A Tucson real estate agent is explaining SPDS requirements to a new seller client. All of the following statements about the Arizona SPDS form are accurate EXCEPT:
Correct Answer
D) Sellers are only required to disclose defects that cost more than $1,000 to repair
This is incorrect - there is no minimum dollar threshold for disclosure. Sellers must disclose all known material facts regardless of repair cost.
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More Spds Questions
In a licensing seminar in Nogales, a salesperson repeats that Arizona statutes generally require the SPDS itself in every residential resale. Which statement is most accurate under current Arizona rules?
In a Tempe transaction review, a broker says § 32-2156 allows silence about any unpleasant fact that might scare a buyer. What is the most accurate response?
At Sonoran Valley Realty in Tempe, a broker says § 32-2156 allows silence about any unpleasant fact that might scare a buyer. What should the parties assume under current Arizona rules?
Lisa receives an SPDS from the seller on Tuesday and her agent emails her a corrected version on Friday of the same week. According to Arizona law, when does Lisa's right to cancel the purchase contract based on the SPDS expire?
An Arizona seller completes the structural section of the SPDS. Which listed item is the exception that the section does not require the seller to disclose?
- → Lisa is selling her home to her brother Mike for $300,000. Mike is obtaining a conventional loan for the purchase. Their real estate agent says the parties may omit a Seller's Property Disclosure Statement (SPDS) solely because this is a family transaction. Is that advice correct for the residential resale transaction described?
- → Tom is purchasing a home built in 1955 that has been completely renovated. The seller's agent tells him that no SPDS is required because the home was built before a certain date. Is this correct?
- → At a brokerage meeting in Buckeye, a broker says § 32-2156 allows silence about any unpleasant fact that might scare a buyer. What should the parties assume under current Arizona rules?
- → During an Arizona file audit in Pinal County, the buyer says the seller may skip the SPDS because the contract says the property is purchased as is. What is the most accurate response?
- → A salesperson repeats that Arizona statutes generally require the SPDS itself in every residential resale. Which answer best states Arizona law?
- → In a licensing seminar in Phoenix, the buyer says the seller may skip the SPDS because the contract says the property is purchased as is. Which statement is most accurate under current Arizona rules?
- → While reviewing a transaction in Apache County, Under current Arizona rules, which statement best describes 32-2156 boundaries?
- → While reviewing a transaction in Yavapai County, the buyer says the seller may skip the SPDS because the contract says the property is purchased as is. What is the most accurate response?
- → At Sonoran Valley Realty in Flagstaff, a broker says § 32-2156 allows silence about any unpleasant fact that might scare a buyer. What is the best answer under current Arizona law or current Arizona form practice?
- → At Red Rock Desert Properties in Sierra Vista, a salesperson repeats that Arizona statutes generally require the SPDS itself in every residential resale. What is the most accurate response?
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Previous Question
A seller in Phoenix is preparing to list their 15-year-old home for sale. The listing agent explains that they must complete a Seller's Property Disclosure Statement (SPDS). What is the primary purpose of requiring the SPDS in Arizona real estate transactions?
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Using the current Arizona SPDS, in a Prescott transaction review, Under current Arizona rules, which statement best describes environmental and site conditions?