HOGAN SCHOOL OF REAL ESTATE AZ2 Flashcards

HOGAN SCHOOL OF REAL ESTATE (AZ2) Flashcards Lot ReservationSetting aside a parcel for a buyer prior to issuance of a subdivision public report disclose terms of offer to other offerors with clients permission Rescind a timesharePurchaser may recind contract to purchase timeshare within 7 days of executing the contract Right to Rescindability to revoke the purchase of unimproved land in a subdivision Subdivider must submit application to the RE Commissioner

must include:1. Name, address of owner and subdivider2.

Leins and condition of title3. terms and conditions of sale4.map of subdivision5. restrictive covenants- CC&R's6.provisions of development Execution of transaction documentsmust deliver legible copy of signed documents to all parties General Provisions Article 1Original or renewal app sent before deadline; if not charged penalty fee sign on propertylicensee must obtain owner's written permission Branch officeSalesperson or associate broker; Subdivisionland divided into 6 or more lots, parcels or fractional interests for sale or lease TimeshareSale of 12 or more timeshares requires the developer to obtain a public report owner agentwhen advertising a property owned by a licensee, the licensee must disclose their licensed status

• monthstime a buyer has to rescind the purchase of unimporved

land in a subdivision if the buyer has not seen the land Real Estate Timesharean interest in real property with a right to use; 12 or more timeshares require a public report License RequirementsLicensee disclosure questionnaire, fingerprints, SSN, legal name, filing of business, residence address, within 10 days Affidavit of Disclosure1. Document required to be given to the buyer of property not located in a city or a recorded subdivision2. must be delivered 7 days prior to closing advertising a propertymust contain name of employing broker in promonate mannershall not misrepresent facts Employing Brokermust supervise all advertising Public Report (subdivision disclosure report) Allows the purchaser to make informed decisions regarding the property Affidavit of DisclosureBuyer has 5 days to recind purchase after receiving A of D

• yearsthe receipt from a buyer for the public report must be kept

by the subdivider for what period of time?Offerssubmitted promptlyall offers