Introduction To Arizona Contract Writing
Learn how to complete several Arizona real estate contracts.
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Before applying for an Arizona real estate salesperson license, candidates must complete a 6-hour course on the basics of writing contracts in our state. This online course will introduce students to the basics of contract writing and outline how to complete several Arizona contracts.
|Category:||Vocational Training > Real Estate > License Training > Arizona > Contract Writing|
|Purpose:||Learn how to complete several Arizona real estate contracts|
|Features:||Online Text, Printable PDF|
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Purchase of this package requires that you read and acknowledge an Enrollment Agreement before receiving credit for any courses contained in this package. Please review the following:
Course ID: P615954
Credit Hours Provided: 6
Category: Contract Writing
Before submitting their application for an Arizona real estate salesperson license, a candidate must submit proof to the Arizona Real Estate Commission that they completed a 6-hour course on the basics of real estate contracts. This course complies with the Commission's contract writing requirements for licensure. A salesperson renewing for the first time may include credit for completing this contract writing course if the course was completed within one year before the date of the salesperson’s original licensure.
In this course, we'll explore
In this segment, we are going to discuss what is necessary to make a valid contract. The topics we will cover include required contract elements, offer and acceptance, and different types of contracts.
Not all contracts are written properly or correctly interpreted. This module will explore problems in the formation of contracts and situations in which a contract might be void or voidable. We will also cover assignment and delegation.
Contractual performance does not always go as planned and sometimes the parties to a contract want to get out of their contractual obligations or refuse to perform their contractual duties. In this section, we will discuss contract discharge (i.e., getting out of a contract), breach of contract (i.e., failing to carry out the obligations of a contract), and remedies for breach of contract.
When properly used, a contingency excuses a party to the contract from the obligation to complete the contract without causing a breach of the contract. Usually, a contingency provision is inserted into a contract because the information that is the subject of the contingency is not available or because a crucial event needs to occur before a party is willing to proceed with the contract. The contingency allows this party the necessary time to obtain the required information or for the event to occur before becoming obligated to perform the balance of the contract.
Because many contract provisions do not ripen into affirmative duties until the happening of an event, it is important for the real estate licensee to have a basic understanding of the law relating to contingencies. Unless the specified conditions in the contingency provision have occurred, there may be no duty for one of the contracting parties to continue the contract.
In this module, we'll introduce you to conditions and the contingencies written to modify those conditions written into a real estate sales contract.
Recognizing the proper drafting of a contingency is important when working with real estate purchase contracts, as an improper drafting could negatively impact your client, whether the buyer or the seller. In this module, we'll explain the required components to a clear and properly-drafted contingencies and what can happen if a vague contingency is left open to interpretation.
The legal rights of real estate licensees to fill in, complete, or write contractual documents vary across the United States. Some states will not allow real estate licensees to provide any contract writing services. Others allow licensees to only input routine information such as names of parties and addresses. Some states allow licensees the full right to draft or complete legally binding documents. Under this system, real estate licensees are granted the limited practice of law. In this section, we'll explain the rights of real estate licensees when it comes to drafting contracts in Arizona.
The listing contract hires a real estate brokerage to represent a seller in the sale of real property. It is a contract between a brokerage and a client. It does not apply to buyers or any other parties to a sale of a property. In it, the seller authorizes a brokerage to market the property and manage the sales transaction after the contract is fully executed and escrow is opened. In the contract, the brokerage is fully identified, seller and brokerage agree to the authority given to the broker, the responsibilities of both seller and brokerage are outlined, and it describes the compensation from a seller to the brokerage resulting from a completed sales transaction. In this section we'll outline contents and boilerplate text that you may come across in an exclusive right-to-sell real estate listing contract.
In Arizona, a listing contract is one of two contractual documents which hire a brokerage to represent a principal in a real estate transaction for compensation, and the other is a buyer-broker contractual agreement. Arizona state statutes specifically say absolutely no paperwork at all is required for a licensed real estate entity to represent a party in a real estate transaction. Other laws, however, contradict this statute. Arizona’s Statute of Fraud requires all listing contracts to be in writing to be enforceable in a court of law! So, a listing will always require a written contract.
The same is not true for the buyer-broker contract. A broker may work with a buyer without a formal contract. In fact, historically, most brokers working with buyers never entered into a formal representation agreement. This method of operation was the industry standard. Either out of habit or due to standard industry practice, brokers are even today hesitant to ask the buyer to sign a buyer agency or representation agreement. As a result, many salespersons working with buyers do so informally without a contract. In this module, we'll explain the advantages of entering into a formal service agreement with a buyer.
A purchase contract is one of the most important documents in residential resale real estate. It is the first document explored by all parties in case of disputes. It begins its life as an offer from a potential buyer to a seller and after acceptance and execution, becomes the guiding document in a transaction. In this chapter we'll go over the steps for filling out an offer -- the real estate purchase and sale agreement -- for a buyer.
A lease is both an instrument of conveyance and a contract between a lessor (i.e., the property owner) and lessee (i.e., the tenant or renter) to uphold certain covenants and obligations. The lease conveys an interest, called the leasehold estate, but it does not convey legal title. For this reason, a leasehold is also called a less-than-freehold estate.
In this section, we'll walk through a sample lease agreement that may be used to enter into a lease between the property owner and a tenant.
No refunds are available for this course. Cancellation requires no notification and students may discontinue the course at any time. OnlineEd may honor post-sale rebate requests for differences in product pricing due to promotions or coupons only if the request is made within 3 business days of purchase. OnlineEd will not honor rebate requests for any products after 3 business days of purchase and will not price-match any competitor's products after a purchase is completed
All materials are included in the cost of the course. Students only need a computer or mobile device with an internet connection. This course works on all modern browsers and operating systems including Microsoft Edge, Google Chrome, Mozilla Firefox, Apple Safari, Opera, iPhone/iOS, and Android-based mobile devices, smartphones, and tablets. The course is entirely web-based and does not require any software to be downloaded or installed.
Access to this course is allowed for 365 days, and up to 180 days after completion, whichever is greater. The course will be available 24 hours a day, 7 days a week, unless there is scheduled system maintenance.
Technical support questions should be directed to OnlineEd and not your instructor. Students are not required to use this service. OnlineEd reserves the right refuse instructor support to students that abuse this service.
The course includes a time-out function. If students are not engaged in the course for more than 15 minutes, the course will log students out. Students can log back into the course to start back where they last left off.
The course will take approximately 6 clock hours to complete. A clock hour is defined as 50 minutes. ADRE regulations prohibit students from completing more than 10 credit hours of prelicense study per day.
This course contains nine modules of text, with a quiz at the end of each chapter. Students must pass the end-of-module quiz before accessing the next module in the course. There is a 25-question final exam at the end of the course that requires an 80% or higher passing score.
After successfully passing the course final exam, students will receive a link to download a course completion certificate in PDF form. This certificate can be printed from your personal printer. This certificate can then be uploaded to the Arizona Department of Real Estate's online system.
Students must participate and complete each module of the course to receive credit.
Misrepresentation of personal identity is strictly forbidden for all OnlineEd courses. Falsifying personal information, forgery, and misrepresentation may result in immediate suspension. Additional actions by state and federal agencies may include loss or suspension of a license, failure to grant a license, fees, or criminal prosecution.
Cheating on courses that supply completion certificates, designations, or official credit is not tolerated. OnlineEd is not obligated to continue to furnish credit or continued support for students caught cheating on any part of the coursework or testing.
This course will remain available to students for 365 days after enrollment.
To provide superior distance education that exceeds industry standards and expectations in course content and delivery methods to those who seek to enter a new profession and those engaged in a profession.