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

The SPDS is the standard form Arizona sellers use to disclose known material property conditions.

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

The federal lead-based paint disclosure rule applies to residential dwellings built before 1978.

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

Licensees must disclose known material facts affecting value even if the seller does not.

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

Arizona requires an affidavit of disclosure for sales of certain vacant unsubdivided land in unincorporated county areas.

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

Failure to disclose known material defects can expose licensees and sellers to lawsuits for damages.

Arizona Real Estate License Practice Test