Section R4-28-802. Conveyance Documents

A.      Upon execution of any transaction document a salesperson or broker shall, as soon as practical, deliver a legible copy of the signed document and final agreement to each party signing the document.

B.       During the term of a listing agreement, a salesperson or broker shall promptly submit to the salesperson’s or broker’s client all offers to purchase or lease the listed property. Upon receiving permission from the seller or lessor, the salesperson or broker acting on behalf of the seller or lessor may disclose to all offer- ors or their agents the existence and terms of all additional offers on the listed property. The salesperson or broker shall submit to the client all offers made prior to closing and is not released from this duty by the client’s acceptance of an offer unless the client instructs the salesperson or broker in writing to cease submitting offers or unless otherwise provided in the listing agreement, lease, or purchase contract. The salesperson or broker may voluntarily submit offers to the seller or lessor regardless of any limitations contained in the listing agreement and may submit offers after the listing agreement is termi- nated.

C.      Transaction  statements.   In  addition  to  the  requirements  of

A.R.S. §§ 32-2151.01 and 32-2174, the broker shall retain true copies of all receipts and disbursements, or copies of the exe- cuted and delivered escrow closing statements that evidence all receipts and disbursements in the transaction.

Historical Note

Former Section R4-28-20 repealed, new Section R4-28- 20 adopted effective May 1, 1980 (Supp. 80-3). Amended

effective March 13, 1981 (Supp. 81-2). Former Section R4-28-20 renumbered without change as Section R4-28- 802 (Supp. 87-1). Amended effective February 28, 1995 (Supp. 95-1). Section R4-28-802 amended by final rulemaking at 5 A.A.R. 650, effective February 3, 1999 (Supp. 99-1). Amended by final rulemaking at 8 A.A.R.

3640, effective August 6, 2002 (Supp. 02-3).