AAR RESIDENTIAL RESALE PURCHASE CONTRACT

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This course is designed to help you understand the New Updates in the 2020 Arizona Residential Resale Purchase Contract.  We will take a look at all aspects of the contract from the agency, lending, disclosure, and much more.  In today’s market, it is important to know your real estate purchase contract.  Understanding and being able to explain to your clients what they are signing, if they do not understand it, is key to full representation.

3-Hours Contract

Lessons

2-Duties a Broker MAY NOT Perform R4-28-1101-AAR PC

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson A.  A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing of a transaction on behalf of a client.…A.  A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing […]

3-Real Estate Agency Disclosure and Election-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Lines 1-2: Line 1:  Always your Broker Firm name. Line 2: Agent’s Name Agency is the FIRST document that should be presented to the client. Why? BECAUSE A CLIENT HAS…Lines 1-2: Line 1:  Always your Broker Firm name. Line 2: Agent’s Name Agency is the FIRST document that should be presented […]

4-Consent to Limited Representation-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Lines 1-4 Line 1: Names of ALL buyers or tenants Line 2: Names of ALL sellers or landlords Line 3: Full address of the property Line 4: Brokerage  Lines 5-8…Lines 1-4 Line 1: Names of ALL buyers or tenants Line 2: Names of ALL sellers or landlords Line 3: Full address […]

5-Real Estate Agency Scenarios-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Scenarios: Scenario #1 The seller has instructed the listing broker not to present any offers to purchase the home unless the offer is more than $350,000. The buyer’s broker has…Scenarios: Scenario #1 The seller has instructed the listing broker not to present any offers to purchase the home unless the offer […]

6-Section 1 Exam -AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

7-Introduction to Residential Resale Purchase Contract-2017 AAR PC

Length: 2 minutesComplexity: Standard

🔊 Listen to Lesson As a minimum standard of care, a blank copy of the AAR Residential Resale Purchase Contract should be provided to the client no later than: The Exclusive Right to Sell/Rent…As a minimum standard of care, a blank copy of the AAR Residential Resale Purchase Contract should be provided to the client […]

8-Buyer Attachment-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Buyer Attachment Buyer is reminded to: Read the entire contract before signing Review Section 4a (SPDS) Review the Inspection Paragraph (see Section 6a) Confirm ability to obtain insurance during inspection…Buyer Attachment Buyer is reminded to: Read the entire contract before signing Review Section 4a (SPDS) Review the Inspection Paragraph (see Section […]

9-CONTRACT Section 1-Property-2017 AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Section 1.a Lines 1-4 All parties to the contract must be named.  If you are not 100% confident of the Sellers legal names it is permissible to check the “as…Section 1.a Lines 1-4 All parties to the contract must be named.  If you are not 100% confident of the Sellers legal […]

10-CONTRACT Section 1-Property Part 2 -AAR PC

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson Section 1.e Lines 32-35 Discussion:  The contract defaults to a possession date equal to the close of escrow.  Most company policy is to avoid pre and post possession agreements whenever…Section 1.e Lines 32-35 Discussion:  The contract defaults to a possession date equal to the close of escrow.  Most company policy is […]

11-Section 2 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

12-Financing -AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson The financing section of the contract is one of the most difficult sections of the contract for agents to understand and clearly explain to their clients. In brief, the financing…The financing section of the contract is one of the most difficult sections of the contract for agents to understand and clearly […]

13-Financing Part 2-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Section 2.e Lines 87-89 Buyer shall deliver to Seller the LSU with a minimum of lines 1-40 complete within five (10) days of contract acceptance.  Seller is entitled to an…Section 2.e Lines 87-89 Buyer shall deliver to Seller the LSU with a minimum of lines 1-40 complete within five (10) days […]

14-Financing Q & A-AAR PC

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson QUESTION #1 Line 69 of the Residential Resale Real Estate Purchase Contract now requires that an AAR Pre-Qualification Form be attached to the Contract. What should the buyer do if…QUESTION #1 Line 69 of the Residential Resale Real Estate Purchase Contract now requires that an AAR Pre-Qualification Form be attached to […]

15-Section 3 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

16-Title and Escrow-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson The Title and Escrow section of the contract is important because it sets forth the instructions for the title company, who bears the responsibility for correctly accounting for all of…The Title and Escrow section of the contract is important because it sets forth the instructions for the title company, who bears […]

17-Working with the Title Company-AAR PC

Length: 5 minutesComplexity: Standard

🔊 Listen to Lesson What is the difference between title and escrow? https://youtu.be/Yfc46I2ENPo What risks are associated with the Commitment for Title? What is the significance of the Title Commitment? What risks for licensees…What is the difference between title and escrow? https://youtu.be/Yfc46I2ENPo What risks are associated with the Commitment for Title? What is the significance […]

18-Section 4 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

19-Disclosures-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson The Disclosure section addresses the disclosures that the seller is obligated to deliver to the buyer, according to the terms of the contract. Section 4.a Lines 154-156 The seller is…The Disclosure section addresses the disclosures that the seller is obligated to deliver to the buyer, according to the terms of the […]

20-Disclosures Scenarios-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Scenarios Scenario #1 The seller is an investor who does not want to provide an SPDS to the buyer and is demanding that lines 154-156 of the contract requiring a…Scenarios Scenario #1 The seller is an investor who does not want to provide an SPDS to the buyer and is demanding […]

21-Section 5 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

22-Warranties-AAR PC

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson The risks associated with the warranties section of the contract include: Disputes arising from the seller’s failure to understand/comply with their obligations Disputes due to the buyer failing to understand…The risks associated with the warranties section of the contract include: Disputes arising from the seller’s failure to understand/comply with their obligations […]

23-Due Diligence-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Introduction Due Diligence is one of the areas where the professionalism of an agent has a chance to shine.  It’s also where the inexperience or un-professionalism of the agent can…Introduction Due Diligence is one of the areas where the professionalism of an agent has a chance to shine.  It’s also where […]

24-Due Diligence Part 2-AAR PC

Length: 7 minutesComplexity: Standard

🔊 Listen to Lesson Section 6.f Lines 241-246 Conventional septic system is most commonly a septic system, however, other alternative systems do exist The buyer indicates what their belief is as it relates to…Section 6.f Lines 241-246 Conventional septic system is most commonly a septic system, however, other alternative systems do exist The buyer indicates […]

25-Due Diligence Scenarios-AAR PC

Length: 4 minutesComplexity: Standard

🔊 Listen to Lesson Scenarios Scenario #1 The seller and the buyer sign a Contract to purchase an old “tear down” home. In the backyard there are several broken-down cars and oil drums that…Scenarios Scenario #1 The seller and the buyer sign a Contract to purchase an old “tear down” home. In the backyard there […]

27-Section 6 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

28-Remedies-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Section 7.a Lines 310-314 The basic intention of Section 7a. is to provide a party an opportunity to cure a potential breach of the contract. If a party fails or…Section 7.a Lines 310-314 The basic intention of Section 7a. is to provide a party an opportunity to cure a potential breach […]

29-Remedies Scenarios-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson Scenario #1 After the close of escrow the Buyer discovers that the Seller has removed the built-in range/oven. The cost to replace the built-in range/oven will be $1,500. Can the…Scenario #1 After the close of escrow the Buyer discovers that the Seller has removed the built-in range/oven. The cost to replace […]

30-Additional Terms and Conditions & Seller Acceptance-AAR PC

Length: 6 minutesComplexity: Standard

🔊 Listen to Lesson What are the risks associated with the Additional Terms and Conditions Section of the agreement? Improper calculation of time periods Improper notice Ineffective cancellation notice  Section 8.a Lines 344-389  Section…What are the risks associated with the Additional Terms and Conditions Section of the agreement? Improper calculation of time periods Improper notice […]

31-Section 7 Exam-AAR PC

Length: 3 minutesComplexity: Standard

🔊 Listen to Lesson You will need to wait for the timer to run out before you can submit the Exam.You will need to wait for the timer to run out before you can submit the Exam.

32-Final Exam-AAR PC

Complexity: Standard

🔊 Listen to Lesson The Final is not timed. 2017 AAR RESIDENTIAL RESALE PURCHASE CONTRACTThe Final is not timed. 2017 AAR RESIDENTIAL RESALE PURCHASE CONTRACT

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