Arizona Real Estate License Arizona Real Estate Law 3

Question 1

In Arizona, what type of listing agreement gives one broker the exclusive right to earn a commission regardless of who sells?

Accepted Answer

Exclusive right-to-sell listing

Answer

Open listing

Answer

Net listing

Answer

Exclusive agency listing

Question 2

Are net listings legal in Arizona?

Accepted Answer

Discouraged and risky but not outright prohibited

Answer

Required for all commercial deals

Answer

Automatically void

Answer

Mandatory for vacant land

Question 3

What must an Arizona licensee disclose when representing a party in a transaction where they have a personal interest?

Accepted Answer

Their licensee status and the interest, in writing

Answer

Nothing, if the deal is fair

Answer

Only their commission rate

Answer

Only to the broker, not the parties

Question 4

In Arizona, earnest money deposits must generally be placed where?

Accepted Answer

A neutral escrow or the broker's trust account

Answer

The salesperson's personal account

Answer

The seller's checking account

Answer

A safe deposit box

Question 5

What is commingling in Arizona real estate practice?

Accepted Answer

Mixing client trust funds with the broker's own funds

Answer

Combining two listings into one

Answer

Sharing a commission with another broker

Answer

Marketing two properties together

Question 6

Under Arizona law, a broker who fails to supervise salespersons may face what?

Accepted Answer

Disciplinary action against the broker's license

Answer

No consequences

Answer

Only a warning letter

Answer

Liability shifted entirely to the salesperson

Question 7

What does Arizona require regarding the Subdivision Public Report for certain land sales?

Accepted Answer

It must be given to buyers before or at signing of subdivided-land purchases

Answer

It is optional

Answer

It only applies to commercial buildings

Answer

It replaces the deed