In Arizona, the cure period for seller to respond to BINSR is:
Question & Answer
Review the question and all answer choices
3 days
3 days is incorrect because Arizona law specifically provides a 5-day cure period, not 3. This timeframe might be confused with response periods in other states or with the buyer's initial inspection period.
5 days
10 days
10 days is incorrect because Arizona's statutory requirement is 5 days, not 10. This longer timeframe may be confused with inspection periods in other states or with default response times for different types of contingencies.
As specified in the contract
While contracts can specify timeframes, Arizona law establishes a minimum 5-day response period for BINSR that cannot be contractually shortened. Contracts can extend this period but cannot reduce it below the statutory minimum.
Why is this correct?
Arizona Revised Statutes § 33-415 mandates that sellers have exactly 5 days to respond to a BINSR after receiving it. This statutory timeframe is designed to provide clear guidelines for transactions and cannot be shortened by contract language, though it can be extended by mutual agreement.
Continue Learning
Explore this topic in different formats
More Contracts Videos
Continue learning with related video lessons
Ready to Ace Your Real Estate Exam?
Access 2,000+ free video lessons covering all 11 exam topics.