Arizona Real Estate License Arizona Real Estate License Arizona Real Estate Statutes Questions and Answers 2

Question 1

Under Arizona law, what is the maximum period for which a real estate listing agreement can be automatically renewed without the client's written consent?

Accepted Answer

It cannot be automatically renewed

Answer

6 months

Answer

12 months

Answer

24 months

Question 2

Which entity is authorized by Arizona statute to investigate complaints against real estate licensees?

Accepted Answer

Arizona Department of Real Estate

Answer

Arizona Attorney General

Answer

Arizona Board of Realtors

Answer

County Recorder's Office

Question 3

According to Arizona Revised Statutes, how long must a designated broker retain transaction records?

Accepted Answer

6 years

Answer

3 years

Answer

5 years

Answer

10 years

Question 4

Under A.R.S. Title 32, what happens to earnest money if a buyer and seller cannot agree on its disposition after a failed transaction?

Accepted Answer

It must be held in trust or interpleaded into court

Answer

It is returned to the buyer automatically

Answer

It is given to the seller automatically

Answer

The broker may keep it as commission

Question 5

What is the statutory requirement for a real estate salesperson's license to remain active in Arizona?

Accepted Answer

Must be employed by a designated broker

Answer

Must maintain an independent contractor agreement

Answer

Must register with the county recorder

Answer

Must hold membership in a local MLS

Question 6

Under Arizona law, which disclosure is mandatory for the sale of residential property built before 1978?

Accepted Answer

Lead-based paint disclosure

Answer

Asbestos inspection report

Answer

Radon gas certification

Answer

Mold remediation certificate