Arizona Real Estate License Arizona Real Estate Law 2 — Questions and Answers
Question 1: Which Arizona agency issues and regulates real estate licenses?
- Arizona Department of Real Estate (ADRE) (Correct answer)
- Arizona Corporation Commission
- Arizona Association of Realtors
- Arizona Department of Financial Institutions
Correct answer: Arizona Department of Real Estate (ADRE)
The Arizona Department of Real Estate (ADRE) issues licenses and enforces license law under the Commissioner.
Question 2: How many hours of pre-licensing education are required for an Arizona salesperson license?
- 90 hours (Correct answer)
- 60 hours
- 45 hours
- 120 hours
Correct answer: 90 hours
Arizona requires 90 hours of approved pre-licensing salesperson education plus a 6-hour contract writing course.
Question 3: In Arizona, how long must a broker retain transaction and employment records?
- 5 years (Correct answer)
- 3 years
- 1 year
- 7 years
Correct answer: 5 years
Arizona brokers must keep required records for at least 5 years from the date of the transaction's termination.
Question 4: What is the purpose of the Arizona Real Estate Recovery Fund?
- Compensate consumers harmed by licensee fraud who cannot collect a judgment (Correct answer)
- Fund ADRE staff salaries
- Provide loans to first-time buyers
- Pay for licensee continuing education
Correct answer: Compensate consumers harmed by licensee fraud who cannot collect a judgment
The Recovery Fund pays eligible consumers who obtain a judgment against a licensee but cannot otherwise collect.
Question 5: Under Arizona law, when must a salesperson deliver a copy of a signed contract to the client?
- At the time the party signs it (Correct answer)
- Within 30 days of closing
- Only upon request
- At the next scheduled meeting
Correct answer: At the time the party signs it
Arizona requires the licensee to give each party a legible copy of any instrument at the time it is signed.
Question 6: Who must a salesperson's license be held by to be active in Arizona?
- A designated employing broker (Correct answer)
- The Arizona Association of Realtors
- The county recorder
- The salesperson directly
Correct answer: A designated employing broker
An active salesperson must work under and have their license held by a designated employing broker.
Question 7: How many hours of continuing education must an Arizona licensee complete for each renewal period?
- 24 hours (Correct answer)
- 12 hours
- 36 hours
- 6 hours
Correct answer: 24 hours
Arizona requires 24 hours of continuing education in required categories every two-year renewal cycle.
Arizona Real Estate License Arizona Real Estate Law 2
Which Arizona agency issues and regulates real estate licenses?