Arizona Real Estate License Arizona Real Estate Law 5

Question 1

Which Arizona disclosure form is commonly used by sellers to reveal known property conditions?

Accepted Answer

Seller's Property Disclosure Statement (SPDS)

Answer

HUD-1 form

Answer

1031 exchange form

Answer

Form W-9

Question 2

Under federal law applied in Arizona, disclosure of lead-based paint is required for homes built before what year?

Accepted Answer

1978

Answer

1990

Answer

1965

Answer

2000

Question 3

What must an Arizona licensee do if they learn of a material defect not disclosed by the seller?

Accepted Answer

Disclose it to the buyer

Answer

Ignore it to protect the seller

Answer

Only tell their broker

Answer

Wait until after closing

Question 4

In Arizona, an affidavit of disclosure is specifically required for the sale of what?

Accepted Answer

Unsubdivided vacant land in an unincorporated area (5 or fewer parcels)

Answer

Any condominium

Answer

Commercial office buildings

Answer

Newly built tract homes

Question 5

What is the statute of limitations concern that makes Arizona disclosure so important for licensees?

Accepted Answer

Buyers can sue for nondisclosure of known material defects

Answer

Licenses expire immediately

Answer

Commissions must be refunded

Answer

The sale is automatically canceled

Question 6

Which of the following is a "material fact" Arizona courts have said must be disclosed?

Accepted Answer

A known structural or roof defect affecting value

Answer

The seller's reason for moving

Answer

The listing agent's commission split

Answer

The buyer's financing source

Question 7

Under Arizona practice, stigmatized-property facts such as a prior death on the property are treated how?

Accepted Answer

Not required to be disclosed under Arizona statute

Answer

Always required to be disclosed

Answer

Grounds for automatic license revocation

Answer

Required only for commercial sales