Under the current AAR Buyer Advisory, while reviewing a transaction in Apache County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What is the most accurate response?
Correct Answer
D) the Buyer Advisory is an informational due-diligence tool, not a warranty that all property issues have been checked
Under current AAR Buyer Advisory, the Buyer Advisory is an informational due-diligence tool, not a warranty that all property issues have been checked.
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Related Topics & Key Terms
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Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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Under the current AAR Buyer Advisory, during an Arizona file audit in Yavapai County, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What should the parties assume under current Arizona rules?
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At Sun Corridor Realty in Buckeye, a new salesperson asks which document generally establishes the broker's employment by the seller in an Arizona resale. Which statement should the broker communicate?
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