FREE Arizona Real Estate License Questions and Answers
What would happen if it was discovered that someone was operating Arizonan real estate without the required license?
Explanation:
Since unlicensed agents are not subject to the Arizona Department of Real Estate's authority, the only sanctions that may be imposed on them are civil penalties.
There is a legitimate life estate homestead exemption in the state of Arizona. What protection would a married couple's vacation house have as a homestead?
Explanation:
A married couple has no homestead exemptions on a vacation home. Only principal houses in Arizona are eligible for homestead exemptions, which provide a $250,000 homestead protection and a taxed exemption on the first $500,000 of gain.
In the State of Arizona, where are all closed file records for a brokerage required to be kept?
Explanation:
All closed files must be kept in the main office, a licensed branch office in this state, or an off-site storage facility in Arizona (as long as the location's street address is disclosed in writing to the Department beforehand).
Who can an Arizona salesperson legitimately receive compensation from?
Explanation:
Real estate salespeople are legally considered employees and are only permitted to take compensation from the broker who employs them. They are not allowed to ""moonlight"" for other businesses or take direct payment from a seller, buyer, or any third party.
Based on the Arizona licensing law, which of these actions is allowed?
Explanation:
The other options encompass a wide range of infractions, including ""steering,"" which is against the Arizona Civil Rights Act, and misrepresentation (""For Sale by Owner"") as well as incomplete disclosure in promotions.
In Arizona, a real estate license is necessary for all of the following, with the exception of:
Explanation:
In Arizona, a property manager who oversees a single apartment complex on behalf of a single owner is exempt from holding a real estate license.
A married couple who do not reside in Arizona jointly owns a property. In the event that the husband passed away, the wife would receive:
Explanation:
This exemplifies the lack of ""dower and curtesy"" in Arizona. A surviving spouse is entitled to a certain percentage of their deceased husband's wealth, typically between one-third and one-half, according to dower and courtesy rules. Courtesy is what a man may claim, but dower (not to be confused with a dowry) is the part to which a surviving wife is entitled.
John acquires a real estate license in Arizona, but he still resides in another state. What else needs to be done on his part?
Explanation:
By signing a consent agreement, John agrees that he will practice in Arizona subject to all applicable laws, rules, and regulations and that any complaints or legal action against him will be brought and heard in Arizona.
When someone is employed as a salesperson but has a fully qualified Arizona Broker license, they are referred to as:
Explanation:
A person who works as a salesperson but has a fully qualified Arizona Broker license is known as an "associate" broker. There could be hundreds of salespeople and "associate" brokers working for an employing broker, but only one "designated" broker.
How are members of the Arizona Real Estate Advisory Board selected?
Explanation:
Terms are staggered and appointments are approved by the Senate.
In Arizona, when does a salesperson's license expire?
Explanation:
In order to facilitate license renewals throughout the year, most states have some kind of ""rolling"" schedule for license expiration, based on the licensee's birthday or the anniversary of issuance.