ContractsIntermediateArizona Exam

The Arizona Buyer's Inspection Notice and Seller's Response (BINSR) is used after the inspection period to:

ARequest an extension of the inspection period

BNotify the seller of items the buyer wants repaired, credited, or addressedCorrect

CCancel the contract based on inspection findings

DReport defects to the Arizona Registrar of Contractors

Why Notify the seller of items the buyer wants repaired, credited, or addressed Is Correct

Answer B: Notify the seller of items the buyer wants repaired, credited, or addressed

The BINSR is the AAR form used by the buyer after inspections to notify the seller of items the buyer requests be corrected, credited, or addressed. The seller may agree, partially agree, or decline.

Exam Tip: Contracts

Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.

People Also Study

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.

Earnest Money

A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.

Contingency

A condition in a purchase contract that must be satisfied before the sale can proceed to closing.

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

State-Specific Concepts

DRE Regulation

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