Arizona 6-Hour Contract Writing Course EXAM - Study
Set Questions With Complete Solutions
A promise in exchange for a reward is sometimes called a(n)
______.
A) Bilateral agreement
B) Offeree
C) Offeror
D) Unilateral promise Correct Answers D) Unilateral promise
In terms of a real estate contract, an offer is a unilateral promise
(or a promise in exchange for a reward) from a buyer who is
willing to enter into a binding agreement with the seller.
A transfer of _____ or fewer parcels of property in an
unincorporated area of the county requires the filing of an
affidavit of disclosure.
A) 10
B) Eight
C) Five
D) Two Correct Answers C) Five
A week after their contract fell through, buyer Julie sued seller
Omar for specific performance. What does this mean?
A) Julie is the reason the contract fell through.
B) Julie still wants Omar to sell her his property.
C) Julie wants Omar to reimburse her for the appraisal she paid
for.
,D) Julie wants Omar to return her earnest money deposit.
Correct Answers B) Julie still wants Omar to sell her his
property.
A suit for specific performance compels a contract party to
fulfill the contract terms; in this case, the seller is compelled to
sell the property.
A(n) ______ is essentially an agreement or promise between
parties.
A) Addendum
B) Amendment
C) Contract
D) Disclosure Correct Answers C) Contract
All of the following are considered contractual errors EXCEPT
which one?
A) Allowing pre-closing property possession with a written
agreement in place
B) Failing to describe earnest money requirements
C) Failing to disclose additional fees
D) Missing signatures or initials Correct Answers A) Allowing
pre-closing property possession with a written agreement in
place
Sellers may allow buyers to take possession of the property prior
to closing. However, this should only be done with a written
agreement in place. Such an agreement should include
,provisions about property insurance, how damage and repairs
will be handled, etc.
All of the following individuals demonstrate a lack of legal
competence, EXCEPT which one?
A) Carol has been declared insane by a court of law.
B) Joan is a 16-year old emancipated minor.
C) Mike is severely mentally impaired after a serious car
accident.
D) Ramona is actively addicted to heroin. Correct Answers B)
Joan is a 16-year old emancipated minor.
Emancipated minors may enter into contracts. However,
insanity, mental impairments, as well as drug or alcohol
dependencies are all possible reasons for not having the legal
capacity to sign a contract.
All of the following subsections are in the Property section of
the AAR purchase contract, EXCEPT which one?
A) Close of escrow
B) Cure notice period
C) Fixtures and personal property
D) Possession Correct Answers B) Cure notice period
Arizona broker Frasier represents a buyer. What is Frasier
permitted to do without breaching his fidelity to his buyer
client?
, A) Deposit his client's earnest money deposit in the brokerage's
operating account
B) Make offers from several buyer clients on the same property
without telling the buyer clients that he is doing so
C) Reveal his client's negotiation strategy to the seller's agent
D) Show similar properties to other buyer clients Correct
Answers D) Show similar properties to other buyer clients
The AAR buyer-broker agreement outlines the possibility that
you might be working with several clients at the same time who
are seeking to purchase similar properties.
Arizona buyer Natalie is curious as to whether the seller has
filed an insurance claim for the property in the past. Which of
the following is true?
A) The seller is not required to disclose insurance claim
information from the past.
B) The seller must provide a 10-year insurance claim history of
the property (or the length of time the seller has owned the
property, if less than 10 years) within five days of contract
acceptance.
C) The seller must provide a five-year insurance claim history of
the property (or the length of time the seller has owned the
property, if less than five years) within five days of contract
acceptance.
D) The seller must provide a three-year insurance claim history
of the property (or the length of time the seller has owned the
property, if less than three years) within 10 days of contract
acceptance. Correct Answers C) The seller must provide a five-
year insurance claim history of the property (or the length of
Set Questions With Complete Solutions
A promise in exchange for a reward is sometimes called a(n)
______.
A) Bilateral agreement
B) Offeree
C) Offeror
D) Unilateral promise Correct Answers D) Unilateral promise
In terms of a real estate contract, an offer is a unilateral promise
(or a promise in exchange for a reward) from a buyer who is
willing to enter into a binding agreement with the seller.
A transfer of _____ or fewer parcels of property in an
unincorporated area of the county requires the filing of an
affidavit of disclosure.
A) 10
B) Eight
C) Five
D) Two Correct Answers C) Five
A week after their contract fell through, buyer Julie sued seller
Omar for specific performance. What does this mean?
A) Julie is the reason the contract fell through.
B) Julie still wants Omar to sell her his property.
C) Julie wants Omar to reimburse her for the appraisal she paid
for.
,D) Julie wants Omar to return her earnest money deposit.
Correct Answers B) Julie still wants Omar to sell her his
property.
A suit for specific performance compels a contract party to
fulfill the contract terms; in this case, the seller is compelled to
sell the property.
A(n) ______ is essentially an agreement or promise between
parties.
A) Addendum
B) Amendment
C) Contract
D) Disclosure Correct Answers C) Contract
All of the following are considered contractual errors EXCEPT
which one?
A) Allowing pre-closing property possession with a written
agreement in place
B) Failing to describe earnest money requirements
C) Failing to disclose additional fees
D) Missing signatures or initials Correct Answers A) Allowing
pre-closing property possession with a written agreement in
place
Sellers may allow buyers to take possession of the property prior
to closing. However, this should only be done with a written
agreement in place. Such an agreement should include
,provisions about property insurance, how damage and repairs
will be handled, etc.
All of the following individuals demonstrate a lack of legal
competence, EXCEPT which one?
A) Carol has been declared insane by a court of law.
B) Joan is a 16-year old emancipated minor.
C) Mike is severely mentally impaired after a serious car
accident.
D) Ramona is actively addicted to heroin. Correct Answers B)
Joan is a 16-year old emancipated minor.
Emancipated minors may enter into contracts. However,
insanity, mental impairments, as well as drug or alcohol
dependencies are all possible reasons for not having the legal
capacity to sign a contract.
All of the following subsections are in the Property section of
the AAR purchase contract, EXCEPT which one?
A) Close of escrow
B) Cure notice period
C) Fixtures and personal property
D) Possession Correct Answers B) Cure notice period
Arizona broker Frasier represents a buyer. What is Frasier
permitted to do without breaching his fidelity to his buyer
client?
, A) Deposit his client's earnest money deposit in the brokerage's
operating account
B) Make offers from several buyer clients on the same property
without telling the buyer clients that he is doing so
C) Reveal his client's negotiation strategy to the seller's agent
D) Show similar properties to other buyer clients Correct
Answers D) Show similar properties to other buyer clients
The AAR buyer-broker agreement outlines the possibility that
you might be working with several clients at the same time who
are seeking to purchase similar properties.
Arizona buyer Natalie is curious as to whether the seller has
filed an insurance claim for the property in the past. Which of
the following is true?
A) The seller is not required to disclose insurance claim
information from the past.
B) The seller must provide a 10-year insurance claim history of
the property (or the length of time the seller has owned the
property, if less than 10 years) within five days of contract
acceptance.
C) The seller must provide a five-year insurance claim history of
the property (or the length of time the seller has owned the
property, if less than five years) within five days of contract
acceptance.
D) The seller must provide a three-year insurance claim history
of the property (or the length of time the seller has owned the
property, if less than three years) within 10 days of contract
acceptance. Correct Answers C) The seller must provide a five-
year insurance claim history of the property (or the length of
