Escrow & TitleIntermediateArizona Exam
The Arizona Affidavit of Disclosure is required when selling unsubdivided land of:
A1 or more acres
B2.5 or more acres
C5 or more acresCorrect
D10 or more acres
Why 5 or more acres Is Correct
Answer C: 5 or more acres
Arizona requires an Affidavit of Disclosure for sales of unsubdivided rural land of 5 acres or more. The seller must disclose information about access, utilities, water, soil conditions, and other material facts about the rural property.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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