Arizona Real Estate License Arizona Real Estate License Agency Relationships and Duties Questions and Answers 2

Question 1

Under Arizona law, what must a real estate agent provide to a prospective buyer at the first substantive contact?

Accepted Answer

A written agency disclosure form

Answer

A copy of the purchase contract

Answer

A comparative market analysis

Answer

A home inspection report

Question 2

In Arizona, a dual agency arrangement requires which of the following?

Accepted Answer

Written consent from both the buyer and the seller

Answer

Approval from the Arizona Department of Real Estate

Answer

A reduced commission agreement

Answer

Consent from only the seller

Question 3

Which duty does an Arizona listing agent owe to a prospective buyer who is NOT the agent's client?

Accepted Answer

Honesty and fair dealing

Answer

Full fiduciary loyalty

Answer

Confidentiality of financial position

Answer

Obedience to all instructions

Question 4

An Arizona buyer's agent learns the seller is facing foreclosure. What is the agent's obligation?

Accepted Answer

Disclose this information to the buyer client

Answer

Keep the information confidential for the seller

Answer

Report the foreclosure to the state

Answer

Withdraw from the transaction immediately

Question 5

What happens if an Arizona real estate agent fails to disclose a known material defect to the buyer?

Accepted Answer

The agent may face license disciplinary action and civil liability

Answer

The transaction is automatically voided by the state

Answer

The seller assumes all liability for the defect

Answer

The buyer loses the right to rescind the contract

Question 6

In Arizona, a subagent owes fiduciary duties to which party?

Accepted Answer

The principal client of the listing broker

Answer

The buyer they are showing homes to

Answer

Both the buyer and the seller equally

Answer

The referring broker only