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

An exclusive right-to-sell listing pays the broker even if the seller finds the buyer.

Question 2

Are net listings legal in Arizona?

Accepted Answer

Discouraged and risky but not outright prohibited

Answer

Net listings are heavily discouraged due to conflict-of-interest risk but are not flatly banned by statute.

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

Licensees buying or selling property in which they have an interest must disclose their license status in writing.

Question 4

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

Accepted Answer

A neutral escrow or the broker's trust account

Answer

Earnest money must be deposited into a neutral escrow account or the broker's trust (client) account.

Question 5

What is commingling in Arizona real estate practice?

Accepted Answer

Mixing client trust funds with the broker's own funds

Answer

Commingling is improperly mixing client trust money with the broker's personal or business funds.

Arizona Real Estate License Practice Test