Arizona Real Estate License Arizona Real Estate Statutes 2 — Questions and Answers
Question 1: Under Arizona statute (A.R.S. Title 32, Chapter 20), which state agency regulates real estate licensees?
- Arizona Department of Real Estate (ADRE) (Correct answer)
- Arizona Corporation Commission
- Arizona Department of Financial Institutions
- Arizona Registrar of Contractors
Correct answer: Arizona Department of Real Estate (ADRE)
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?
- 1 year
- 5 years (Correct answer)
- 3 years
- 10 years
Correct answer: 5 years
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?
- 5
- 7
- 10 (Correct answer)
- 3
Correct answer: 10
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?
- The Governor
- The Real Estate Commissioner (Correct answer)
- The Attorney General
- The Chief Deputy Recorder
Correct answer: The Real Estate Commissioner
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?
- The broker's personal account
- A neutral escrow or the broker's trust account (Correct answer)
- The seller's account immediately
- A savings bond
Correct answer: A neutral escrow or the broker's trust account
Earnest money must be placed in a neutral escrow or the broker's trust (client) account, never commingled with personal funds.
Question 6: Under A.R.S. §32-2155, an Arizona salesperson may lawfully collect compensation for a real estate transaction from whom?
- The buyer directly
- Only their employing broker (Correct answer)
- The escrow company
- Any party to the deal
Correct answer: Only their employing broker
A salesperson may accept compensation only from the broker under whom they are licensed at the time of the transaction.
Question 7: What is the standard term of an Arizona real estate license before renewal is required?
- 1 year
- 2 years (Correct answer)
- 4 years
- 6 years
Correct answer: 2 years
Arizona real estate licenses are issued for a two-year period and must be renewed with continuing education.
Arizona Real Estate License Arizona Real Estate Statutes 2
Under Arizona statute (A.R.S.
Title 32, Chapter 20), which state agency regulates real estate licensees?