Arizona Real Estate License Arizona Real Estate License Arizona Real Estate Statutes Questions and Answers 2

Question 1

Under Arizona law, what is the maximum period for which a real estate listing agreement can be automatically renewed without the client's written consent?

Accepted Answer

It cannot be automatically renewed

Answer

Arizona statute prohibits automatic renewal clauses in listing agreements without the client's express written consent for each renewal period.

Question 2

Which entity is authorized by Arizona statute to investigate complaints against real estate licensees?

Accepted Answer

Arizona Department of Real Estate

Answer

The Arizona Department of Real Estate (ADRE) is the statutory body empowered to investigate complaints and take disciplinary action against licensees.

Question 3

According to Arizona Revised Statutes, how long must a designated broker retain transaction records?

Accepted Answer

6 years

Answer

Arizona law requires designated brokers to retain all transaction records for a minimum of six years after the close of the transaction.

Question 4

Under A.R.S. Title 32, what happens to earnest money if a buyer and seller cannot agree on its disposition after a failed transaction?

Accepted Answer

It must be held in trust or interpleaded into court

Answer

Arizona statute requires the broker to hold the disputed earnest money in trust or file an interpleader action with the court to resolve the dispute.

Question 5

What is the statutory requirement for a real estate salesperson's license to remain active in Arizona?

Accepted Answer

Must be employed by a designated broker

Answer

Arizona statutes require that a salesperson's license must be held under a designated broker for the license to remain in active status.

Arizona Real Estate License Practice Test

Arizona Real Estate License Practice Test

Arizona Real Estate License Arizona Real Estate License Arizona Real Estate Statutes Questions and Answers 2