Arizona Real Estate License Arizona Real Estate Statutes 2

Question 1

Under Arizona statute (A.R.S. Title 32, Chapter 20), which state agency regulates real estate licensees?

Accepted Answer

Arizona Department of Real Estate (ADRE)

Answer

The Arizona Department of Real Estate (ADRE), led by the Real Estate Commissioner, regulates licensees under A.R.S. Title 32, Chapter 20.

Question 2

How long must an Arizona broker retain transaction records and employment agreements under statute?

Accepted Answer

5 years

Answer

A.R.S. §32-2151.01 requires brokers to keep transaction records for at least 5 years from the closing or listing termination.

Question 3

In Arizona, how many members serve on the Real Estate Advisory Board?

Accepted Answer

10

Answer

The Real Estate Advisory Board consists of 10 members appointed by the Commissioner to advise on policy.

Question 4

Which official is the executive head of the Arizona Department of Real Estate?

Accepted Answer

The Real Estate Commissioner

Answer

The Real Estate Commissioner, appointed by the Governor, heads the ADRE and administers real estate statutes.

Question 5

Where must an Arizona broker deposit earnest money received on behalf of a client absent other instructions?

Accepted Answer

A neutral escrow or the broker's trust account

Answer

Earnest money must be placed in a neutral escrow or the broker's trust (client) account, never commingled with personal funds.

Arizona Real Estate License Practice Test