,ARIZONA 6-HOUR CONTRACT WRITING
COURSE EXAM - STUDY SET | 150 LATEST
QUESTIONS | WITH COMPLETE SOLUTIONS!!
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 Answer - B) Cure notice period
A(n) ______ is essentially an agreement or promise between parties.
A) Addendum
B) Amendment
C) Contract
D) Disclosure 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. 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 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 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. 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. Answer - D) Vera is entitled to keep the earnest money because Remi
breached their contract.
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