44-502. Unlawful practices; listing services timeline; void agreement
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/az/title-44/44-502A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. It is unlawful for an exclusive property engagement agreement to:
1. Last longer than twelve months after the date that the agreement is executed by the parties.
2. Be a covenant that runs with the land.
3. Bind a future owner of an interest in the residential real estate that is the subject of the exclusive property engagement agreement unless the future owner acquires an interest in the residential real estate after listing services have begun and a broker as defined in section 32-2101 has a ready, willing and able purchaser for the residential real estate.
4. Be recorded in the office of a county recorder.
5. Authorize a person to place a security interest or lien against or otherwise encumber any residential real estate or to constitute a lien, an encumbrance or a security interest in the residential real estate.
6. Allow for the assignment of the exclusive property engagement agreement or the obligation to provide the underlying services without notice to, and agreement by, the owner of the residential real estate that is the subject of the exclusive property engagement agreement.
7. Fail to meet the requirements prescribed in section 32-2151.02.
B. An exclusive property engagement agreement is void if the listing services do not begin within one year after the execution of the exclusive property engagement agreement by the parties.