Commissioner Rules, Subs and Timeshares 16 Flashcards Preview

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Flashcards in Commissioner Rules, Subs and Timeshares 16 Deck (48)
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1

Sub______ O_____ Ex________ -

Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.

Subsequent Owner Exemption -

Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.

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2

Real Estate Code/Article 4

Commissioner May "De__, Susp____, Rev____," Public Report for

  1. Incompleteness or
  2. Inability to meet all Statutory Requirements.

Real Estate Code/Article 4

Commissioner may "Deny, Suspend, Revoke," Public Report for

  1. Incompleteness or
  2. Inability to Meet all Statutory Requirements.

Chap 16

3

Subdivider Must Give to Buyers a Receipt to Sign for Public Report and Retain Receipt for How Long?

(Real Estate Code/Article 4)

Public Report (Subdivision Disclosure Report) Receipt to Buyer

  1. Buyer Must Sign
  2. Subdivider Must Keep Receipts for - 5 years

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4

If there are Material Changes to Original Report, what can Commissioner require?

A______ R________ -

  1. Commissioner May Require, if there are Material Changes to Original Report.
  2. Buyer has ___ Days to Review it or Cancel

(Real Estate Code/Article 4)

Amended Report -

  1. Commissioner May Require, if there are Material Changes to Original Report.
  2. Buyer has 10 Days to Review it or Cancel

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5

Exemptions to Public Report - 160 Acres+/1Byr 6 or M ore Lots

  1. B__k S___/L__se (__ or More Lots) to One Buyer
  2. Sale/Lease - ___ Acres or More
  3. C______ and Ind______ Zoned/Restricted Parcels - for Sale/Lease
  4. Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Cur___/Accurate Public Report (Issued within __ Years).

(Real Estate Code/Article 4)

Exemptions to Public Report - 160 Acres+/1Byr 6 or More Lots

  1. Bulk Sale/Lease (6 or More Lots) to One Buyer
  2. Sale/Lease - 160 Acres or More
  3. Commercial and Industrial Zoned/Restricted Parcels - for Sale/Lease
  4. Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Current/Accurate Public Report (Issued within 5 Years).

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6

Lot Reservation (Requirements)

  1. Max $_____ Deposit - for Lot (In Escrow)
  2. Public Report - Delivered __ Calendar Days of Issuance
  3. Lot Reservation Terminated - In __ Business Days of Buyer's Receipt of Public Report unless "Purchase Contract Signed"
  4. Lot Reserve Cancel - Buyer May Cancel Anytime "Prior to entering P____ C_____."

(Real Estate Code/Article 4)

 "Lot Reservations" (Requirements) - $5000-15-7

  1. Max $5,000 deposit for Lot (In Escrow)
  2. Public Report - Delivered 15 Calendar Days of Issuance
  3. Lot Reserve Terminates - In 7 Business Days of Buyer's Receipt of Public Report unless "Purchase Contract Signed"
  4. Lot Reserve Cancel - Buyer May Cancel Anytime "Prior to Entering Purchase Contract."

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7

Lot Reservation - Terminate/Cancel

  1. Lot Reserve Terminates - In __ Business Days of Buyer's Receipt of Public Report Unless "Purchase Contract Signed"
  2. Cancel - Buyer may Cancel Anytime "Prior to Entering P____ C_____."

(Real Estate Code/Article 4)

 "Lot Reservations" Terminate/Cancel  -

  1. Lot Reserve Terminates - In 7 Business Days of Buyer's Receipt of Public Report unless "Purchase Contract Signed"
  2. Cancel - Buyer may Cancel Anytime "Prior to Entering Purchase Contract."

Chap 16

8

If Sale Contract Prior to Public Report Approval or Subdivider Fails to Provide a Public Report to Purchaser:

  1. Sale is R________ by Buyer (If No Public Rpt)
  2. Buyer May Take Legal Action within __ Years.

(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:

  1. Sale is Recindable by Buyer (If No Public Rpt)
  2. Buyer May Take Legal Action within - 3 years.

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9

Unimproved Lands

  1. Lands Inspected - Buyer- __ Calendar Days Unilateral Right to Rescind
  2. Uninspected Land - Buyer - __ Mos to Inspect or may Rescind at Time of Inspection

(Real Estate Code/Article 4)

Unimproved Lands

  1. Inspected - Buyer - 7 Calendar Days Unilateral Right to Rescind
  2. Uninspected Land - Buyer- 6 Mos to Inspect or May Rescind at Time of Inspection

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10

Unimproved Lands - Inspected.

Buyer Unilateral Right Recind - Has __ Calendar Days For "Inspected" Unimproved Lands

(Real Estate Code/Article 4)

Unimproved Lands (Inspected) -

Buyer Unilateral Right Recind - In 7 Calendar Days For "Inspected" Unimproved Lands

Chap 16

11

Unimproved Lands - Uninspected - Buyer has __ Mos to Inspect or May Rescind.

(Real Estate Code/Article 4)

Unimproved Lands (Uninspected) -

Buyer has 6 mos to inspect or May Rescind at Inspection

Chap 16

12

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 -

  1. 36 Acres or More Each
  2. But Less Than 160 Acres each

(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

  1. 36 Acres or More Each
  2. But Less Than 160 Acres Each

Chap 16

13

In reference to what concerning lots?

  1. Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
  2. Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.

(Real Estate Code/Article 4)

Illegal Lot Splits

  1. Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
  2. Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.

Chap 16

14

Lot Reservation (Requirements)

  1. Max $_____ deposit - for lot (in escrow)
  2. Public Report - Delivered __ Calendar Days of issuance
  3. Lot Reserve Termination - In __ Business Days of Buyer's Receipt of Public Report unless "Purchase Contract Signed"

(Real Estate Code/Article 4)

 "Lot Reservations" (Required) - $5000/15c/7b

  1. Max $5,000 deposit for lot (in escrow)
  2. Public Report - Delivered 15 Calendar Days of issuance
  3. Lot Reserve Terminates - 7 Business Days of Buyer's Receipt of Public Report unless "Purchase Contract Signed"

Chap 16

15

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

(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

Affidavit of Disclosure (5dev/7rec) -  Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:

  1. W____ Av_______,
  2. S____ or S____ T_____,
  3. Leg___ Ac____,
  4. Eas_____, etc

(Real Estate Code/Article 4)

Affidavit of Disclosure (5dev/7rec) -  Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:

  1. Water Availability,
  2. Sewer or Septic Tanks,
  3. Legal Access,
  4. Easements, etc

Chap 16

17

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)

  1. Affidavit of Disclosure - Delivered to Buyer at least - __ days Prior to Close.
  2. Buyer Can Rescind Transaction  - In __ Days  from Receipt of Aff_____ of Dis______.

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)

  1. Affidavit of Disclosure - Delivered to Buyer at least - 7 days Prior to Close.
  2. Buyer Can Rescind Transaction - In 5 Days from Receipt of Affidavit of Disclosure.

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18

Affidavit of Disclosure - Pertaining to Properties Improved or Unimproved In Unincorporated Area of County.

Seller Must Record A_____ of D______ when D____ is Recorded.

(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

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19

Lot Reservation & Purchase Contracts

  1. Lot Reserve Cancelled - Anytime "Prior to Entering P____ C_____."

(Real Estate Code/Article 4)

 "Lot Reservations" and Purchase Contracts

  1. Lot Reserve Cancelled- Anytime "Prior to Entering P____ C_____."

Chap 16

20

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.

(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.

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21

Timeshare Reports

__ or More Timeshares Sold, a "Timeshare Report" is Required.

(Real Estate Code/Article 9)

Timeshare Reports

12 or More Timeshares Sold, a "Timeshare Report" is Required.

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22

Timeshare Report (Requirements)

  1. N___ and Ad____ of Owner and Developer 
  2. "Comp_____ St______" of the Timeshare Program.
  3. Leg__ Desc______ and Location of Land
  4. "St_____ of Assurances" for the Installation of All Improvements, including Offsite Improvements.
  5. "Prov_____" for the Exchange of Occ_____ Rights with Owners of Other Timeshare Projects.

(Real Estate Code/Article 9)

Timeshare Report (Requirements) -

  1. Name/Address of Owner and Developer 
  2. Comprehensive Statement - of the Timeshare Program.
  3. Legal Description and Location of Land
  4. "Statement of Assurances" - for the Installation of All Improvements, including Offsite Improvements.
  5. "Provisions" for the Exchange of Occupancy Rights with Owners of Other Timeshare Projects.

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23

Rescinding Timeshare Purchases

  1. Recind Time Share Purchase Contract  - __ Days to "Recind Without Cause" of Date Contract Executed
  2. Sale Prior to Pub__ R_____ - The S___ is V____ by the Purchaser
  3. L___ Ac_____ - To Void The Action Must Be Brought Within - __ Years of the Sale.

(Real Estate Code/Article 9)

Rescinding Timeshare Purchases

  1. Recind Time Share Purchase Contract  - 7 Days to "Recind Without Cause" of Date Contract Executed
  2. Sale Prior to Public Report -The Sale is Voidable by the Purchaser
  3. Legal Action - To Void The Action Must be Brought Within - 3 Years of the Sale.

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24

(Arizona Commissioner's Rules/Article 3 - Licensing)

General Licensing Requirements -

  1. Requires Licensee Dis______ Q________, F_______ and S____ S______ Number of Applicants
  2. Broker License Issued after A____ L_____ C_______.
  3. Only use L_____ N____ on License
  4. Bus_____ and Res_____ Addresses - must file
  5. Notify Commissioner - In __ Days of Any: Mis______ or Fel___ - Adverse J______ in Real Estate Suits and C______ of Address

(Arizona Commissioner's Rules/Article 3 - Licensing)

General Licensing Requirements -

  1. Requires Licensee Disclosure Questionaire, Fingerprints and Social Security Number of Applicants
  2. Broker license Issued  After Agent License Cancelled
  3. Only use Legal Name on License
  4. Business and Residential Addresses - must file
  5. Notify Commissioner - In 10 Days of Any: Misdemeanor or Felony - Adverse Judgement in Real Estate Suits and Change of Address

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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.

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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.

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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

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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.

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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