Arizona Real Estate Law Flashcards
7 cards from real Arizona Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Arizona Real Estate Law flashcards as text
In Arizona, what type of listing agreement gives one broker the exclusive right to earn a commission regardless of who sells?
Answer: Exclusive right-to-sell listing
An exclusive right-to-sell listing pays the broker even if the seller finds the buyer.
Are net listings legal in Arizona?
Answer: Discouraged and risky but not outright prohibited
Net listings are heavily discouraged due to conflict-of-interest risk but are not flatly banned by statute.
What must an Arizona licensee disclose when representing a party in a transaction where they have a personal interest?
Answer: Their licensee status and the interest, in writing
Licensees buying or selling property in which they have an interest must disclose their license status in writing.
In Arizona, earnest money deposits must generally be placed where?
Answer: A neutral escrow or the broker's trust account
Earnest money must be deposited into a neutral escrow account or the broker's trust (client) account.
What is commingling in Arizona real estate practice?
Answer: Mixing client trust funds with the broker's own funds
Commingling is improperly mixing client trust money with the broker's personal or business funds.
Under Arizona law, a broker who fails to supervise salespersons may face what?
Answer: Disciplinary action against the broker's license
Employing brokers are responsible for reasonable supervision and can be disciplined for failing to supervise.
What does Arizona require regarding the Subdivision Public Report for certain land sales?
Answer: It must be given to buyers before or at signing of subdivided-land purchases
ADRE requires a Public Report be issued and delivered to buyers of subdivided land before or at the time of sale.