Ariz. Admin. Code § 4-34-303

Current through Register Vol. 30, No. 50, December 13, 2024

Section R4-34-303 - Brokered Transactions

A. A broker shall provide a copy of the agency disclosure to the party or parties the broker represents.

B. A seller's retailer shall place all earnest money deposits received in connection with the sales transaction in the retailer's trust or escrow account in accordance with A.R.S. § 41-4030 except as provided in the exception provision.

C. Upon consummation of a brokered transaction, the seller's broker shall provide the seller with a closing statement that includes an accounting of all expenses charged to the seller, all pro rations, and all credits.

D. In a co-brokered transaction, the seller shall pay the commission shown on the listing agreement as the total commission.

E. The seller's broker shall prepare an addendum to the listing agreement if any of the terms of the listing agreement change. The seller's signature is required for the addendum to be valid. The addendum to the listing agreement shall reflect the date the seller signs the addendum to the listing agreement.

F. If the seller or broker elects to finance the unpaid balance reflected on the offer to purchase or purchase contract, the broker shall:

1. Maintain evidence of the original portion of the purchase price being financed by the seller or broker, and

2. Maintain evidence the title has been transferred into the name of the purchaser and the lienholder's position has been secured on the title.

Ariz. Admin. Code § R4-34-303

Adopted effective January 31, 1979 (Supp. 79-1). Amended effective March 17, 1981 (Supp. 81-2). Amended effective October 20, 1981 (Supp. 81-5). Former Section R4-34-303 renumbered to R4-34-703, new Section R4-34-303 renumbered from R4-34-703 and amended effective July 3, 1991 (Supp. 91-3). Section repealed by final rulemaking at 6 A.A.R. 47, effective December 8, 1999; new Section adopted by final rulemaking at 6 A.A.R. 145, effective December 8, 1999 (Supp. 99-4). Amended by final rulemaking at 24 A.A.R. 1499, effective 6/30/2018.