Question

Which of the following items is required in an Arizona purchase agreement? Select one:

a. The form of the earnest money must be stated
b. The parties signatures must be notarized
c. Prorations will always be done as of the closing date
d. The manner in which title is taken must be stated

Answer 1

The required item in an Arizona purchase agreement is stating the form of the earnest money. Notarizing signatures is not mandatory, prorations can vary, and how title is taken must be stated but isn't the sole requirement listed.

Step-by-step explanation:

Of the options provided for what is required in an Arizona purchase agreement, the correct answer is that the form of the earnest money must be stated. This is an essential element of a real estate purchase agreement in Arizona, as it outlines the initial payment made to indicate that the buyer is serious about purchasing the property. This can include personal checks, cashier's checks, wire transfers, or even personal property in some cases.

Other elements, such as the parties' signatures being notarized, are not mandated by Arizona law for a purchase agreement to be valid. Also, while prorations are commonly done as of the closing date, this is not a strict requirement and can be negotiated differently by the involved parties. Lastly, the manner in which title is taken should be stated in the agreement, but it is not the singled-out requirement among the options given.