Arizona 6-Hour Real Estate Contract Practice Test

Future changes made to a fully executed purchase contract are documented using an addendum form. An addendum is a document that serves to add, modify, or clarify specific terms of the original contract without altering its entire framework. It allows parties to formally agree to changes such as price adjustments, extension of deadlines, or additional contingencies while keeping the original contract intact.

This method of documenting changes ensures that both parties have a clear understanding of the alterations and helps prevent potential disputes down the line. An addendum is typically signed by both parties, indicating their agreement to the new terms. This makes it a reliable tool for ensuring that all parties are on the same page regarding modifications to the contract.

The other options provided do not serve this specific function in the context of altering a fully executed contract. A revised contract form implies a complete re-drafting of the original agreement, which isn't necessary for amendments. The multiple offer form is used in situations where there are competing offers for a property, while the counteroffer form is intended for responding to an offer rather than documenting changes to an existing agreement. Thus, the addendum is the appropriate choice for documenting future changes to a fully executed purchase contract.