Contracts
In Arizona, property management agreements must be:
AVerbal agreements are sufficient for up to 1 year
BIn writing and signed by the property owner and designated broker✓ Correct
CApproved by the ADRE before property management begins
DFiled with the county recorder
Explanation
Arizona law requires property management agreements to be in writing and executed by the property owner and the designated broker (or their authorized agent). Written agreements protect all parties and define the management relationship.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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