Real Estate Exam Q&A - Arizona

A real estate sales contract is an expressed, ______________ contract. bilateral Regarding property management trust accounts, when must undisputed monies be deposited? Within 3 business days An oral or written contract in which the parties state the contract's terms and express their intentions in words. Express Agreement Can the receiver of a cure notice waive the contract condition? No. Is bedbug information needed in the disclosures for the lease of a single family home? No An agreement to keep open for a set period an offer to sell or purchase property. This gives the buyer the opportunity to purchase, but the buyer is not required to exercise his right to purchase. If the buyer decides to purchase, the seller is required to sell. It makes it a unilateral agreement. Option Contract What is the proper handling of offers on a property? All offers whether oral or written must be promptly submitted to the sellers agent. Can an agent submit offers directly to a seller (if not FSBO)? No, all negotiation must be made through the broker (agent). Can a property management agreement include an automatic renewal provision? Yes, with 30 days advance notice. The listing agent receives a call from a buyer's agent with an offer $350,000 for the property, even though the property is listed at $375,000. What should the listing agent do? The listing agent must present the offer to the seller. Good or clear title, reasonably free from the risk of litigation over possible defects. Or, a title that can be readily sold to a reasonably prudent purchaser. Marketable Title Must the listing agent submit oral offers to their seller? Yes A contract that is valid, enforceable and can be legally canceled by one of the parties without causing a breach of contract. Voidable Contract