ARIZONA 6-HOUR CONTRACT WRITING COURSE EXAM -
STUDY SET WITH 100%CORRECT ANSWERS
All of the following subsections are in the Property section of the AAR purchase contract, EXCEPT which
one?
A) Close of escrow
B) Cure notice period
C) Fixtures and personal property
D) Possession - CORRECT ANSWER✅✅✅B) Cure notice period
A(n) ______ is essentially an agreement or promise between parties.
A) Addendum
B) Amendment
C) Contract
D) Disclosure - CORRECT ANSWER✅✅✅C) Contract
A week after their contract fell through, buyer Julie sued seller Omar for specific performance. What
does this mean?
A) Julie is the reason the contract fell through.
B) Julie still wants Omar to sell her his property.
C) Julie wants Omar to reimburse her for the appraisal she paid for.
D) Julie wants Omar to return her earnest money deposit. - CORRECT ANSWER✅✅✅B) Julie still
wants Omar to sell her his property.
A suit for specific performance compels a contract party to fulfill the contract terms; in this case, the
seller is compelled to sell the property.
,Federal law requires sellers of homes built before 1978 to provide the lead-based paint disclosure.
When must it be provided?
A) Before closing
B) When the contract is signed
C) Within 10 days after the contract is signed
D) Within three calendar days after the contract is signed - CORRECT ANSWER✅✅✅A) Before
closing
The lead-based paint disclosure and EPA booklet must be provided before closing. Buyers must
acknowledge receipt of the disclosure, and they have 10 days to conduct a risk assessment.
In addition to providing a disclosure of any lead-based paint hazards in homes built before 1978, what
must a seller's agent provide to prospective buyers?
A) Assurance that the home is lead-free before offering it for sale
B) EPA lead safety pamphlet
C) List of reputable home improvement contractors
D) Written proof that the home is lead-free - CORRECT ANSWER✅✅✅B) EPA lead safety pamphlet
Arizona buyer Natalie is curious as to whether the seller has filed an insurance claim for the property in
the past. Which of the following is true?
A) The seller is not required to disclose insurance claim information from the past.
B) The seller must provide a 10-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than 10 years) within five days of contract acceptance.
C) The seller must provide a five-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than five years) within five days of contract acceptance.
D) The seller must provide a three-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than three years) within 10 days of contract acceptance. -
CORRECT ANSWER✅✅✅C) The seller must provide a five-year insurance claim history of the
,property (or the length of time the seller has owned the property, if less than five years) within five days
of contract acceptance.
Remi offered to purchase Vera's house for $350,000. He paid the earnest money, but couldn't get
enough for the down payment by the closing date. Where will the earnest money go now?
A) Remi is entitled to get his earnest money back.
B) Remi's agent is entitled to keep the earnest money.
C) Remi will get the earnest money back, minus fees to both his and Vera's agents.
D) Vera is entitled to keep the earnest money because Remi breached their contract. - CORRECT
ANSWER✅✅✅D) Vera is entitled to keep the earnest money because Remi breached their contract.
Which of the following statements is true regarding purchase agreements in Arizona?
A) A purchase contract is not a binding agreement.
B) A purchase contract states the price and terms of the agreement.
C) Disclosures are optional when it comes to purchase agreements.
D) Only the seller is bound by the purchase agreement. - CORRECT ANSWER✅✅✅B) A purchase
contract states the price and terms of the agreement.
Don is the buyer and Sandra is the seller. On the contract, they are considered the ______.
A) Particulars
B) Persons of interest
C) Primaries
D) Principals - CORRECT ANSWER✅✅✅D) Principals
The Domestic Water Well Addendum gives the seller ______ days from contract acceptance to deliver
the SPDS, including details about the well's use, to the buyer.
, A) Five
B) Four
C) Three
D) Two - CORRECT ANSWER✅✅✅A) Five
Harvey, an Arizona listing agent, has been presented with an offer from a buyer's agent for his client's
property. Where should he look in order to see the buyer financing information as part of the bid?
A) The Loan Estimate
B) The Loan Status Update
C) The Mortgage Verification
D) The Pre-Qualification Form - CORRECT ANSWER✅✅✅D) The Pre-Qualification Form
Which of the following best describes a lease agreement?
A) A legally binding, written contract between a landlord and a listing licensee
B) A legally binding, written contract between a landlord and a tenant
C) A legally binding, written contract between a tenant and a buyer licensee
D) A legally binding, written contract between a tenant and a listing licensee - CORRECT
ANSWER✅✅✅B) A legally binding, written contract between a landlord and a tenant
Which of the following statements is true if a loan contingency is in effect in a sales contract?
A) If the buyer can't meet the terms of the agreement due to the inability to obtain a loan, the
agreement is terminated.
B) If the buyer can't obtain a loan, the buyer's broker may loan the client the money so that the deal can
go through.
C) If the buyer can't obtain a loan, the seller may be forced to drop the price of the property so that the
buyer can afford to purchase the home with available funds.
STUDY SET WITH 100%CORRECT ANSWERS
All of the following subsections are in the Property section of the AAR purchase contract, EXCEPT which
one?
A) Close of escrow
B) Cure notice period
C) Fixtures and personal property
D) Possession - CORRECT ANSWER✅✅✅B) Cure notice period
A(n) ______ is essentially an agreement or promise between parties.
A) Addendum
B) Amendment
C) Contract
D) Disclosure - CORRECT ANSWER✅✅✅C) Contract
A week after their contract fell through, buyer Julie sued seller Omar for specific performance. What
does this mean?
A) Julie is the reason the contract fell through.
B) Julie still wants Omar to sell her his property.
C) Julie wants Omar to reimburse her for the appraisal she paid for.
D) Julie wants Omar to return her earnest money deposit. - CORRECT ANSWER✅✅✅B) Julie still
wants Omar to sell her his property.
A suit for specific performance compels a contract party to fulfill the contract terms; in this case, the
seller is compelled to sell the property.
,Federal law requires sellers of homes built before 1978 to provide the lead-based paint disclosure.
When must it be provided?
A) Before closing
B) When the contract is signed
C) Within 10 days after the contract is signed
D) Within three calendar days after the contract is signed - CORRECT ANSWER✅✅✅A) Before
closing
The lead-based paint disclosure and EPA booklet must be provided before closing. Buyers must
acknowledge receipt of the disclosure, and they have 10 days to conduct a risk assessment.
In addition to providing a disclosure of any lead-based paint hazards in homes built before 1978, what
must a seller's agent provide to prospective buyers?
A) Assurance that the home is lead-free before offering it for sale
B) EPA lead safety pamphlet
C) List of reputable home improvement contractors
D) Written proof that the home is lead-free - CORRECT ANSWER✅✅✅B) EPA lead safety pamphlet
Arizona buyer Natalie is curious as to whether the seller has filed an insurance claim for the property in
the past. Which of the following is true?
A) The seller is not required to disclose insurance claim information from the past.
B) The seller must provide a 10-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than 10 years) within five days of contract acceptance.
C) The seller must provide a five-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than five years) within five days of contract acceptance.
D) The seller must provide a three-year insurance claim history of the property (or the length of time the
seller has owned the property, if less than three years) within 10 days of contract acceptance. -
CORRECT ANSWER✅✅✅C) The seller must provide a five-year insurance claim history of the
,property (or the length of time the seller has owned the property, if less than five years) within five days
of contract acceptance.
Remi offered to purchase Vera's house for $350,000. He paid the earnest money, but couldn't get
enough for the down payment by the closing date. Where will the earnest money go now?
A) Remi is entitled to get his earnest money back.
B) Remi's agent is entitled to keep the earnest money.
C) Remi will get the earnest money back, minus fees to both his and Vera's agents.
D) Vera is entitled to keep the earnest money because Remi breached their contract. - CORRECT
ANSWER✅✅✅D) Vera is entitled to keep the earnest money because Remi breached their contract.
Which of the following statements is true regarding purchase agreements in Arizona?
A) A purchase contract is not a binding agreement.
B) A purchase contract states the price and terms of the agreement.
C) Disclosures are optional when it comes to purchase agreements.
D) Only the seller is bound by the purchase agreement. - CORRECT ANSWER✅✅✅B) A purchase
contract states the price and terms of the agreement.
Don is the buyer and Sandra is the seller. On the contract, they are considered the ______.
A) Particulars
B) Persons of interest
C) Primaries
D) Principals - CORRECT ANSWER✅✅✅D) Principals
The Domestic Water Well Addendum gives the seller ______ days from contract acceptance to deliver
the SPDS, including details about the well's use, to the buyer.
, A) Five
B) Four
C) Three
D) Two - CORRECT ANSWER✅✅✅A) Five
Harvey, an Arizona listing agent, has been presented with an offer from a buyer's agent for his client's
property. Where should he look in order to see the buyer financing information as part of the bid?
A) The Loan Estimate
B) The Loan Status Update
C) The Mortgage Verification
D) The Pre-Qualification Form - CORRECT ANSWER✅✅✅D) The Pre-Qualification Form
Which of the following best describes a lease agreement?
A) A legally binding, written contract between a landlord and a listing licensee
B) A legally binding, written contract between a landlord and a tenant
C) A legally binding, written contract between a tenant and a buyer licensee
D) A legally binding, written contract between a tenant and a listing licensee - CORRECT
ANSWER✅✅✅B) A legally binding, written contract between a landlord and a tenant
Which of the following statements is true if a loan contingency is in effect in a sales contract?
A) If the buyer can't meet the terms of the agreement due to the inability to obtain a loan, the
agreement is terminated.
B) If the buyer can't obtain a loan, the buyer's broker may loan the client the money so that the deal can
go through.
C) If the buyer can't obtain a loan, the seller may be forced to drop the price of the property so that the
buyer can afford to purchase the home with available funds.
