Commissioner Rules, Subs and Timeshares 16 Flashcards
(48 cards)
1
Q
Sub______ O_____ Ex________ -
Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.
A
Subsequent Owner Exemption -
Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.
Chap 16
2
Q
Real Estate Code/Article 4
Commissioner May “De__, Susp____, Rev____,” Public Report for
- Incompleteness or
- Inability to meet all Statutory Requirements.
A
Real Estate Code/Article 4
Commissioner may “Deny, Suspend, Revoke,” Public Report for
- Incompleteness or
- Inability to Meet all Statutory Requirements.
Chap 16
3
Q
Subdivider Must Give to Buyers a Receipt to Sign for Public Report and Retain Receipt for How Long?
A
(Real Estate Code/Article 4)
Public Report (Subdivision Disclosure Report) Receipt to Buyer
- Buyer Must Sign
- Subdivider Must Keep Receipts for - 5 years
Chap 16
4
Q
If there are Material Changes to Original Report, what can Commissioner require?
A______ R________ -
- Commissioner May Require, if there are Material Changes to Original Report.
- Buyer has ___ Days to Review it or Cancel
A
(Real Estate Code/Article 4)
Amended Report -
- Commissioner May Require, if there are Material Changes to Original Report.
- Buyer has 10 Days to Review it or Cancel
Chap 16
5
Q
Exemptions to Public Report - 160 Acres+/1Byr 6 or M ore Lots
- B__k S___/L__se (__ or More Lots) to One Buyer
- Sale/Lease - ___ Acres or More
- C______ and Ind______ Zoned/Restricted Parcels - for Sale/Lease
- Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Cur___/Accurate Public Report (Issued within __ Years).
A
(Real Estate Code/Article 4)
Exemptions to Public Report - 160 Acres+/1Byr 6 or More Lots
- Bulk Sale/Lease (6 or More Lots) to One Buyer
- Sale/Lease - 160 Acres or More
- Commercial and Industrial Zoned/Restricted Parcels - for Sale/Lease
- Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Current/Accurate Public Report (Issued within 5 Years).
Chap 16
6
Q
Lot Reservation (Requirements)
- Max $_____ Deposit - for Lot (In Escrow)
- Public Report - Delivered __ Calendar Days of Issuance
- Lot Reservation Terminated - In __ Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Lot Reserve Cancel - Buyer May Cancel Anytime “Prior to entering P____ C_____.”
A
(Real Estate Code/Article 4)
“Lot Reservations” (Requirements) - $5000-15-7
- Max $5,000 deposit for Lot (In Escrow)
- Public Report - Delivered 15 Calendar Days of Issuance
- Lot Reserve Terminates - In 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Lot Reserve Cancel - Buyer May Cancel Anytime“Prior to Entering Purchase Contract.”
Chap 16
7
Q
Lot Reservation - Terminate/Cancel
- Lot Reserve Terminates - In __ Business Days of Buyer’s Receipt of Public Report Unless “Purchase Contract Signed”
- Cancel - Buyer may Cancel Anytime “Prior to Entering P____ C_____.”
A
(Real Estate Code/Article 4)
“Lot Reservations” Terminate/Cancel -
- Lot Reserve Terminates - In 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Cancel - Buyer may Cancel Anytime“Prior to Entering Purchase Contract.”
Chap 16
8
Q
If Sale Contract Prior to Public Report Approval or Subdivider Fails to Provide a Public Report to Purchaser:
- Sale is R________ by Buyer (If No Public Rpt)
- Buyer May Take Legal Action within __ Years.
A
(Real Estate Code/Article 4)
No Public Report -
If Sale Contract made Prior to Public Report Approval or Subdivider Fails to Provide a Public Report to Purchaser:
- Sale is Recindable by Buyer (If No Public Rpt)
- Buyer May Take Legal Action within - 3 years.
Chap 16
9
Q
Unimproved Lands
- Lands Inspected - Buyer- __ Calendar Days Unilateral Right to Rescind
- Uninspected Land - Buyer - __ Mos to Inspect or may Rescind at Time of Inspection
A
(Real Estate Code/Article 4)
Unimproved Lands
- Inspected - Buyer - 7 Calendar Days Unilateral Right to Rescind
- Uninspected Land - Buyer- 6 Mos to Inspect or May Rescind at Time of Inspection
Chap 16
10
Q
Unimproved Lands - Inspected.
Buyer Unilateral Right Recind - Has __ Calendar Days For “Inspected” Unimproved Lands
A
(Real Estate Code/Article 4)
Unimproved Lands (Inspected) -
Buyer Unilateral Right Recind - In 7 Calendar Days For “Inspected” Unimproved Lands
Chap 16
11
Q
Unimproved Lands - Uninspected - Buyer has __ Mos to Inspect or May Rescind.
A
(Real Estate Code/Article 4)
Unimproved Lands (Uninspected) -
Buyer has 6 mos to inspect or May Rescind at Inspection
Chap 16
12
Q
Property Divided into 6 or More Lots for the Purpose of Sale/Lease , with Lots 36-159 Acres Each are called?
6 or more lots -
- 36 Acres or More Each
- But Less Than 160 Acres each
A
(Real Estate Code/Article 4) -
Unsubdivided Lands - Lots 36-159 Acres
Property Divided into 6 or More Lots for the Purpose of Sale/Lease , with Lots 36-159 Acres Each
- 36 Acres or More Each
- But Less Than 160 Acres Each
Chap 16
13
Q
In reference to what concerning lots?
- Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
- Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.
A
(Real Estate Code/Article 4)
Illegal Lot Splits
- Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
- Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.
Chap 16
14
Q
Lot Reservation (Requirements)
- Max $_____ deposit - for lot (in escrow)
- Public Report - Delivered __ Calendar Days of issuance
- Lot Reserve Termination - In __ Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
A
(Real Estate Code/Article 4)
“Lot Reservations” (Required) - $5000/15c/7b
- Max $5,000 deposit for lot (in escrow)
- Public Report - Delivered 15 Calendar Days of issuance
- Lot Reserve Terminates - 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
Chap 16
15
Q
Recorded with Deed for any Improved or Unimproved Property that is In The (Unicorporated Area of a County - Not a Municipality) and Not In a Recorded Subdivision
A
(Real Estate Code/Article 4)
Affidavit of Disclosure
Recorded with Deed for any Improved or Unimproved Property that is In The (Unicorporated Area of a County - Not a Municipality) and Not In a Recorded Subdivision
Chap 16
16
Q
Affidavit of Disclosure (5dev/7rec) - Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:
- W____ Av_______,
- S____ or S____ T_____,
- Leg___ Ac____,
- Eas_____, etc
A
(Real Estate Code/Article 4)
Affidavit of Disclosure (5dev/7rec) - Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:
- Water Availability,
- Sewer or Septic Tanks,
- Legal Access,
- Easements, etc
Chap 16
17
Q
Affidavit of Disclosure (7d/5r) - Pertaining to Improved /Unimproved Properties in Unincorporated Areas and Un-Recorded Subdivisions.
Disclosures Requires Info Regarding W___ A____, S____ or S___ Tanks, Leg__ Access, E______, etc. (No Appraisal required)
- Affidavit of Disclosure - Delivered to Buyer at least - __ days Prior to Close.
- Buyer Can Rescind Transaction - In __ Days from Receipt of Aff_____ of Dis______.
A
Affidavit of Disclosure (7d/5r) - Pertaining to Improved /Unimproved Properties in Unincorporated Areas and Un-Recorded Subdivisions.
Disclosures Requires Info Regarding Water Availability, Sewer or Septic Tanks, Legal Access, Easements, etc. (No Appraisal required)
- Affidavit of Disclosure - Delivered to Buyer at least - 7 days Prior to Close.
- Buyer Can Rescind Transaction - In 5 Days from Receipt of Affidavit of Disclosure.
Chap 16
18
Q
Affidavit of Disclosure - Pertaining to Properties Improved or Unimproved In Unincorporated Area of County.
Seller Must Record A_____ of D______ when D____ is Recorded.
A
(Real Estate Code/Article 4) -
Affidavit of Disclosure - Pertaining to Properties Improved or Unimproved In Unincorporated Area of County.
Seller Must Record Affidavit of Disclosure when Deed is recorded
Chap 16
19
Q
Lot Reservation & Purchase Contracts
- Lot Reserve Cancelled** - **Anytime“Prior to Entering P____ C_____.”
A
(Real Estate Code/Article 4)
“Lot Reservations” and Purchase Contracts
- Lot Reserve Cancelled- Anytime“Prior to Entering P____ C_____.”
Chap 16
20
Q
Share or Interest in Real Property (Usually In A Resort, Condominium or Hotel) with a Right to Use the Facility for a Certain Period of Time.
A
(Real Estate Code/Article 9) -
Time Share -
Share or Interest in Real Property (Usually In A Resort, Condominium or Hotel) with a Right to Use the Facility for a Certain Period of Time.
Chap 16
21
Q
Timeshare Reports
__ or More Timeshares Sold, a“Timeshare Report” is Required.
A
(Real Estate Code/Article 9)
Timeshare Reports
12 or More Timeshares Sold, a “Timeshare Report” is Required.
Chap 16
22
Q
Timeshare Report (Requirements)
- N___ and Ad____ of Owner and Developer
- “Comp_____ St______” of the Timeshare Program.
- Leg__ Desc______ and Location of Land
- “St_____ of Assurances” for the Installation of All Improvements, including Offsite Improvements.
- “Prov_____” for the Exchange of Occ_____ Rights with Owners of Other Timeshare Projects.
A
(Real Estate Code/Article 9)
Timeshare Report (Requirements) -
- Name/Address of Owner and Developer
- Comprehensive Statement - of the Timeshare Program.
- Legal Description and Location of Land
- “Statement of Assurances“ - for the Installation of All Improvements, including Offsite Improvements.
- “Provisions” for the Exchange of Occupancy Rights with Owners of Other Timeshare Projects.
Chap 16
23
Q
Rescinding Timeshare Purchases
- Recind Time Share Purchase Contract - __ Days to “Recind Without Cause” of Date Contract Executed
- Sale Prior to Pub__ R_____ - The S___ is V____ by the Purchaser
- L___ Ac_____ - To Void The Action Must Be Brought Within - __ Years of the Sale.
A
(Real Estate Code/Article 9)
Rescinding Timeshare Purchases
- Recind Time Share Purchase Contract - 7 Days to “Recind Without Cause” of Date Contract Executed
- Sale Prior to Public Report -The Sale is Voidable by the Purchaser
- Legal Action - To Void The Action Must be Brought Within - 3 Years of the Sale.
Chap 16
24
Q
(Arizona Commissioner’s Rules/Article 3 - Licensing)
General Licensing Requirements -
- Requires Licensee Dis______ Q________, F_______ and S____ S______ Number of Applicants
- Broker License Issued after A____ L_____ C_______.
- Only use L_____ N____ on License
- Bus_____ and Res_____ Addresses - must file
- Notify Commissioner - In __ Days of Any: Mis______ or Fel___ - Adverse J______ in Real Estate Suits and C______ of Address
A
(Arizona Commissioner’s Rules/Article 3 - Licensing)
General Licensing Requirements -
- Requires** **Licensee Disclosure Questionaire**, **Fingerprints** and **Social Security Number of Applicants
- Broker license** I_ssued__After Agent License Cancelled_**
- Only use Legal Name on License
- Business and Residential Addresses - must file
- Notify Commissioner - In 10 Days of Any: Misdemeanor or Felony - Adverse Judgement in Real Estate Suits and Change of Address
Chap 16
25
**License Renewing**
1. **_Upon Renewing_** - **Exi\_\_\_ L\_\_\_\_** in Effect Until Expires.
2. **_Renewing Late_** - **Specify if** **A\_\_\_\_\_** Conducted After Expiration.
3. **_If Renewal Very Late_** - **P\_\_ P\_\_\_\_\_**, Advise if Activities After Expiration
4. **_Sever Form_** - **Ad\_\_\_\_\_\_\_ S\_\_\_\_\_\_\_\_** by Broker Sent to DRE to Sever Licensee from Office.
(Arizona Commissioner's Rules/Article 3 - Licensing)
**License Renewing -**
1. **_Upon renewing_** - **Existing License** in Effect Until Expires.
2. **_Renewing Late_** - Specify if **Activities** Conducted After Expiration.
3. **_If Renewal Very Late**_ - _**Pay Penalty_**, Advise if Activities After Expiration
4. **_Sever Form_** - **Administrative Severance** by Broker Sent to DRE to Sever Licensee From Office.
**Chap 16**
26
**Az Commissioner's Rules/Article 11 - Profesional Conduct - Duties to Client -**
1. **_Disclosure_** - **CARLOD, Material Defect. Air\_\_\_\_, Mil\_\_\_Tra\_\_\_ Area,**
2. **_Controversy with Another_ - Not Jeopardize Delay, or Interfere with Tran\_\_\_\_\_**
3. **_Conflict of Interrest_ - Written Statement**
4. **_Compensation_** - **Ag\_\_\_\_ Shall Not Accept Mon\_\_\_, Reb\_\_\_\_ for any Goods/Ser\_\_\_\_ Provided and Related to Real Estate Transaction** **Without Person's** **Wr\_\_\_\_ Ack\_\_\_\_\_\_\_\_ of Comp\_\_\_\_\_.**
5. **_Services Outside of Agent's Field_** - **Must Use P\_\_\_\_ Competent in those S\_\_\_\_\_**, or **Disclose La\_\_ of Kno\_\_\_\_\_** and **then Client Employs the Licensee**
6. **_Agent Obtain and Communicate Information_** - Use **R\_\_\_\_\_\_\_ Care to Obtain and Share Info Mat\_\_\_\_ to Transaction**
7. **_Occupancy_** - **Shall Not** **Permit Th\_\_ Party or Bu\_\_\_ Occupancy without W\_\_\_\_\_ C\_\_\_\_\_**, **Before Close of Escrow.**
8. **_Occupancy Disclosure_** - **Agent Shall Recommend Client to Seek Appropriate Leg\_\_\_ C\_\_\_\_ of Risk** **of Pre-Possession or** **Post-Possession.**
**Az Commissioner's Rules/Article 11 - Profesional Conduct Duties to Client -**
1. **_Disclosure_** - **CARLOD, Material Defects, Airports, Military Training Areas,**
2. **_Controversy with Another_ - Not Jeopardize Delay, or Innterfere with Transaction**
3. **_Conflict of Interrest_ - Written Statement**
4. **_Compensation_** - **Agent shall not accept Monies, Rebates for any Goods/Services Provided** **and Related to Real Estate Transaction** **Without Person's Written Acknowledgment of Compensation.**
5. **_Services Outside of Agent's Field_** - **Must Use Person Competent in Those Services**, or **Disclose Lack of Knowledge** **and then Client Employs the Licensee.**
6. **_Agent Obtain and Communicate Information_** - Use **Reasonable Care to Obtain and Share Info Material to Transaction**.
7. **_Occupancy_** - **Shall Not** **Permit Third party or Buyers Occupancy without Written Consent**, **Before Close of Escrow.**
8. **_Occupancy Disclosure_** - **Agent Shall Recommend Client to Seek Appropriate** **Legal Counsel of Risks of Pre-Possession or Post-Possession.**
**Chap 16**
27
**Branch Manager Requirements**
1. **_Agent/Assoc Broker_** - **May Act as Br\_\_ Manager**
2. **_Designated Broker_ - May Ask Ass\_\_ Br\_\_\_\_\_ to Perform Designated B\_\_\_\_ Func\_\_\_\_**.
3. **_Branch Office Onsite_** - **No** **Sep\_\_\_\_ Li\_\_\_\_ R\_\_\_\_\_\_.**
(Arizona Commissioner's Rules/Article 3 - Licensing)
**Branch Manager Requirements -**
1. **_Agent/Assoc Broker_** - **May Act as Branch Manager**
2. **_Designated Broker_ - May Ask Assoc Broker to Perform Designated Broker Functions.**
3. **_Branch Office Onsite_ - No Separate License Required**
**Chap 16**
28
**_Advertising by a Licensee_ -**
1. **Agent May Not Imply** **N\_ Ag\_\_ is Involved**.
2. **Agent Owns Property - Dis\_\_\_\_ Agent-Owned**
3. **Misl\_\_\_\_ Facts - Advertising _Shall Not_** Contain**.** **Shall Contain Accurate Claims Only**
4. **_Employing Broker Name_ -** at **Top of W\_\_ Pages and On All Adv\_\_\_\_\_\_\_.**
5. **_All Advertising_** - **Sup\_\_\_\_\_\_\_ by Designated B\_\_\_\_**.
6. **_Acre_** - Must Represent **\_\_\_\_\_\_\_ Square Feet**
7. **_Sign on Property_** - Owner W\_\_\_\_ C\_\_\_\_\_\_.
(Arizona Commissioner's Rules/Article 5)
**_Advertising by a Licensee_ -**
1. **Agent May Not Imply** **No Agent is Involved.**
2. **_Own Property_ - Disclosed Agent-Owned**
3. **_Misleading Facts_ - Advertising** **_Shall Not_** Contain**.** **Shall Contain Accurate Claims Only**
4. **_Employing Broker Name_ -** at **Top of Web Pages and On All Advertising.**
5. **_All Advertising_** - **Supervised** **by Designated Broker.**
6. **_Acre_** - Must Represent **43,560** **Square Feet**
7. **_Sign on Property_** - Owner **Written Consent.**
**Chap 16**
29
**Promotional Activities**
1. **_Agents Shall Not_** Describe **"Premium Offers"** at **N\_ C\_\_\_ or Red\_\_\_\_ C\_\_\_\_** as **"Award/Prize."**
2. **_Premium Offer_** - states **T\_\_\_, Cost, Cond\_\_\_\_, Restr\_\_\_\_\_ in Writing Before Offeree Participates**.
3. **_Interest in Development_** - **May Not Soli\_\_, S\_\_\_, or Of\_\_\_** by Conducting a **Lot\_\_\_\_, Con\_\_\_, Drawing or Ga\_\_\_ of Ch\_\_\_\_** to Influence Purchaser.
4. **Sub\_\_\_\_\_\_/Tim\_\_\_\_/Cam\_\_\_\_\_ Memberships**: **May Conduct Lottery, Contest, Drawing, or Game of Chance.**
(Arizona Commissioner's Rules/Article 5)
**Promotional Activities**
1. **_Agents Shall Not_** Describe **"Premium Offered"** at **No Cost** or **Reduced Cost** as **"Award/Prize."**
2. **_Premium Offer_** - state **Terms, Cost, Conditions, Restrictions** **in Writing Before Offeree Participates**.
3. **_Interest in Development_** - **May Not Solicit, Sell, or Offer** by Conducting a **Lottery, Contest, Drawing or Game of Chance** to Influence Purchaser.
4. **_Subdividers/Timeshares/Campground Memberships_**: **May Conduct Lottery, Contest, Drawing, or Game of Chance.**
**Note:** In Marketing, Premiums are Promotional Items — Toys, Collectables, Souvenirs and Household Products
**Chap 16**
30
**Compensation Sharing Disclosure**
1. **Real Estate Broker** - in **W\_\_\_\_ Before Clo\_\_\_**, Name of **Each Employing Broker** Representing Parties and **Who will Receive Compensation.**
2. **Compensation to Agents/Referral Fees** - **Given to Other Brokers have** **(N\_\_ Disc\_\_\_\_\_ Req\_\_\_\_\_\_)**
(Arizona Commissioner's Rules/Article 7 - Compensation)
**Compensation Sharing Disclosure**
1. **Real Estate Broker** - in **Writing Before Closing**, Name of **Each Employing Broker** Representing Parties and **Who will** **Receive Compensation**.
2. **Compensation to Agents/Referral Fees** - Given to Other Brokers have **(No Disclosure Required)**
**Chap 16**
31
**Documents / Conveyance of Documents (Article 8)**
1. **_Executed Docs_** - **Deliver** **S\_\_\_\_ Copies to Parties**
2. **_Offers_** -
1. **_List Agmt Terms_** - **Submit all Of\_\_\_** **(Wri\_\_\_ and Verb\_\_\_)**
2. **_Disclosure to Offerors (Byr)_** - **Receive Owner Perm\_\_\_\_\_ to Disclose all** **T\_\_\_ of Additional Offers**
3. **Prior to Closing - Submit All Offers**
4. **"Cease Offers" (Owner's Wr\_\_\_\_ Con\_\_\_)** - **Agent is Released from Duty to Submit All Offers but May Do Voluntary.**
5. **_Broker Retains_** - **C\_\_\_\_, Esc\_\_\_\_\_ Ins\_\_\_\_ and Rec\_\_\_\_, L\_\_\_ Agmts, Cl\_\_\_ Sta\_\_\_\_\_, Emp\_\_\_\_ Agr\_\_\_\_\_\_\_, all Dis\_\_\_\_\_\_\_ (Signed and Delivered)**
**Arizona Commissioner's Rules/Article 8**
**_Documents / Conveyance of Documents_**
1. **_Executed Docs_** - **Deliver Signed Copies to Parties**
2. **_Offers_** -
1. **_List Agmt_** - **Submit all Offers** **(Written/Verbal)**
2. **_Disclosure to Offerors (Byr)_** - **Receive Owner Permission to Disclose all** **Terms of Additional Offers**
3. **_Prior to Closing - Submit All Offers_**
4. **"Cease Offers" (Owner Written Consent)** - **Agent is Released from Duty to Submit All Offers but May Do Voluntary.**.
5. **_Broker Retains_** - **Contracts, Escrow Instructions and Receipts, List Agmts, Closing Statements, Employment Agreements, all Disclosures (Signed and Delivered).**
**Chap 16**
32
**Arizona Commissioner's Rules - Article 11**
**Professional Conduct -Duties of Client - (1 -3 of 6)**
1. **_Fiduciary Duties_** - **Licensee Owes to Client CARLOD (Con\_\_\_\_\_, Acc\_\_\_\_\_, R\_\_\_\_\_ Care, Loy\_\_\_\_, Ob\_\_\_\_\_, Dis\_\_\_\_\_\_)**
2. **_Disclose_** - All **Mat\_\_\_\_ and Adv\_\_\_\_\_ Fa\_\_\_** **Affecting Consideration Paid, that Agent Knows Be in Writing which Includes:**
1. **_Any info Seller/Lessor_ Un\_\_\_ to Per\_\_\_\_**
2. **_Any info Buyer/Lessee_** **Un\_\_\_\_ to Per\_\_\_\_**
3. **Mat\_\_\_\_ Defects** - **Existing in Property**
4. **L\_\_\_\_/Enc\_\_\_\_\_\_\_\_ May Possibly Exist in Property.**
5. **Pub\_\_\_/Pri\_\_\_ Air\_\_\_, Mil\_\_\_\_ Tra\_\_\_ Facility**
**Arizona Commissioner's Rules - Article 11**
**Professional Conduct -Duties of Client - (1-3 of 6)**
1. **_Fiduciary Duties_** - **Licensee Owes to Client** **CARLOD (Confidentiality, Accounting, Reasonable Care, Loyalty, Obedience, Disclosure)**
2. **_Disclose_** - **All Materially/Adverse Facts Affecting Consideration Paid that Agent Knows Be in Writing Which Includes**:
1. ***_Any info Seller/Lessor_ Unable to Perform***
2. ***_Any info Buyer/Lessee_** **Unable to Perform***
3. **_Material Defects_** *- **Existing in Property***
4. **_Liens/Encumbrances_** ***May Possibly Exist in Property***
5. **_If in Public/Private Airport, Military Training Facility_**
**Chap 16**
33
**Arizona Commissioner's Rules - Article 11**
**Professional Conduct - Duties of Client - (3 to 6)**
1. **_All Acts_** - **Expedit\_\_\_\_ Comp\_\_\_\_**
2. **_Controversy with Another Agent_** - shall not **Jeo\_\_\_\_, Delay or Interf\_\_\_ with Transaction**
3. **_Prospective Interest/Conflict_** -
1. **_Agent_** - **Acting as Pr\_\_\_\_\_\_**
2. **_Seller/Buyer_ - Mem\_\_\_\_ of Agent's Fam\_\_**
3. **_Seller/Buyer_ - Is Employing B\_\_\_\_ or A\_\_\_\_**
4. **_Agent/Family Member_ - Fin\_\_\_\_\_ Int\_\_\_\_**
5. **_Agent Compensation from Buyer and Seller_** - **Has Wr\_\_\_\_\_ C\_\_\_\_\_ of A\_\_ Parties**
Arizona Commissioner's Rules - Article 11
**Professional Conduct - Duties of Client - (3 to 6)**
1. **_All Acts_** - Expenditiously completed
2. **_Controversy with another agent_** - shall not Jeopardize, Delay or Interfere with Transaction
3. **_Prospective Interest/Conflict_** -
1. **_Agent_ - Acting as Principal**
2. **_Seller/Buyer_ - Member of Agent's Family**
3. **_Seller/Buyer_ - Is Employing Broker or Agent**
4. **_Agent/Family Member_ - Financial Interest**
5. **_Agent Compensation from Buyer and Seller_** - **Has Written Consent of All Parties**
**Chap 16**
34
Arizona Commissioner's Rules - **Article 11 -**
**Professional Conduct Duties to client:**
**Fiduciary Duties owed to client (CARLOD)**
1. **Con\_\_\_\_\_\_,**
2. **Acc\_\_\_\_\_\_\_,**
3. **R\_\_\_\_\_\_ Care,**
4. **Loy\_\_\_,**
5. **Obe\_\_\_\_\_\_\_,**
6. **Dis\_\_\_\_\_\_**
(Arizona Commissioner's Rules/Article 11 - Prof Conduct)
**_Duties to Client (Fiduciary Duties)_** -
1. Confidentiality,
2. Accounting,
3. Reasonable Care,
4. Loyalty,
5. Obedience,
6. Disclosure
**Chap 16**
**Chap 16**
35
(Arizona Commissioner's Rules-Article 11 -
**Prof Conduct Duties to Client**
**_Disclosure Includes_ - All Materially/Adverse Facts Affect Consideration Paid that Agent Knows To Be In Writing which Includes:**
1. **_Any Info Seller/Lessor_ - Un\_\_\_\_ to Per\_\_\_\_**
2. **_Any Info Buyer/Lessee_ - Un\_\_\_\_ to Per\_\_\_\_**
3. **Mat\_\_\_\_\_ Def\_\_\_\_ - Existing in Property**
4. **L\_\_\_\_/Enc\_\_\_\_\_\_ Possible Existance in Property.**
(Arizona Commissioner's Rules-Article 11 - Prof Conduct) Duties to client:
**_Disclosure includes_ - All materially/adverse facts Affect Consideration Paid that Agent Knows To Be In Writing which Includes:**
1. **_Any Info Seller/Lessor_** - **Unable to Perform**
2. **_Any Info Buyer/Lessee_** - **Unable to Perform**
3. **_Material Defects_** - **Existing in Property**
4. **_Liens/Encumbrances_ Possible Existance in Property.**
**Chap 16**
36
(Arizona Commissioner's Rules/Article 11 -
**Profesional Conduct Duties to Client - Disclose Properties in these Areas**
1. **Pub\_\_\_/Pri\_\_\_\_ Airport,**
2. **Mil\_\_\_\_ Air\_\_\_\_ or Ancillary Mil\_\_\_ Fac\_\_\_\_\_**
3. **Mil\_\_\_\_\_ Tr\_\_\_\_\_ Fac\_\_\_\_**
(Arizona Commissioner's Rules/Article 11 - Prof Conduct)
**Profesional Conduct Duties to Client - Disclose Properties in these Areas** -
1. Public/Private Airport,
2. Military Airport or Ancillary Military Facility
3. Military Training Facility
**Chap 16**
37
**Arizona Commissioner's Rules/Article 11 Prof Conduct**
**_Prospective Interest or Conflict_ - Written (Disclosure) Statement Necessary for:**
1. **_Agent_ - Acting as P\_\_\_\_\_**
2. **_Seller/Buyer_ - M\_\_\_\_ of Agent's Family**
3. **_Seller/Buyer_ - Is Emp\_\_\_\_\_ B\_\_\_\_ or A\_\_\_\_\_**
4. **_Agent/Family Member_ - Fin\_\_\_\_\_ Int\_\_\_\_\_\_**
5. **_Licensee Compensation from Buyer and Seller_** - **W\_\_\_\_ C\_\_\_\_\_ from A\_\_ P\_\_\_\_\_**
**Arizona Commissioner's Rules/Article 11 - Prof Conduct**
**_Prospective Interest or Conflict_ - Written (Disclosure) Statement Necessary for:**
1. **_Agent_ - Acting as Principal**
2. **_Seller/Buyer_ - Member of Agent's Family**
3. **_Seller/Buyer_ - Is Employing Broker or Agent**
4. **_Agent/Family Member_ - Financial Interest**
5. **_Licensee Compensation from Buyer and Seller_ -** **Written Consent from All Parties**
**Chap 16**
38
**Arizona Commissioner's Rules/Article 11 - Professional Conduct (Summary) -**
1. **_Disclosure_** - **CARLOD, Air\_\_\_\_, Mil\_\_\_Tra\_\_\_, Con\_\_\_\_ of Int\_\_\_\_** **to Client**
2. **_Compensation_** - **Agent Shall Not Accept Mon\_\_\_, Reb\_\_\_\_ for any G\_\_\_\_/Ser\_\_\_\_ Provided and Related to Real Estate Transaction** **without Seller's W\_\_\_\_\_\_ Ack\_\_\_\_\_\_\_\_ of Com\_\_\_\_\_\_\_\_.**
3. **_Services Outside of Agent's Field_** - **Must Use Per\_\_\_\_ Comp\_\_\_\_\_ in those Services, or Disclose La\_\_ of Kno\_\_\_\_\_ and then Client Employs the Licensee**
4. **_Agent Obtain and Communicate Information_** - **Use** **R\_\_\_\_\_\_\_ Care for Info Mat\_\_\_\_ to Transaction**
5. **_Occupancy_** - **Shall Not** **Permit T\_\_ Party or B\_\_\_\_ without W\_\_\_\_\_ C\_\_\_\_\_**, **Before Close of Escrow.**
6. **_Occupancy Disclosure_** - **Agent Shall Recommend Client to Seek Appropriate** **L\_\_\_\_ Cou\_\_\_ of Ri\_\_\_** **of Pre-Possession or Post-Possession.**
**Arizona Commissioner's Rules/Article 11 - Professional Conduct (Summary) -**
1. **_Disclosure_** - **CARLOD, Airports, Military Training, Conflict of Interest** **to Client**
2. **_Compensation_** - **Agent Shall Not Accept _Monies_, _Rebates_ for any _Goods/Services_ Provided** **and Related to Real Estate Transaction** without **Seller's Written Acknowledgment of Compensation.**
3. **_Services Outside of Agent's Field_** - **Must Use Person Competent in Those Services**, or **Disclose Lack of Knowledge** **and then Client Employs the Licensee.**
4. **_Agent Obtain and Communicate Information_** - Use **Reasonable Care for Info Material to Transaction**.
5. **_Occupancy_** - **Shall Not** **Permit Third Party or Buyers without Written Consent**, **Before Close of Escrow.**
6. **_Occupancy Disclosure_** - **Agent Shall Recommend Client to Seek Appropriate** **Legal Counsel of Risks of Pre-Possession or Post-Possession.**
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**Arizona Commissioner's Rules/Article 11 - Prof Conduct**
**_Property Negotiations_ -** **Shall be Conducted Through Principal's Broker or Licensed Representative _UNLESS_:**
1. **FSBO** - **For Sale By Owner**
2. **Prin\_\_\_\_ Waives Requirement in Wr\_\_\_** or
3. **_If No Licensed Representative of Broker_** - **Available in __ hours.**
1. **Get Owner's Written Consent to Present Offer**
**Arizona Commissioner's Rules/Article 11 - Prof Conduct**
**_Property Negotiations_ -** **Shall be Conducted Through Principal's Broker or Licensed Representative _UNLESS_:**
1. **FSBO - For Sale By Owner**
2. **Principal Waives Requirement in Writing** or
3. **_If No Licensed Representative of Broker_** - **Available in 24 hours.**
1. **Get Owner's Written Consent to Present Offer**
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AZ Commissioner's Rules/Article 11 - Prof Conduct
**Broker Supervision and Control -**
**Reasonable Super\_\_\_\_ and C\_\_\_\_\_**, and **Enforcement** of **Written Pol\_\_\_\_, Rules**, **Proc\_\_\_\_\_, and Sy\_\_\_\_** over **Activities of Associate Brokers and Agents.**
(Arizona Commissioner's Rules/Article 11 - Prof Conduct)
**Broker Supervision and Control -**
**Reasonable Supervision and Control**, and Enforcement of **Written Policies, Rules**, **Procedures, and Systems** over **Activities of Associate Brokers and Agents.**
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**Land which is Divided into 6 or More Lots**, Parcels or **Fractional Interest created for Sale or Lease.**
**Subdivision -**
**Land which is Divided into 6 or More Lots**, Parcels or **Fractional Interest created for Sale or Lease.**
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42
**Documents Retained by Broker**
1. **_Broker Retains_** - **C\_\_\_\_, Esc\_\_\_\_ Ins\_\_\_\_ and Rec\_\_\_\_, Clo\_\_\_ St\_\_\_\_\_, List A\_\_\_\_, Emp\_\_\_\_ Ag\_\_\_\_\_, all Dis\_\_\_\_\_ (Si\_\_\_ and De\_\_\_\_\_)**
Arizona Commissioner's Rules/Article 8
**Documents Retained by Broker**
1. **_Broker Retains_** - **Contracts, Escrow Instructions and Receipts, Closing Statements, List Agmts, Employment Agreements, all Disclosures (Signed and Delivered).**
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**_Affidavit of Disclosure_** **(7d/5r)** - **Pertaining to "_Improved /Unimproved Properties_" in Unincorporated Areas and Un-Recorded Subdivisions.**
1. **_Affidavit of Disclosure_** - **Delivered** **to Buyer at Least** - **\_\_ Days Prior to Close.**
2. **_Buyer Can Rescind_** - **In __ Days the Transaction from Receipt of Aff\_\_\_\_\_ of Dis\_\_\_\_\_\_.**
**_Affidavit of Disclosure_** **(7d/5r)** - **Pertaining to "_Improved /Unimproved Properties_" in Unincorporated Areas and Un-Recorded Subdivisions.**
1. **_Affidavit of Disclosure_** - **Delivered to Buyer** **at Least** - **7 Days Prior to Close.**
2. **_Buyer Can Rescind_** - **In 5 Days** **the Transaction from Receipt of Affidavit of Disclosure.**
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**The Purchaser of Unimproved Land in AZ Subdivision Can Void the Purchase Contract if the Subdivider DOES NOT Provide:**
1. Title Insurance
2. Water Rights
3. Permanent Access
4. Warranty Deed
**The Purchaser of Unimproved Land in AZ Subdivision Can Void the Purchase Contract if the Subdivider DOES NOT Provide:**:
1. Title Insurance
2. Water Rights
3. **Permanent Access**
4. Warranty Deed
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45
**Salesperson Receives Offer to Purchase from Buyer, But is Unable to Contact Anyone in Listing Office for 24 Hours. Salesperson May:**
1. Present offer to seller
2. Hold the offer until the listing agency can be contacted
3. Request written permission from the seller to submit the offer
4. Send the offer to lisitng agency by certified mail
**Salesperson Receives Offer to Purchase from Buyer, But is Unable to Contact Anyone in Listing Office for 24 Hours. Salesperson May:**
1. Present offer to seller
2. Hold the offer until the listing agency can be contacted
3. **Request written permission from the seller to submit the offer**
4. Send the offer to lisitng agency by certified mail
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46
**Real Estate Commissioner Can Deny the Issuance of a Public Report on a Subdivision Because the Subdivider's Inability to:**
1. Provide Buyers with Comparable Sales Prices
2. Provide Paved Roads to the Property
3. Deliver Clear Title or Equitable Interest Promised
4. Provide Elevations and Floor Plans
**Real Estate Commissioner Can Deny the Issuance of a Public Report on a Subdivision Because the Subdivider's Inability to:**
1. Provide Buyers with Comparable Sales Prices
2. Provide Paved Roads to the Property
3. **Deliver Clear Title or Equitable Interest Promised**
4. Provide Elevations and Floor Plans
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**An AZ Real Estate Broker is Required to Perform All of the Following Procedures EXCEPT**:
1. Obtain the Seller's Permission to Place a Sign on the Property
2. Keep Records for 5 years from the Termination of a Transaction
3. Maintain Trust Account
4. Obtain the Written Consent of All Parties when Evaluating a Property in Which the Broker Has An Interest
**An AZ Real Estate Broker is Required to Perform All of the Following Procedures EXCEPT**:
1. Obtain the Seller's Permission to Place a Sign on the Property
2. Keep Records for 5 years from the Termination of a Transaction
3. **Maintain Trust Account**
4. Obtain the Written Consent of All Parties when Evaluating a Property in Which the Broker Has An Interest
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**Subdivision Requirements** - **Must _Submit Public Report_ to RE Commissioner with:**
1. **Name and A\_\_\_\_\_** - Owner and Developer
2. **Liens and T\_\_\_** **Condition** - To Land
3. **Terms and Conditions** - Of Sale
4. **M\_\_ of Subdivision**
5. **Restrictive Cov\_\_\_\_\_**
6. **Perm\_\_\_\_ Access Provisions** - To Each Parcel
7. **If AMA - Cert of Assured W\_\_\_ S\_\_\_\_** - from ADWR
**Subdivision Requirements - Must _Submit Public Report_ to RE Commissioner with:**
1. **Name and Address** - Owner and Developer
2. **Liens and Title Condition** - To Land
3. **Terms and Conditions** - Of Sale
4. **Map of Subdivision**
5. **Restrictive Covenants**
6. **Permanent Access Provisions** - To Each Parcel
7. **If AMA - Cert of Assured Water Supply** - from ADWR
**Chap 16**
