Arizona Real Estate Statutes Flashcards
7 cards from real Arizona Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Arizona Real Estate Statutes flashcards as text
Under Arizona statute (A.R.S. Title 32, Chapter 20), which state agency regulates real estate licensees?
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.
How long must an Arizona broker retain transaction records and employment agreements under statute?
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.
In Arizona, how many members serve on the Real Estate Advisory Board?
Answer: 10
The Real Estate Advisory Board consists of 10 members appointed by the Commissioner to advise on policy.
Which official is the executive head of the Arizona Department of Real Estate?
Answer: The Real Estate Commissioner
The Real Estate Commissioner, appointed by the Governor, heads the ADRE and administers real estate statutes.
Where must an Arizona broker deposit earnest money received on behalf of a client absent other instructions?
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.
Under A.R.S. §32-2155, an Arizona salesperson may lawfully collect compensation for a real estate transaction from whom?
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.
What is the standard term of an Arizona real estate license before renewal is required?
Answer: 2 years
Arizona real estate licenses are issued for a two-year period and must be renewed with continuing education.