Which of the following is true about prices and earnest money according to the AAR purchase contract?

The assertion that the purchase contract specifically states where earnest moneys will be deposited is correct because, in Arizona, the AAR purchase contract outlines the procedures related to earnest money deposits. This includes detailing the acceptable locations for these funds, which typically include a broker’s trust account or an escrow account. This clarity is essential for protecting both the buyer and seller in real estate transactions, as it ensures that there are established and transparent procedures for handling these funds.

In contrast, the other options do not align with the practices defined in the AAR purchase contract. Prohibiting all-cash sales would be contrary to the fundamental principles of real estate transactions, as buyers can choose their payment methods. The notion that earnest money may only be placed in a broker trust account is too restrictive, given that it can also go into escrow accounts in accordance with the terms outlined in the contract. Lastly, stating that the purchase contract does not specify the form of earnest money is inaccurate, as the contract does provide provisions related to how earnest money should be handled, including potential forms like checks or wire transfers.