Land Use & ZoningIntermediateArizona Exam
A developer in Arizona cannot sell or accept a deposit on a lot in a new subdivision before the ADRE Public Report is issued. A buyer who signs a purchase contract before receiving the Public Report may:
ABe held to the contract with no right to cancel
BRescind the contract within a reasonable time after receiving the Public ReportCorrect
CRescind the contract only if the lot is more than 5 acres
DFile a complaint with the county assessor
Why Rescind the contract within a reasonable time after receiving the Public Report Is Correct
Answer B: Rescind the contract within a reasonable time after receiving the Public Report
Arizona law gives buyers who have not received an ADRE Public Report a right to rescind the purchase contract within a specified period after receiving the report. The Public Report must be provided before the buyer is bound.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
State-Specific Concepts
DRE Regulation
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