Found it...kinda.

Here's the synopsis on the Registrar of Contractors website: http://www.azroc.gov/Invest/lbi.html

And here is the statues book in PDF: http://www.azroc.gov/Acrobat/Public/Statutes.pdf

See Page 13. ARS 32-1121(A)(5)

We could argue that we had no intention to sell when we started, but the burden would be on us to prove it in court ==> Big $$$$.

Best of luck~!