The Arizona Association of REALTORS® (AAR) creates standard real estate forms for use by AAR members. As laws change or industry practice evolves, the forms are revised and updated.
New and revised forms are released three times a year, on or about February 1, June 1 and October 1, unless law or regulation mandates an earlier release. Once released, the forms library contained on all of AAR’s forms licensing platforms, such as zipForm® and dotloop®, are automatically updated.
In April 2016 alone, outdated versions of the Residential Resale Real Estate Purchase Contract (RPC) were used 621 times.
For a number of reasons, it is important for Arizona REALTORS® to ensure that they are always using the most current version of each form. In April 2016 alone, outdated versions of the Residential Resale Real Estate Purchase Contract (RPC) were used 621 times.
In light of the fact that the RPC was updated in October 2015 to ensure compliance with the TILA-RESPA Integrated Disclosure Rule, use of the most recent version of the form can prove critical.
To protect their interests, as well as the interests of clients, Brokers should make certain that any form presented for review and approval is up-to-date. A list of form revisions can be found here.
Generally speaking, there are two ways that outdated forms continue to be used: 1) forms are printed out in large quantities and used until the supply is gone; and 2) transactions in zipForm® are reused.
- Printed forms – When forms are printed out in large quantities for use when needed, there is no way for an agent to know when a form has been updated. So while it may be handy to have a supply of forms in the trunk to grab whenever needed, the form may be out of date.
- Reused zipForm® transactions – When using zipForm® to obtain forms for a new transaction, listing or purchase, a new transaction should be created. Do not reuse previous transactions. By creating a new transaction, forms added to the transaction are pulled from the current library, thereby ensuring that each form used is the most up-to-date version.
Unfortunately, forms used in prior transactions remain fixed, meaning that they are not updated. When pulling a form from a prior transaction, there is no guarantee that the form represents the most recent version.
Form updates are made to minimize your risks and ensure legal compliance. Don’t take a chance with outdated forms.