Risk Tips

These tips are not legal advice. It should not be a substitute for advice from professional counsel or the assistance provided by an agent's Designated Broker.


  • Agency:

    Unsure of when your AGENCY begins and ends or are you acting outside of your Agency relationship? 
    CHECK WITH YOUR BROKER!

    April 2022



  • New Construction:

    Agents need to be very diligent when working with home buyers who want to check out a New Construction home
    1) The site agent DOES NOT represent the buyer, you do, make sure to explain your agency relationship with the buyer. Use the AAR READE form, and Buyer Broker Exclusive Employment Agreement.
    2) ALWAYS attend the very FIRST contact with a New Home Site with the buyer-never let them wander there on their own.
    3) Make sure to register the buyer at the home site and get a copy of the registration before you leave the home site.
    Click here for the complete list

    November 2021

  • Flood Insurance- Is it needed? :

    The Federal Emergency Management Association (FEMA) has determined that areas within Southern Arizona, especially parts of Cochise County, Santa Cruz County and Pima County, particularly areas affecting the Town of Marana, may be added to floodplain designations which are associated with a higher risk of flooding. Residents in those areas may be required to purchase flood insurance for their homes and businesses. Floodplain maps and flood insurance information may be viewed online.  See www.fema.gov, www.floodsmart.gov. The municipality in which the property is located may additionally have its own floodplain designations and building restrictions.  Check with the City of Tucson, Oro Valley, Green Valley, Sahuarita, Marana, and/or http://pcmaps1.pima.gov/mapps/rfcd/parcelsearch/ for additional information.

    In addition, check out Floodplain Resources for Real Estate Professionals at https://webcms.pima.gov/cms/One.aspx?portalId=169&pageId=524569.

    Also please note, Zone X does not automatically mean that flood insurance will not be needed. Per Pima.gov “ZONE X includes areas where the flood hazard has not been mapped by FEMA but may have been mapped by a local jurisdiction; therefore ZONE X does not necessarily mean there are no flood hazards.”

    September 2021


  • Fix & Flip:

    Have you encountered a situation where a person or business is operating as a middleman acquiring, improving, and selling homes?  If so, remember per A.R.S. 32-1121 (A) (14), all work performed for the purpose of selling the property, must be performed by licensed contractors if the total aggregate cost (materials and labor) is $1,000 or more, not minor in nature and/or requires a permit.

    In addition, the name of all of the licensed contractors who performed work on the property and their ROC number(s) must be disclosed in the purchase contract. (A.R.S. 32-1121 (A) (6).

    Please make sure these requirements are being met per Arizona laws and to protect all parties.

     

    July 2021