Arizona Real Estate License Arizona Real Estate Law 2

Question 1

Which Arizona agency issues and regulates real estate licenses?

Accepted Answer

Arizona Department of Real Estate (ADRE)

Answer

The Arizona Department of Real Estate (ADRE) issues licenses and enforces license law under the Commissioner.

Question 2

How many hours of pre-licensing education are required for an Arizona salesperson license?

Accepted Answer

90 hours

Answer

Arizona requires 90 hours of approved pre-licensing salesperson education plus a 6-hour contract writing course.

Question 3

In Arizona, how long must a broker retain transaction and employment records?

Accepted Answer

5 years

Answer

Arizona brokers must keep required records for at least 5 years from the date of the transaction's termination.

Question 4

What is the purpose of the Arizona Real Estate Recovery Fund?

Accepted Answer

Compensate consumers harmed by licensee fraud who cannot collect a judgment

Answer

The Recovery Fund pays eligible consumers who obtain a judgment against a licensee but cannot otherwise collect.

Question 5

Under Arizona law, when must a salesperson deliver a copy of a signed contract to the client?

Accepted Answer

At the time the party signs it

Answer

Arizona requires the licensee to give each party a legible copy of any instrument at the time it is signed.

Arizona Real Estate License Practice Test