Arizona Real Estate License Arizona Real Estate Statutes 2

Question 1

Under Arizona statute (A.R.S. Title 32, Chapter 20), which state agency regulates real estate licensees?

Accepted Answer

Arizona Department of Real Estate (ADRE)

Answer

Arizona Corporation Commission

Answer

Arizona Department of Financial Institutions

Answer

Arizona Registrar of Contractors

Question 2

How long must an Arizona broker retain transaction records and employment agreements under statute?

Accepted Answer

5 years

Answer

1 year

Answer

3 years

Answer

10 years

Question 3

In Arizona, how many members serve on the Real Estate Advisory Board?

Accepted Answer

10

Answer

5

Answer

7

Answer

3

Question 4

Which official is the executive head of the Arizona Department of Real Estate?

Accepted Answer

The Real Estate Commissioner

Answer

The Governor

Answer

The Attorney General

Answer

The Chief Deputy Recorder

Question 5

Where must an Arizona broker deposit earnest money received on behalf of a client absent other instructions?

Accepted Answer

A neutral escrow or the broker's trust account

Answer

The broker's personal account

Answer

The seller's account immediately

Answer

A savings bond

Question 6

Under A.R.S. §32-2155, an Arizona salesperson may lawfully collect compensation for a real estate transaction from whom?

Accepted Answer

Only their employing broker

Answer

The buyer directly

Answer

The escrow company

Answer

Any party to the deal

Question 7

What is the standard term of an Arizona real estate license before renewal is required?

Accepted Answer

2 years

Answer

1 year

Answer

4 years

Answer

6 years