Basic Questions 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 Basic Questions flashcards as text
What type of listing gives one broker the exclusive right to earn a commission regardless of who sells the property?
Answer: Exclusive right to sell
Under an exclusive right to sell listing, the broker earns a commission no matter who finds the buyer.
In an agency relationship, the client the agent represents is called the:
Answer: Principal
The principal is the client to whom the agent owes fiduciary duties.
Which fiduciary duty requires an agent to act only in the client's best interest?
Answer: Loyalty
Loyalty requires the agent to place the client's interests above all others.
What is dual agency?
Answer: One agent representing both buyer and seller
Dual agency occurs when one agent or brokerage represents both the buyer and the seller in a transaction.
Under Arizona law, dual agency is permitted only if:
Answer: Both parties give informed written consent
Arizona allows dual agency only with the informed written consent of both parties.
How long must an Arizona broker generally retain transaction records?
Answer: 5 years
Arizona brokers must retain most transaction records for at least five years.
Where must earnest money deposits generally be held?
Answer: A neutral escrow or broker trust account
Earnest money must be held in a neutral escrow or a broker's trust account, not commingled with personal funds.