Arizona Real Estate License Arizona Real Estate Law 2

Question 1

Which Arizona agency issues and regulates real estate licenses?

Accepted Answer

Arizona Department of Real Estate (ADRE)

Answer

Arizona Corporation Commission

Answer

Arizona Association of Realtors

Answer

Arizona Department of Financial Institutions

Question 2

How many hours of pre-licensing education are required for an Arizona salesperson license?

Accepted Answer

90 hours

Answer

60 hours

Answer

45 hours

Answer

120 hours

Question 3

In Arizona, how long must a broker retain transaction and employment records?

Accepted Answer

5 years

Answer

3 years

Answer

1 year

Answer

7 years

Question 4

What is the purpose of the Arizona Real Estate Recovery Fund?

Accepted Answer

Compensate consumers harmed by licensee fraud who cannot collect a judgment

Answer

Fund ADRE staff salaries

Answer

Provide loans to first-time buyers

Answer

Pay for licensee continuing education

Question 5

Under Arizona law, when must a salesperson deliver a copy of a signed contract to the client?

Accepted Answer

At the time the party signs it

Answer

Within 30 days of closing

Answer

Only upon request

Answer

At the next scheduled meeting

Question 6

Who must a salesperson's license be held by to be active in Arizona?

Accepted Answer

A designated employing broker

Answer

The Arizona Association of Realtors

Answer

The county recorder

Answer

The salesperson directly

Question 7

How many hours of continuing education must an Arizona licensee complete for each renewal period?

Accepted Answer

24 hours

Answer

12 hours

Answer

36 hours

Answer

6 hours