Arizona Administrative Code › Title 4 - PROFESSIONS AND OCCUPATIONS › Chapter 28 - STATE REAL ESTATE DEPARTMENT › Article 1 - GENERAL PROVISIONS › Section R4-28-101 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
In addition to the definitions listed in A.R.S. §
									32-2101
				  the following terms apply to this Chapter:
"Active license" or "active status license" means a current
				  license issued by the Department to a broker or salesperson that states the
				  name of the broker that employs the broker or salesperson and the location at
				  which the salesperson or broker is employed. If referring to an employing
				  broker, it means a currently licensed employing broker with a currently
				  licensed designated broker of record.
"ADEQ" means the Arizona Department of Environmental
				  Quality.
"ADWR" means the Arizona Department of Water
				  Resources.
"Closing" means the final step of a real estate transaction,
				  such as when the consideration is paid, all documents relating to the
				  transaction are executed and recorded, or the deed is delivered or placed in
				  escrow.
"Credit hour" means 50 minutes of instruction.
"Course" means a class, seminar, or presentation.
"D.b.a." means 'doing business as' and is a name, other than
				  a person's legal name, authorized by the Department for a licensee's use in
				  conducting business.
"Distance learning course" means a course of instruction
				  outside a traditional classroom situation consisting of computer-based
				  interactive instructional material, requiring completion in the credit hours
				  specified. A course that requires a student to read text, listen to audio
				  tapes, or view video material without student participation, feedback, and
				  remedial instruction is not a distance learning course.
"Immediate family" means persons related to an individual by
				  blood, marriage, or adoption, including spouse, siblings, parents,
				  grandparents, children, and grandchildren.
"Individual" means a natural person.
"Material change" means any significant change in the size or
				  character of the development, development plan, or interest being offered, or a
				  change that has a significant effect on the rights, duties, or obligations of
				  the developer or purchaser, or use and enjoyment of the property by the
				  purchaser.
"Non-resident license" means a license authorized under the
				  provisions of 32-2122(A) issued to a person who has been domiciled in this
				  state for less than one year and who does not meet any of the following:
Has an Arizona driver's license;
Has an Arizona motor vehicle registration;
Has been employed in Arizona;
Has an Arizona voter registration;
Has transferred banking services to Arizona;
Has changed permanent address on all pertinent
				  records;
Is a domestic corporation or limited liability
				  company;
Has filed an Arizona income tax return with the Department of
				  Revenue during the previous or current tax year; or
Has received benefits from any Arizona public service
				  department or agency, such as welfare, food stamps, unemployment benefits, or
				  worker's compensation.
"Property interest" means a person's ownership or control of
				  a lot, parcel, unit, share, use in a development, including any right in a
				  subdivided or unsubdivided land, a cemetery plot, a condominium, a time-share
				  interval, a membership camping contract, or a stock
				  cooperative.