FREE Arizona Real Estate License Questions and Answers

Who can an Arizona salesperson legitimately receive compensation from?

The salesperson can receive it from an employing broker.

Regardless of the type of agency, from the seller or the buyer.

Only from the seller.

If there’s a buyer's agency relationship, the salesperson can receive it from the buyer.

Correct! Wrong!

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?

Discouraging a Mexican buyer from making a purchase in a specific neighborhood.

Prominently posting "For Sale" signs on real estate properties after receiving written authorization.

A licensee listing a property owned by a third party as "For Sale by Owner."

Offering a television as a reward for attending a promotional event without telling them they'll also need to see a sales presentation beforehand.

Correct! Wrong!

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.

How are members of the Arizona Real Estate Advisory Board selected?

The Senate appoints them to three-year terms.

The governor appoints them, and they carry out their duties as desired.

The governor appoints them to five-year terms.

The Commissioner appoints them to six-year terms.

Correct! Wrong!

Explanation:
Terms are staggered and appointments are approved by the Senate.

John acquires a real estate license in Arizona, but he still resides in another state. What else needs to be done on his part?

John must meet all state requirements for continuing education.

John must open a company location inside the state.

John must hire an "attorney in fact" to represent him in transactions in Arizona.

John must submit an irrevocable consent agreement to the Arizona Real Estate Department.

Correct! Wrong!

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.

What would happen if it was discovered that someone was operating Arizonan real estate without the required license?

There could be civil penalties.

They would seize their commission.

The Commissioner's consent could be obtained in order to provide a temporary, retroactive license.

Parties affected may file a lawsuit for particular performance.

Correct! Wrong!

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.

In Arizona, when does a salesperson's license expire?

Two years after the license was granted, on December 31st.

Annually on the licensee's birthday.

Every two years as of the license's activation date.

Every two years on the licensee's birthday.

Correct! Wrong!

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.

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?

$300,000, only when submitting combined tax returns

$600,000

$350,000

Correct! Wrong!

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?

It is the agent's responsibility to maintain their own records.

In the employing broker's on-site office.

It is not necessary to store closed files.

Whatever place the brokers decide.

Correct! Wrong!

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).

When someone is employed as a salesperson but has a fully qualified Arizona Broker license, they are referred to as:

An Associate Broker

A Broker Manager

A Broker

A Sales Agent

Correct! Wrong!

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.

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:

Use without restrictions

All the rights to stay until her passing.

Protection of homesteads

As inherited from her husband, she will receive Courtesy Rights.

Correct! Wrong!

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.

In Arizona, a real estate license is necessary for all of the following, with the exception of:

A timeshare salesperson.

An auctioneer for real estate.

An out-of-state representatives who complete just one transaction in Arizona annually.

A property manager who manages just one client's property.

Correct! Wrong!

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.

FREE Arizona Real Estate License Questions and Answers

Who can an Arizona salesperson legitimately receive compensation from?

Based on the Arizona licensing law, which of these actions is allowed?

How are members of the Arizona Real Estate Advisory Board selected?

John acquires a real estate license in Arizona, but he still resides in another state. What else needs to be done on his part?

What would happen if it was discovered that someone was operating Arizonan real estate without the required license?

In Arizona, when does a salesperson's license expire?

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?

In the State of Arizona, where are all closed file records for a brokerage required to be kept?

When someone is employed as a salesperson but has a fully qualified Arizona Broker license, they are referred to as:

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:

In Arizona, a real estate license is necessary for all of the following, with the exception of:

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