Land Use & ZoningIntermediateArizona Exam
A property that is 'in escrow' in Arizona is:
ALegally off the market and cannot be shown, listed, or advertised to any other buyer
BUnder contract but the sale has not yet closed—it can still be marketed as a backup situationCorrect
CLegally sold, with title already recorded in the buyer's name at the county recorder
DSubject to a court injunction obtained by the buyer to block any competing sale
Why Under contract but the sale has not yet closed—it can still be marketed as a backup situation Is Correct
Answer B: Under contract but the sale has not yet closed—it can still be marketed as a backup situation
A property in escrow (under contract) has not yet closed. In Arizona, it is common to continue showing the property and accepting backup offers until escrow closes and the deed is recorded.
Key Land Use & Zoning Terms in This Question
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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