Arizona Real Estate License FREE Arizona Real Estate License Contracts and Contract Law Questions and Answers 2

Question 1

Under Arizona law, which of the following is required for a real estate purchase contract to be enforceable?

Accepted Answer

A written document signed by the party to be charged

Answer

Verbal agreement witnessed by two people

Answer

A notarized handshake agreement

Answer

An email confirmation from the buyer's agent

Question 2

What happens when a buyer fails to deposit earnest money by the deadline specified in an Arizona residential purchase contract?

Accepted Answer

The seller may cancel the contract after providing written notice

Answer

The contract is automatically void

Answer

The buyer forfeits all inspection rights

Answer

The contract remains valid with no consequences

Question 3

In Arizona, what is the legal effect of a counteroffer on the original purchase offer?

Accepted Answer

It serves as a rejection of the original offer and creates a new offer

Answer

It extends the original offer by 48 hours

Answer

It automatically binds both parties to the new terms

Answer

It preserves the original offer while adding new terms

Question 4

Which remedy allows an Arizona buyer to force a seller to complete a real estate transaction when the seller breaches the purchase contract?

Accepted Answer

Specific performance

Answer

Liquidated damages

Answer

Rescission

Answer

Declaratory judgment

Question 5

Under the Arizona Association of REALTORS® residential purchase contract, what is the cure period after one party delivers a written notice of breach?

Accepted Answer

3 calendar days

Answer

24 hours

Answer

5 calendar days

Answer

10 calendar days

Question 6

In Arizona, which of the following situations would make a real estate contract voidable rather than void?

Accepted Answer

A contract signed by a minor

Answer

A contract to sell property for an illegal purpose

Answer

A contract with no consideration

Answer

A contract missing a legal description of the property