 10% In a property tax foreclosure a homeowner has: a three year right of redemption How many hours of education are required to renew a real estate sales person's license? 24 Hours How many hours of education are required for a real estate broker's license when the broker is the designated broker or an associated broker with delegated authority? 30 hours How many hours of education are required for a real estate associate broker's license? 24 hours What gives real estate licensees the right to prepare all documents in a real estate transaction? Arizona Constitution Article XXVI In order to be enforceable according to Arizona Revised Statutes, all listings must: Be in writing What is the minimum amount that must be in the Real Estate Recovery Fund as of June 30th of each year to avoid additional fees to licensees? $600,000 Property taxes become a lien the first day of: January What must a buyer of subdivided land receive? A Public Report When a listing agent cannot be reached within 24 hours, what must the selling agent get? Must get written permission from the seller before present the offer to the seller. How are Real Estate commissions established in Arizona? Negotiation only What is the maximum paid from the recovery fund in a single transaction? $30,000