Arizona Real Estate License Arizona Real Estate Statutes Questions and Answers

Question 1

According to Arizona Revised Statutes, a real estate broker is required to retain records of all transactions handled for a period of at least:

Accepted Answer

Five years from the termination of the transaction.

Answer

Three years from the date of closing.

Answer

Seven years from the date of the listing agreement.

Answer

One year from the final disposition of any litigation.

Question 2

A licensed real estate salesperson in Arizona is preparing a sales contract for a buyer. Which of the following acts is permissible under Article 26 of the Arizona Constitution?

Accepted Answer

Completing a pre-printed purchase contract form incidental to the transaction.

Answer

Charging the buyer a separate fee for drafting the contract.

Answer

Drafting a complex commercial lease agreement for the same client.

Answer

Providing legal advice on the best way to take title to the property.

Question 3

An Arizona real estate broker receives an earnest money deposit from a buyer on a Friday afternoon. According to Arizona statutes regarding trust accounts, the broker must deposit the funds:

Accepted Answer

Promptly upon acceptance of the contract.

Answer

Into their personal bank account until the offer is accepted.

Answer

By the end of the next business day.

Answer

Within three banking days of receiving the funds.

Question 4

Which of the following situations would require an individual to hold an active Arizona real estate license?

Accepted Answer

An individual who, for a fee, negotiates the sale of a business opportunity that includes real property.

Answer

An attorney-at-law acting in the regular course of their legal practice.

Answer

A property owner selling their own home (FSBO).

Answer

A trustee selling property under a deed of trust.

Question 5

A developer is selling lots in a new, unsubdivided land development in a rural Arizona county. What must the developer provide to a potential buyer before the buyer signs a purchase contract?

Accepted Answer

An Affidavit of Disclosure.

Answer

A copy of the developer's real estate license.

Answer

A certificate of assured water supply from the Arizona Department of Water Resources.

Answer

A recent certified appraisal of the lot.

Question 6

If a licensee is found to have violated Arizona real estate statutes, the Real Estate Commissioner has the authority to do all of the following EXCEPT:

Accepted Answer

Sentence the licensee to up to 30 days in jail.

Answer

Suspend the real estate license.

Answer

Issue a letter of concern.

Answer

Impose a civil penalty of up to $1,000 per violation.