Arizona Real Estate License Practice Exam

Question: 1 / 1505

What is required at the settlement to transfer ownership of tractors included in a farm sale?

Bill of sale

In a farm sale that includes personal property such as tractors, a bill of sale is the necessary document to officially transfer ownership. This document serves as a receipt for the sale and includes details such as the identification of the tractors, purchase price, and the parties involved in the transaction. Unlike real estate transactions where a deed is required to transfer ownership of land, personal property does not necessitate a deed. While a purchase agreement and sales contract may outline the terms of the sale, they are not sufficing for the actual transfer of ownership. The bill of sale is specifically designed to formalize the transfer, thus making it the appropriate choice in this context.

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Deed

Purchase agreement

Sales contract

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