The Great “As Is” Debate

Posted on December 1, 2012 by

The AAR “As Is” Addendum is intended for use when the seller is selling a home in its existing condition (“As Is”). The Addendum was first developed in 2005 and underwent minor revisions for clarity in 2009. Recently, some questions have been raised about the buyer’s rights pursuant to Section 6j of the AAR Residential […]

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The New Residential Lease Owner’s Property Disclosure Statement

Posted on December 1, 2012 by

When AAR created the new Residential Lease Owner’s Property Disclosure Statement, many property managers raised concerns about how their owner clients would respond to any requirement to fill out this document. Each broker needs to consider use of the new form and institute a consistent policy in their office to avoid fair housing concerns. A […]

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Licensee May Sell or Lease a Mobile Home Under Certain Conditions

Posted on September 1, 2012 by

ISSUE: Can an agent list a mobile home for long-term rental? ANSWER: See Discussion. DISCUSSION: Generally, a license issued by the Office of Administration of the Arizona Department of Fire Building and Life Safety is required to act as a broker or salesperson in the sale of a mobile home. See A.R.S. §41-2194(3-4). However, this licensure requirement […]

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Broker-Salesperson Commission Disputes

Posted on March 19, 2012 by Michelle Lind

On occasion, a broker and salesperson will get into a dispute over the payment of commissions. These disputes often occur when the salesperson leaves the brokerage firm or when the brokerage firm ceases doing business. Only the Broker May Be Paid a Commission from a Client Under Arizona law, only a real estate broker, not […]

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Truth in Lending Act ~ Disclosures When Credit Advertised

Posted on March 3, 2012 by

The Federal Trade Commission has provided guidelines for advertisers who are subject to the federal Truth in Lending Act. Any person who advertises consumer credit transactions, including real estate agents, can be considered an advertiser under the act, even if not actually extending credit himself. Definitions An “advertisement” is any commercial message that promotes consumer credit. […]

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FAQs on Short Sales & Commissions

Posted on January 2, 2012 by

The increase in the number of short sales has resulted in many questions pertaining to the unique nature of these transactions. Many of these questions concern commission issues. The following Q&A will answer some of the most common questions. For purposes of this article, assume the following facts: The property is listed in the MLS […]

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Arizona Short Sale and Foreclosure Risk Management v1.0 (Contract Law)

Posted on November 28, 2011 by

A general knowledge of these types of transactions and the potential risks associated is of critical importance and covered in the online course Short Sale & Foreclosure Risk Management (approved for 3 CE Legal Issues hours by AZDRE). In this course, Michelle Lind, Arizona Association of REALTORS General Legal Counsel, will walk you through a […]

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An Antitrust Violation Is A Risk You Do Not Want To Take!

Posted on April 27, 2011 by Michelle Lind

Most people are aware that a real estate broker or salesperson (“Broker”) is an agent with fiduciary duties to the party that the Broker represents. This agency relationship is most often created by express agreement; however, an agency relationship can be legally implied by the parties’ actions. Regardless of whether the agency relationship is express […]

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Agency Dilemmas

Posted on April 4, 2011 by Michelle Lind

Most people are aware that a real estate broker or salesperson (“Broker”) is an agent with fiduciary duties to the party that the Broker represents. This agency relationship is most often created by express agreement; however, an agency relationship can be legally implied by the parties’ actions. Regardless of whether the agency relationship is express […]

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FAQs About the 2011 AAR Pre-Qualification Form

Posted on January 1, 2011 by

Sample Form: Pre-Qualification Form This form will go live on zipForm® as of February 28, 2011. (“Contract” refers to the 2011 AAR Residential Resale Real Estate Purchase Contract.) QUESTION P-1 Q: What is the purpose of the Pre-Qualification Form? A: The Pre-Qualification Form was developed to provide information on the buyer’s ability to qualify for […]

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