FREE Arizona Real Estate License Contracts and Contract Law Questions and Answers Flashcards
6 cards from real Arizona Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 FREE Arizona Real Estate License Contracts and Contract Law Questions and Answers flashcards as text
Under Arizona law, which of the following is required for a real estate purchase contract to be enforceable?
Answer: A written document signed by the party to be charged
Arizona follows the Statute of Frauds, which requires real estate contracts to be in writing and signed by the party to be charged.
What happens when a buyer fails to deposit earnest money by the deadline specified in an Arizona residential purchase contract?
Answer: The seller may cancel the contract after providing written notice
In Arizona, the seller must provide written notice to the buyer of the failure before canceling the contract for non-deposit of earnest money.
In Arizona, what is the legal effect of a counteroffer on the original purchase offer?
Answer: It serves as a rejection of the original offer and creates a new offer
A counteroffer legally rejects the original offer and constitutes a new offer that the other party may accept or reject.
Which remedy allows an Arizona buyer to force a seller to complete a real estate transaction when the seller breaches the purchase contract?
Answer: Specific performance
Specific performance is an equitable remedy that compels the breaching party to fulfill their contractual obligations, commonly used in real estate because each property is considered unique.
Under the Arizona Association of REALTORS® residential purchase contract, what is the cure period after one party delivers a written notice of breach?
Answer: 3 calendar days
The AAR residential purchase contract provides a three-day cure period after written notice of a breach before the non-breaching party may exercise remedies.
In Arizona, which of the following situations would make a real estate contract voidable rather than void?
Answer: A contract signed by a minor
A contract signed by a minor is voidable because the minor has the option to disaffirm the contract, but it is not automatically void.