Contract Law and Practice Flashcards
7 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 7 Contract Law and Practice flashcards as text
In Arizona, for a real estate purchase contract to be enforceable, it must comply with the Statute of Frauds, meaning it must be:
Answer: In writing and signed by the parties to be charged
The Statute of Frauds requires contracts for the sale of real property to be in writing and signed to be enforceable.
A buyer signs a purchase offer and the seller crosses out the price and writes a higher one before signing. This action legally constitutes a:
Answer: Counteroffer that rejects the original offer
Changing a material term like price rejects the original offer and creates a counteroffer.
Which element is NOT required for a valid real estate contract in Arizona?
Answer: A licensed attorney's review
Attorney review is not a required element; competent parties, consideration, mutual assent, and lawful purpose are.
The Arizona Residential Purchase Contract typically provides the buyer an inspection period, during which the buyer may cancel and receive the earnest money back if disapproving of the property's condition. This period is commonly:
Answer: 10 days
The standard AAR Residential Resale Purchase Contract provides a 10-day inspection period by default.
If a minor enters into a real estate contract in Arizona, the contract is generally:
Answer: Voidable at the option of the minor
Contracts with minors are voidable at the minor's option because minors lack full contractual capacity.
Earnest money in an Arizona transaction is best described as:
Answer: A good-faith deposit showing the buyer's serious intent
Earnest money is a good-faith deposit demonstrating the buyer's sincere intent to purchase.
When a seller accepts an offer exactly as written and communicates acceptance to the buyer, the result is:
Answer: A binding bilateral contract
Mutual promises exchanged upon acceptance form a binding bilateral contract.