Arizona Real Estate License Contract Law and Practice 2

Question 1

In Arizona, for a real estate purchase contract to be enforceable, it must comply with the Statute of Frauds, meaning it must be:

Accepted Answer

In writing and signed by the parties to be charged

Answer

The Statute of Frauds requires contracts for the sale of real property to be in writing and signed to be enforceable.

Question 2

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:

Accepted Answer

Counteroffer that rejects the original offer

Answer

Changing a material term like price rejects the original offer and creates a counteroffer.

Question 3

Which element is NOT required for a valid real estate contract in Arizona?

Accepted Answer

A licensed attorney's review

Answer

Attorney review is not a required element; competent parties, consideration, mutual assent, and lawful purpose are.

Question 4

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:

Accepted Answer

10 days

Answer

The standard AAR Residential Resale Purchase Contract provides a 10-day inspection period by default.

Question 5

If a minor enters into a real estate contract in Arizona, the contract is generally:

Accepted Answer

Voidable at the option of the minor

Answer

Contracts with minors are voidable at the minor's option because minors lack full contractual capacity.

Arizona Real Estate License Practice Test

Arizona Real Estate License Practice Test

Arizona Real Estate License Contract Law and Practice 2