AZ Exam Prep
56. In Arizona, personal real estate assistants A. must be licensed. B. may insert factual information into form contracts under the employing broker's supervision and with his or her approval without possessing a real estate license. C. may independently host open houses and home show booths without a real estate license. D. must be unlicensed, as licenses are only required of salespeople and associate brokers.
B (Only licensed personal assistants may independently host open houses. Many unlicensed assistants perform only clerical duties such as inserting factual information into form contracts under supervision and approval, but many are licensed in order to perform more services for the licensee who hired them.)
35. In Arizona, the real estate license law is administered by the A. state attorney general's office. B. Arizona Department of Real Estate. C. Arizona Association of REALTORS. D. Department of Housing and Urban Development (HUD).
B (The Arizona Department of Real Estate administers the real estate license law. In regard to the other answer choices, the state attorney general's office acts as counsel for the Arizona Department of Real Estate; the Arizona Association of REALTORS is a trade association; and HUD is a federal agency that supervises housing issues.)
69. Which of the following actions is not a violation of license law? A. Encouraging a seller to reject an offer because the prospective buyer is a Methodist B. Placing a "For Sale" sign in front of a house after receiving written permission to do so C. Advertising that individuals who attend a promotional presentation will receive a prize without also mentioning that they will have to take a day trip to a new subdivision site as well D. A real estate company advertises a listed property as being "For Sale By Owner."
B (The broker who has received permission before erecting a sign is in compliance with the license law. A broker may not encourage a decision based on religious grounds, nor should he advertising listed property as "For Sale by Owner." A broker must, however, fully disclose all conditions of a promotion.)
98. What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with the employing broker? A. Give the broker an official letter of termination that he or she can send to the Arizona Department of Real Estate. B. Nothing; the broker is responsible for notifying the Arizona Department of Real Estate in writing of the change within ten days. C. Return his or her real estate license to the employing broker. D. Return his or her license along with a letter of termination to the Arizona Department of Real Estate.
B (The broker, not the salesperson, is responsible for notifying the Arizona Department of Real Estate. Furthermore, the broker is responsible for having all licenses readily available for public viewing.)
92. A seller listed his house for sale with a broker on February 1. The listing agreement was to last five months. In April, the seller decided that the house was no longer for sale. Which of the following statements is true? A. The seller has canceled the agreement and there are no penalties. B. The seller has withdrawn the broker's authority to sell the property and may be subject to a penalty. C. The seller is required by law to leave his house on the market until June. D. The Arizona Department of Real Estate will decide if the seller's action is justifiable.
B (The listing agreement may be canceled but the seller may be responsible for some expenses, since the seller has removed the broker's opportunity to recoup costs.)
59. A nonresident license applicant must consent to A. a certificate of specific performance. B. the appointment of the real estate commissioner as agent or attorney-in fact. C. submitting a copy of his or her birth certificate. D. corpus delicti.
B (The out-of-state licensee must give his or her consent to have the commissioner be appointed the party to receive any legal notices for the nonresident licensee.)
15. A seller has no knowledge of any plumbing system problems on her property. In actuality, however, the pipes are seriously corroded and will soon need to be replaced. In the seller's property condition disclosure statement, when responding to whether the seller has any knowledge of plumbing system problems, she should respond A. ''yes." B. "no." C. ''unknown." D. The seller is not required to respond to this question.
B (The seller should indicate ''no" since she is unaware of any problems at the present time. This example demonstrates why buyers should be cautioned that seller disclosures are neither guarantees nor warranties.)
88. A broker signs a listing agreement with a seller. The agreement contains the following clause: "If the Property has not been sold after three months from the date of this signing, this agreement will automatically continue for additional three-month periods thereafter until the property is sold." Based on these facts, the agreement A. is legal under Arizona law. B. is illegal in Arizona. C. automatically receives a statutory six-month listing period. D. is legal under Arizona law, because the list periods are for less than six months each.
B (This clause is illegal in Arizona since listings must contain a definite termination date or a date of commencement and a definite duration.)
17. A salesperson represents the seller in a transaction. When prospective buyers ask to look at the property, the salesperson must A. tell them that they must first enter into a buyer representation agreement with another licensee. B. inform them in writing that the salesperson represents the seller's interests. C. inform them, either orally or in writing, that the salesperson represents the seller's interests. D. show them the property without making any disclosures about the salesperson's relationship with the seller.
B (This disclosure must be made so that the buyer understands that he or she is not being represented. This disclosure must be done in writing. Buyers do not have to be represented to work with the seller's agent.)
25. A broker enters into a listing agreement with a seller. Another broker, who has been working with a buyer, learns of the property through the MLS. Typically, the second cooperating broker would represent A. the seller as a subagent. B. the buyer as an agent. C. the buyer as a subagent. D. neither the buyer nor seller.
B (Typically, the cooperating broker represents the buyer since the MLS in Arizona does not automatically offer a subagency. Licensees should understand that the sharing of a commission does not create an agency relationship. The seller must agree to subagency.)
68. For which of the following acts is the Arizona Department of Real Estate required to suspend or revoke a licensee's license? A. When a licensee fails to perform as promised in a guaranteed sales plan B. When the department is ordered by a court to pay from the Arizona Recovery Fund for acts of a licensee C. When a licensee commingles others' money or property with his or her own D. When a licensee fails to provide information requested by the department of real estate within 30 days of the request as part of a complaint or audit procedure
B (When the Arizona Department of Real Estate is ordered to pay from the recovery fund for a licensee's actions, the department must suspend or revoke that licensee's license. Failing to perform as promised in a guaranteed sales plan, commingling the money or property of others, or failing to provide information to the department are all grounds for suspension; suspension, however, is not mandatory.)
49. Which of the following persons must have a real estate broker's license in order to transact business in Arizona? A. A person who owns a six plex and personally manages the building, collects rents, and shows the apartments to prospective tenants B. A person who negotiates the sales of entire businesses, including their stock equipment and buildings, for a promised fee C. The janitor of a large apartment building who shows apartments to prospective tenants incidental to his or her regular duties D. A person who has his or her parents' written authority to negotiate the sale of the parents' residence
B (While a real estate license is not required to sell personal property {i.e., stock equipment}, it is required to sell the building. In regard to the other answer choices, owners are not required to obtain real estate licenses to manage or sell their own properties; a janitor of an apartment building is specifically exempt from real estate license requirements, provided he or she is not paid a commission; and a person holding a power of attorney need not obtain a real estate license in order to negotiate the sale.)
3. A seller's listing agreement has expired, and subsequently the seller decides to list with a different brokerage firm. The original listing agent now has a buyer interested in the seller's property. The original listing agent A. is a dual agent. B. cannot disclose offers received on the seller's property while it was listed with him to the buyer. C. cannot disclose information about the physical condition of the property to the buyer. D. cannot represent the buyer.
B (While the listing agent must disclose information he possesses about the physical condition of the property, he must keep confidential information-such as the amounts of previous offers-confidential.)
66. The Arizona Department of Real Estate has the power to revoke a salesperson's license if the salesperson A. attempts to represent a real estate broker other than his or her employer, after obtaining the employer's consent. B. attempts to represent a buyer. C. enters into an exclusive listing contract. D. deposits a buyer's down payment in a third party trust account.
A (A salesperson may represent only one broker at a time. All other answer choices are permissible.)
84. If a broker establishes an account to hold money belonging to others, which of the following is correct? A. All checks, deposit slips, and bank statements must include the word ''trust account" as part of the account name. B. Accounts may be labeled either "trust" or "escrow." C. The account cannot be in the same bank as the broker's personal checking account. D. An individual account is required for each transaction.
A (All checks, deposit slips, and bank statements must include the word "trust account" as part of the account name. A broker does not have to open a new account for each earnest money received; however, the broker must keep careful records to accurately account for all funds. Other people's money must be in a different account, not necessarily a different bank than the broker's. The account may be a broker's trust account or a third party neutral trust.)
61. Which of the following statements regarding the Arizona Department of Real Estate is NOT true? A. The commissioner is selected by the state association of REALTORs. B. The commissioner makes and enforces the rules by which all real estate licensees must abide. C. The examinations that must be taken by all applicants for real estate licensing are administered by the testing service. D. The operation of the department is administered by an executive director specifically hired for that purpose.
A (All statements are true with this exception: the state association of REALTOR is a trade organization and is not involved in real estate licensing, testing, or the creation and implementation of rules and regulations.)
40. Under Arizona law, any person who acts as a real property securities dealer must A. be registered as a securities dealer or salesperson. B. have his or her securities license endorsed by the Arizona Department of Real Estate. C. be approved by the SEC. D. There are no special licensing requirements for real property securities dealers.
A (Any person who acts as a real property securities dealer must be registered as a securities dealer or salesperson and also be approved by the Arizona Corporation Commission.)
45. In Arizona, applications for any real estate license must A. be completed before taking the state exam. B. contain a picture of the applicant. C. be made before May 31 of each year. D. be accompanied by a disclosure statement attesting to the applicant's character.
A (Applications may be completed before taking the state exam but one may not apply for licensure until after passing the exam. A picture is not required. The application may be completed at any time within 12 months after the date the state exam was passed.)
4. A real estate salesperson has been working with buyers. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. The salesperson knows a lender that pays a fee for referring purchasers to him. Should the salesperson refer the buyers to this lender? A. Yes, if the salesperson does not request or receive a referral fee B. Yes, if the salesperson and the buyers have previously entered into a written buyer agency agreement C. Yes, if the salesperson discloses the referral fee to the sellers D. Yes, if the lender offers the market's best interest rates and terms
A (Arizona real estate license laws prohibit a licensee from requesting and/or receiving such a referral fee unless the licensee is employed by the lender on an hourly or salary basis. Lenders are regulated by the Arizona Department of Banks but they are not prohibited from paying such fees.)
43. If engaged in real estate activities, which of the following are exempt from the real estate licensing requirement? A. Attorneys at law B. Appraisers C. Associations, partnerships, and corporations D. Real property securities dealers
A (Attorneys at law are exempt if acting as attorneys for a client. If engaged in real estate activities, appraisers, associations, partnerships, corporations, and real property securities dealers must have a real estate license.)
12. A buyer does not wish to enter into an agency relationship with a salesperson from Beta Realty. However, she would like the salesperson to show her a house listed with Alpha Realty. Can the Beta Realty salesperson show Alpha's listing to the buyer? A. Yes, but only if Alpha Realty obtains the seller's consent to show the house B. Yes, but only if Alpha Realty obtains Beta Realty's consent to subagency C. Yes, if the buyer verbally agrees to buyer agency D. The Beta Realty salesperson cannot show Alpha's listing to this buyer.
A (Because the Beta Realty salesperson is working with the buyer as a customer, Alpha Realty must get the seller's permission in order for the Beta Realty salesperson to show the house to the buyer. However, the seller's permission to show the property does not create subagency. In Arizona, subagency is created by mutual agreement between cooperating brokers. If the buyer does not agree to an agency relationship with a broker, then a buyer-broker agency is not created unless the broker acts in a manner that indicates an agency exists between the broker and the buyer. If the buyer does nothing to refute these agency claims, then an agency is implied by estoppel, which could result in an undisclosed dual agency.)
1. A licensed broker procures a ready, willing, and able buyer for his seller-principal. The seller accepts the buyer's offer in writing, but then experiences a change of heart and withdraws the acceptance. In this situation, the broker A. is entitled to collect a commission. B. is without recourse since the transaction was never completed. C. may sue the buyer. D. may retain the deposit as commission.
A (Because the seller accepted the offer, the broker earned the commission. In regard to the other answer choices, the broker may not sue the buyer since they did not establish an agency relationship. The deposit must be retained in trust until a release is signed by all parties.)
86. In Arizona, brokers and salespeople who are not lawyers may NOT A. recommend to buyers how they should take title. B. fill in blanks on preprinted form contracts customarily used in their community. C. suggest additional language to be added to a preprinted sales contract by a buyer or seller. D. explain the legal significance of specific preprinted contract clauses to a buyer or seller.
A (Brokers and salespeople who are not lawyers may not recommend to buyers how they should take title. In regard to the other answer choices, Article 26 of the Arizona State Constitution gives authority to real estate licensees licensed in Arizona to draft, fill out, or prepare any documents necessary in their function as a real estate licensee, without compensation.)
75. A broker has developed a Web site that advertises the broker's office. What, if anything, does the broker need to include on this Web site? A. Name, home office address and phone number, and a list of states in which the brokerage holds licenses B. License number of brokerage and list of current active licensees C. Names of active licensees, addresses, and phone numbers D. There is no need for any additional disclosures.
A (Each screen of a brokerage's Web site must include the name of the brokerage, home office address and phone number, and the states in which the brokerage holds licenses.)
54. What are the continuing education requirements for real estate brokers and salespersons in Arizona? A. 24 hours total, consisting of at least three hours each in agency law, contract law, commissioner's standards, real estate legal issues, and fair housing B. 18 hours of approved home study courses C. Three 12-hour classes each for listing, buying, and ethics D. There are no continuing education requirements.
A (For license 'renewal, real estate brokers and salespersons are required to take 24 hours of continuing education consisting of three or more hours each in agency law, contract law, commissioner's standards, real estate legal issues, and fair housing. The remaining nine hours may be in any of these subjects or courses under the "general"category such as appraisal methodology, general finance, and history of development and property management {R4-28-402A}.)
23. A licensed salesperson obtains a listing. Several days later, the salesperson meets prospective buyers at the property and tells them, "I am the listing agent for this property, and so I'm very familiar with it." Under these circumstances, the salesperson A. has failed to properly disclose his or her fiduciary obligations. B. has properly disclosed his or her agency relationship with the seller. C. has created a dual agency, which is a violation of Arizona regulations. D. is in violation of Arizona regulations, because the listing belongs to the broker.
A (In Arizona, a real estate licensee must disclose all agency relationships as soon as possible and before contracts are signed. Written notice of single agency is not required by law but is recommended because agency can be created by an express agreement, written or oral, and can be implied by actions, words, or prior relationships of both licensees and principals. A dual agency disclosure and informed consent must be written and signed by all parties.)
41. Under Arizona licensing law, a partnership, association, or corporation will be granted a license only if A. the designated broker retains a current license. B. every member, partner, and officer actively participating in the brokerage business has a broker's license. C. all papers are filed with the secretary of state. D. the brokerage business has paid a one time fee to the guaranty fund.
A (Partnerships, associations, and corporations require a designated broker with a current license. In regard to the other answer choices, all members, partners, and officers actively participating need not be licensed; filing papers with the secretary of state is a requirement for partnerships, not a real estate licensing requirement; and brokerage businesses are not required to pay fees to the guaranty fund.)
80. Real estate commissions earned by a broker in real estate sales transactions A. are determined by agreement between the broker and his or her principal. B. may be shared with an unlicensed person, provided that this person aided the broker in bringing the buyer and seller together. C. may be deducted from the earnest money deposit and claimed by the broker as soon as the buyer and seller execute the purchase and sales agreement. D. are based on a schedule of rates set by the Arizona Department of Real Estate.
A (Real estate commissions are always negotiable between the principal and broker and are not determined by custom or law. Commissions may not be shared with an unlicensed party nor can the broker's commission be deducted from the earnest money deposit without mutual agreement between all parties.)
37. The Arizona Real Estate Commissioner has the authority to A. make and enforce the rules by which all real estate licensees must abide. B. compose the examination questions on the state exam. C. administer the exams given at the testing sites. D. enact the laws that govern real estate licensees.
A (The Arizona Real Estate Commissioner is authorized to write rules and regulations by which all real estate licensees must abide. In regard to the other answer choices, the exam questions are written by an independent testing service and reviewed by the commissioner; the testing service administers the exams; and the Arizona legislature enacts the laws that govern real estate licensees.)
76. A salesperson has developed a Web site on the Internet. What, if anything, must the salesperson include? A. Name and location of the employing broker's office that holds the salesperson's license for each state in which salesperson is licensed B. Name of the home office of the company that holds this salesperson's license and a list of states in which the company is licensed. C. Names of all licensees in the broker's office and the states in which they are licensed D. There is no need for any additional disclosures.
A (The Internet Web site must include the name and location of the employing broker's office that holds the salesperson's license for each state in which the salesperson is licensed It is not necessary to list all the licensees in the broker's office.)
20. Six months after a buyer bought a house, the roof leaked during a rainstorm. When the house was listed, the seller told the broker that the roof leaked, but they agreed not to tell any prospective buyers. The broker claims that the buyer did not ask about the roof. Given these facts, the buyer A. can sue the broker for nondisclosure. B. cannot sue the broker under Arizona license law. C. can sue the seller under Arizona license law. D. cannot do anything because the leaking roof could have been discovered by inspection.
A (The buyer could sue jointly and severally all licensees and principals who have knowledge if the leaking roof was not readily discoverable by a reasonable inspection by the buyer. The broker is required by Rule 4-28-llOlB to disclose any fact that would materially affect the buyer's decision to make an offer. The fact that the buyer did not ask is not relevant. And while the buyer cannot sue the seller under Arizona license law, he or she can sue under contract law.)
8. Buyer-brokerage contracts in Arizona A. must be in writing to be enforceable. B. must be on specific forms. C. are not regulated under the license laws. D. are illegal.
A (The buyer-brokerage contract is an employment contract and under the statute of frauds it must be in writing to be enforceable. These contracts are regulated under license law.)
36. The Arizona Real Estate Commissioner and advisory boards are selected by A. the governor. B. public election. C. the state association ofREALTO . D. real estate licensees.
A (The governor appoints the Arizona Real Estate Commissioner and members to the advisory boards. These appointments must be ratified by the senate. The commissioner serves at the pleasure of the governor.)
72. A broker who wishes to place a "For Sale" sign on a listed property must first A. obtain the written consent of the owner of the property. B. sell the property. C. list the property. D. get permission from the neighbors.
A (The listing may or may not have permission for signage, so the broker must also obtain the written consent of the owner of the property. It is not necessary to get the permission of the neighbors.)
60. How are members of the Arizona Real Estate Advisory Board selected? A. Appointed by the governor for six-year staggered terms B. Appointed by the commissioner of real estate for indefinite terms C. Elected by licensees every two years D. Elected in statewide elections every six years
A (The members of the Arizona Real Estate Advisory Board are appointed by the governor for six-year staggered terms.)
53. A licensee who allows his or her license to expire has how long to reinstate the license without monetary penalty? A. There is no ''free" time in which to reinstate a real estate license. B. Up to 30 days C. No more than 90 days D. One year from the last June 30
A (There is no "free" time in which to reinstate one's license. Rather, a licensee is given a 12-day "grace" period in which to renew. That licensee will be subject to late fees and cannot act as a real estate licensee until a renewal license is issued.)
90. Under Arizona law, all of the following disclosures must be included in a listing contract EXCEPT A. special compensation. B. the price asked for the property. C. the signatures of all principals. D. terms the seller will consider.
A (There is no requirement for disclosure of special compensation, since all commissions are negotiable. There are requirements to include the price asked for the property, the signature of all principals, and the terms the seller will accept.)
99. A licensed salesperson may hold a concurrent real estate license with more than one Arizona broker under which of the following circumstances? A. Under no circumstances B. With the permission of his or her sales manager C. With the written consent of the brokers being represented D. With the permission of the Arizona Department of Real Estate
A (Under no circumstances may a salesperson hold a license with more than one employing broker.)
27. The Realty Company enters into agency agreements with both a seller and buyer. The seller and the buyer sign a dual agency consent agreement. The salesperson with the Realty Company has been working with the buyer. Legally, the salesperson may A. provide comparable market data to the seller, after the buyer requests and receives such data from another source. B. disclose the buyer's financial qualifications to the seller. C. disclose to the buyer that the seller will accept less than the listing price. D. disclose to the seller that the buyer will pay more than the offering price.
A (Where a dual agency exists, the salesperson should provide the same data to the seller if a valid CMA is obtained by the buyer from anyone other than an agent involved in a dual agency. This is not a violation of confidential information because either party could obtain a CMA. However, the salesperson may not disclose the buyer's financial qualifications unless they are material to the transaction. Similarly, the salesperson may not disclose confidential bargaining conditions between the buyer and seller.)
91.Upon obtaining a listing, a broker is obligated to A. set up a listing file and issue it a number in compliance with Arizona real estate license law. B. place advertisements in the local newspapers. C. cooperate with every real estate office wishing to participate in the marketing of the listed property. D. present all offers from any source as soon as possible.
D (A broker is obligated to present all offers as soon as possible. Numbering files, advertising, and cooperating with all other brokers are not required by Arizona law.)
13. In which of the following situations is a seller absolutely required to provide a buyer a property condition disclosure statement? A. When the seller is not assisted by a licensed real estate agent B. If the seller has not resided on the property in the last year C. In the sale of commercial property D. If the buyer requires the disclosure as a condition of purchase
D (A seller must provide a property condition disclosure statement to a buyer if the disclosure is a condition of purchase. {In Arizona, it is practice to include a seller property disclosure statement as a condition in the contract to purchase.} Sellers and licensees are required to disclose any material fact they possess that would affect the consideration to be paid.)
100. Several weeks after a closing, an associate broker received a thank-you letter and a nice bonus check from the seller of the house. The associate broker cashed the check because he felt it was earned. In this situation, which of the following is true? A. The associate broker may accept the bonus because he is licensed as an associate broker. B. Accepting the money is allowed if more than 30 days have elapsed since the closing. C. The associate broker may accept the money if his broker permits him to do so. D. Accepting the money is a violation of Arizona Department of Real Estate regulations.
D (Accepting the bonus directly from the seller is a violation of Arizona Department of Real Estate regulations. A salesperson or associate broker may collect a fee only from his or her employing broker.)
83. A broker received a buyer's earnest money check for $5,000 and immediately cashed it. At closing, the broker handed the seller a personal check drawn on the broker's own bank account for $5,300, representing the original earnest money plus six percent interest. The broker A. should have deposited the money in the broker's business checking account. B. properly cashed the check. C. should have deposited the money in his personal bank account. D. should have deposited the money in a neutral third party account or broker's trust account.
D (All funds received by a broker on behalf of his or her principal must be deposited as soon as possible in a trust account, not later than the next banking day after receiving the funds. Earnest money may not be deposited in the broker's personal checking or savings account.)
81. All funds received by a broker on behalf of his or her principal must be deposited in a third party trust or in the broker's trust account within A. three days of receiving the offer. B. three days of obtaining all signatures for the contract. C. five working days of receiving the offer. D. Funds must be deposited as soon as possible but not later than the next banking day after receipt.
D (All funds received by a broker on behalf of his or her principal must be deposited as soon as possible in a trust account, not later than the next banking day after receiving the funds.)
16. In Arizona, when a broker is listing a home and asks the seller to complete a property condition disclosure statement, which of the following statements is true? A. The disclosures are optional, and sellers may avoid liability by refusing to make any property condition disclosures. B. The standard disclosures cover a narrow range of structural conditions only. C. The broker should not give the seller any advice regarding which property conditions to disclose and which to ignore. D. Seller disclosure of known material and adverse property conditions is required by Arizona contract law.
D (Although Arizona license laws do not require written disclosure or the use of a specific form, the broker should advise the sellers that the law requires the disclosure of any known problems that are material and that might affect the price to be paid by a buyer. Licensees must disclose all material facts they possess {after a reasonable attempt is made to discover any material facts} under Commissioner's Rule R4-28-1101B.)
14. A competitive market analysis (CMA) is used to show an owner the prices paid for similar properties in the area that have been sold recently. Which of the following statements is true? A. The CMA is an appraisal. B. Only the broker may prepare a CMA. C. Only licensed appraisers can prepare CMAs. D. CMAs are not appraisals if prepared by real estate licensees.
D (Arizona real estate appraisal licensure laws cover all opinions of value with an exemption for real estate licensees. Brokers and salespeople may prepare a CMA only if they do not call it an appraisal and are not compensated for preparing it. Generally speaking, CMAs are prepared by brokers and salespeople, not by appraisers.)
5. In Arizona, what is the legal relationship of licensees to their employing broker? A. Independent contractors B. Agents of the principal C. Employees of the principal D. Employees of the broker
D (Arizona statutes specifically state all real estate licensees are employees of their employing broker.)
21. A real estate licensee must give the agency disclosure to prospective purchasers/tenants A. before they are shown any properties. B. at an open house. C. at the closing table. D. before any offers to purchase or lease are prepared or presented.
D (At the very least, the agency disclosure must be given before any offers to purchase or lease are prepared or presented)
64. Which of the following situations satisfies the biannual CE requirement in Arizona? A. Taking two 12-hour courses on using spreadsheet programs effectively in a real estate office, offered by a local community college B. Taking four 6-hour courses on managing agricultural property, offered by an approved CE sponsor C. Retaking and passing the licensing exam D. Obtaining the equivalent subject matter for 24 hours in a prelicense course taken since the last renewal
D (Commissioner's rule R4-28-402 {A} {4} allows for continuing education credit if the licensee completes 24 or more credit hours at any time during each two-year license period, with at least three hours each of agency law, contract law, commissioner's standards, real estate legal issues, and fair housing. Thus, a licensee can retake a prelicense course.)
94. A person who believes that he or she has been illegally discriminated against may file a complaint with the Arizona A. Board of REALTOR. B. Attorney General. C. Department of Real Estate. D. Attorney General or with HUD.
D (Fair housing complaints are generally directed to the attorney general under the Arizona Civil Rights Act or to HUD on the national level. REALTO!t organizations do not act on fair housing violations.)
28. A broker decides to "sweeten" an MLS listing for a property by making a blanket offer of subagency. Is the broker's action acceptable? A. Yes, because Arizona law permits the creation of subagency relationships only through multiple-listing services B. Yes, because a subagency relationship may be created by either a blanket offer in an MLS or through a specific agreement between parties C. No, because subagency is illegal under Arizona real estate license law D. Yes, because subagency relationships in Arizona may be offered but not created unless there is a specific agreement between the parties
D (In Arizona, subagency relationships are legal. The listing broker is permitted to offer subagency by language in an MLS listing, but subagency may be created only by mutual agreement between the listing and selling brokers, unless specifically prohibited by the seller in the listing agreement. The payment or receipt of commissions does not create agency relationships.)
48. Three weeks before N begins his real estate prelicense class, he offers to help his neighbor sell her house. The neighbor agrees to pay N a five percent commission. An offer is accepted while N is taking the class and closes the day before N passes the examination and receives his salesperson's license. The neighbor refuses to pay N the agreed commission. Can N sue to recover payment? A. Yes; because N was formally enrolled in a course of study intended to result in a real estate license at the time an offer was procured and accepted B. No; in Arizona, a real estate salesperson must have a permanent office in which his or her license is displayed in order to collect a commission from a seller. C. Yes; while the statute of frauds forbids recovery on an oral agreement for the conveyance of real property, Arizona law permits enforcement of an oral commission contract under these facts. D. No; state law prohibits lawsuits to collect commissions unless the injured party is a licensed broker or salesperson and the license was in effect at the time the agreement was reached
D (N cannot sue to recover payment. The injured party must have had an active license at the time the agreement was reached.)
65. In Arizona, all of the following could result in a fine, suspension, or revocation of a real estate broker's license EXCEPT A. being convicted of a felony. B. advertising in a newspaper that the licensee is a member of the Arizona Association of REALTOR when in fact he or she is not C. depositing escrow money in his or her personal checking account. D. agreeing with a seller to accept a listing for more than the normal rate.
D (Negotiating a commission with a seller is completely acceptable and legal. The Arizona Department of Real Estate may revoke a license if the licensee has been convicted of a felony, false advertising, or depositing escrow funds into a personal checking account.)
79. In Arizona, real estate commissions are A. set by law. B. set by the Arizona Department of Real Estate. C. determined by local groups of brokers. D. negotiable between the principal and broker.
D (Real estate commissions are always negotiable between the principal and the broker. They are not set by the Arizona Department of Real Estate or by local REALrod.)
38. The Arizona Department of Real Estate MUST undertake an investigation of a licensee based on which of the following? A. Its own initiative B. A random selection of licensees C. A motion from advisory board members D. A verified written complaint submitted by a disgruntled customer
D (The Arizona Department of Real Estate must investigate a verified written complaint submitted by a disgruntled customer. In regard to the other answer choices, the commissioner may investigate licensees based on his or her initiative, a random selection of licensees, or a motion from advisory board members.)
71. A salesperson placed the following advertisement order with the telephone company: List my name in the directory using the heading, Real Estate, as "Jim Smith, Real Estate Salesperson, Residential Property My Specialty." Based on this information, the ad must include A. his license number. B. the expiration date of his license. C. his street address. D. the name of his employing broker.
D (The ad must include the name of the employing broker since all advertising is in the employing broker's name and phone number. The licensee's license number, expiration date, and street address are not required.)
6. In order for a listing salesperson to receive a commission for a property sold during the term of a listing, he or she must meet all the following requirements EXCEPT be A. licensed when the listing was signed. B. employed by a licensed broker when the listing was signed C. employed by the listing broker when the contract of sale was signed by the buyers and sellers. D. employed by the buyer's broker when the contract is signed.
D (The listing salesperson does not have to be employed by the buyer's broker at the time the contract was signed. The salesperson must, however, be licensed and employed by the listing broker at the time both the listing and purchase agreement were signed, and the buyer was notified of the acceptance of his offer as written.)
44. The office manager for a local real estate firm is responsible for the following activities: coordinating the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is A. violating the license law. B. required to have a broker's license. C. required to have a salesperson's license. D. exempt from real estate licensing requirements.
D (The office manager is performing non-real estate activities and is therefore exempt from licensing requirements.)
58. If a person obtains an Arizona license while maintaining their residence in another state, he or she must A. be licensed as a broker or salesperson in any state. B. establish a principal place of business in Arizona or be licensed under a resident Arizona broker. C. take all education course requirements in approved schools. D. file an irrevocable consent agreement with the Arizona Department of Real Estate.
D (The out-of-state licensee must file an irrevocable consent agreement with the Arizona Department of Real Estate for purposes of notice.)
2. A real estate company has entered into agency agreements with both a seller and buyer. The buyer is interested in making an offer on the seller's property. Can this occur? A. No, the real estate company would then be a dual agent. B. Yes, as long as written agency agreements have been entered into with both parties C. Yes, if the seller has agreed to pay the commission D. Yes, if the seller and buyer both give their informed mutual consent to dual agency
D (The real estate company can represent both the seller and buyer as long as both parties give their informed mutual consent.)
19. A broker took a listing for a small office building. Because the property is in excellent condition and produces a good, steady income, the broker's salesperson has decided to purchase it as an investment. If the broker's salesperson wishes to buy this property, the salesperson must A. resign as the broker's agent and make an offer after the owner has retained another broker. B. have some third party purchase the property on the salesperson's behalf so that the owner does not learn the true identity of the purchaser. C. obtain permission from the Arizona Department of Real Estate. D. inform the owner in writing that he is a licensee and is acting as a dual agent because of employment by the listing broker before making an offer.
D (The salesperson does not have to resign as the broker's agent, but will have to inform the owner in writing that the salesperson is a licensee before making an offer. In regard to the other answer choices, the salesperson should not use a third party; nor does he need to obtain permission from the Arizona Department of Real Estate.)
63. Which of the following is a requirement to obtain a real estate salesperson's license in Arizona? A. Successful completion of 12 credit hours of real estate law, investments, finance, and appraisal B. An associate degree or certificate in real estate from an accredited college, university, or proprietary school C. United States and Arizona citizenship D. Successful completion of a course of 90 classroom hours in general principles of real estate
D (To obtain a real estate salesperson's license in Arizona, the applicant must successfully complete a course of 90 classroom hours in general principles of real estate. Citizenship is not required nor are there any exemptions for those without degrees or certificates from colleges or universities.)
78. A seller told a broker that she wanted to clear $50,000 when she sold her house. The broker accepted the listing and sold it for $160,000. He gave $50,000 to the seller and kept the rest. Which of the following is correct? A. The broker has not violated his fiduciary duty. B. The broker's compensation exceeds both statutory and NAR guidelines. C. The broker accepted an illegal net listing. D. As the seller's agent, the broker had a duty to sell the house for as much as possible.
D (While not illegal in Arizona, this net listing is a good example of the conflict of interest that a net listing can provoke. The broker was not working in the best interest of his client and therefore violated the duties of care and diligence.)
32. A clause in a listing that entitles the listing broker to claim a commission if, after expiration of the listing, the owners sell their property themselves to a buyer who was shown the property during the term of the listing is called a(n) A due on sale clause. B. prior commitment clause. C. after expiration clause. D. escrow clause.
C (A clause that entitles a broker to claim a commission if the owners sell the property after the listing expires to buyers introduced to the property by the broker is called an "after expiration clause.")
9. Which of the following provisions are included in the Arizona real estate statutes' rules regarding listing agreements? A. A listing agreement must state the exact fee the broker will earn. B. A qualified expert's report of the property's condition must accompany a listing agreement. C. A listing agreement must be in writing and signed by both broker and seller. D. The seller must receive a true copy of the listing agreement after signing it.
C (A listing agreement must be in writing and signed by the broker and the seller. A licensee employed by the broker may sign the listing for the broker, but this will still require the broker to initial the agreement within five working days.)
34. A licensed salesperson may receive commissions or bonuses earned that he or she earned before leaving a broker's employment only from the A. broker they are currently working for. B. principal, through a licensed escrow company. C. employing broker at the time commissions or bonuses were earned. D. former employing broker through the new employing broker.
C (A salesperson may be paid directly by his or her previous broker only if the commissions were earned while the licensee was licensed under the previous broker.)
18. Five years ago, Unit 5B in a condominium community was the site of a brutal and highly publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. As the agent for the woman's estate, what are your disclosure responsibilities to prospective purchasers of Unit5B? A. You must disclose both the murder and the AIDS-related death. B. You are specifically prohibited by law from disclosing either event. C. You are specifically relieved of liability for nondisclosure of either event by Arizona license law. D. You do not need to disclose the murder, but you must disclose the AIDS-related death.
C (According to Arizona license law 32-2156: ''No criminal or administrative action may be brought against a transferor or licensee for failing to disclose that the property being transferred is or has been, {1} The site of a natural death, suicide or homicide or any other crime classified as a felony. {2} Owned or occupied by a person exposed to the human immunodeficiency virus or diagnosed as having the acquired immunodeficiency syndrome or any other disease that is not known to be transmitted through common occupancy of real estate. {3} Located in the vicinity of a sex offender who is subject to notification pursuant to Title 13, Chapter 38, Article 3 A.R.S.")
47. A person successfully passed her real estate license examination on November 1, 2000. What is the latest date on which she may apply for a salesperson's license? A. December 31, 2000 B. May 31,2001 C. October 31,2001 D. November 1, 2002
C (After passing the real estate examination, an applicant has until the last day of the twelfth month to apply for his or her license, which, in this example, would be October 31, 2001.)
26. When a broker represents a seller, the last possible moment that the broker can give an agency disclosure is to the A. seller at the beginning of the first personal meeting with the seller concerning the real estate. B. seller at the time the listing agreement is signed. C. buyer before the purchase and sale contract is signed. D. buyer at the beginning of the first personal meeting.
C (An agency disclosure should be given to the buyer as soon as possible but not later than when the offer to purchase contract is signed The sellers are deemed to be notified when they sign the listing agreement employing the broker as their agent. If a dual agency is created, then the seller must be informed and give his or her written consent.)
50. An applicant for a real estate license in Arizona must A. have completed at least two years of college. B. be at least 21 years old. C. have a right to a hearing if the application is denied due to a felony conviction in the last five years. D. show proof of passing the license examination any time up to 24 months prior to the application.
C (An applicant for a real estate license in Arizona must have a right to a hearing if the application is denied due to a felony conviction in the last five years. In regard to the other answer choices, no college education is required, but rather, 90 classroom hours of approved real estate courses; applicants must be at least 18 years old; and license exam scores are valid for only one year.)
46. In Arizona, all of the following are requirements for obtaining a broker's license EXCEPT A. having successfully completed 90 hours of approved real estate courses. B. being at least 18 years of age. C. having been actively engaged as a licensed salesperson for at least five years. D. being of good moral character.
C (An applicant for the broker's license must have successfully completed 90 hours of approved real estate courses; be at least 18 years of age; have been actively engaged as a licensed salesperson for at least three of the past five years; and be of good moral character.)
52. In Arizona, real estate salespersons' licenses expire A. March 31 of every odd-numbered year. B. June 30 of every even-numbered year. C. every two years after the date of activation of license. D. January 31 of every odd-numbered year.
C (Arizona real estate salespersons' licenses expire every two years after the date of activation of license.)
29. A brokerage's relationship with a buyer or seller as agent, nonagent, or limited dual agent must be determined, and all necessary agreements executed A. at any time after a purchase and sale agreement is executed by the parties. B. at the time of the first substantial business contact. C. no later than the time a purchase and sale agreement is prepared. D. no later than the closing.
C (Arizona statute requires that all agency relationships be determined and necessary agreements executed no later than the time a purchase and sale agreement is prepared.)
70. If a broker tells a lender that the sales price on a property is something above its actual sales price, the A. broker has done nothing wrong as long as the appraisal substantiates this price. B. buyer is likely to receive an interest rate break. C. broker can lose his or her license and be fined and imprisoned. D. buyer can receive a higher mortgage amount.
C (Brokers are not to be parties to dual contracts for the purpose of obtaining a larger loan. The broker can lose his or her license and be fined and imprisoned.)
7. In Arizona, an exclusive-right-to-buy agreement A. is illegal. B. is equivalent to a listing agreement. C. must be mutually agreed upon. D. requires the signature of the principal only.
C (Buyers can enter into an exclusive-right-to-buy agreement, but it must be clearly identified and all parties must sign it. An exclusive-right-to-buy agreement can be oral, but a written agreement is recommended.)
11. In Arizona, a broker may collect a commission from both the seller and the buyer if A. the broker holds a state license. B. the buyer and seller are related by blood or marriage. C. both parties give their informed consent to the dual compensation. D. both parties are represented by attorneys.
C (In Arizona, a broker may collect a commission from both the seller and the buyer if all parties agree to the dual compensation.)
10. What types of agency are recognized in Arizona? A. Seller, buyer, and undisclosed dual B. Seller, disclosed dual, and subagency C. Seller, buyer, dual, and subagency D. Seller, buyer, and full fiduciary
C (In Arizona, single agency {the representation of buyers or sellers} is permitted. Dual agency is also allowed as long as there is informed written consent. Subagency is common law.)
55. In Arizona, an unlicensed real estate assistant may perform all of the following activities EXCEPT A. compute commission checks. B. assemble required legal documents for a closing. C. explain simple contract documents to prospective buyers. D. prepare and distribute flyers and promotional materials.
C (Only a licensed agent may explain simple contract documents to prospective buyers. Computing commission checks and bookkeeping may be performed under the direction of a licensee. Preparing advertising material and assembling legal documents required for a closing are duties that are secretarial in nature and thus may be performed by a nonlicensed person.)
93. A salesperson was engaged in activities that constitute violations of the Arizona Civil Rights Act, including blockbusting and discrimination on the basis of disability. The salesperson's employing broker was unaware of these activities. What is the impact on the salesperson's broker when the salesperson's violations are brought to the attention of the Arizona Department of Real Estate? A. The employing broker will not have his or her license revoked as a result of the salesperson's violations. B. The salesperson's employing broker will be required to pay any fine imposed against the salesperson out of the trust account. C. The salesperson's actions are legally the responsibility of the employing broker, who may be subject to the same disciplinary action as the sales person regardless of whether or not he or she knew the violations had occurred. D. Only the salesperson's employing broker will be held liable for the Civil Rights Act violations.
C (Since the broker is responsible for acts of the salesperson, the broker's license may also be revoked after a hearing. If a fine must be paid, it cannot come out of trust funds.)
51. An unlicensed individual who engages in activities that require a real estate license is subject to which of the following penalties under Arizona statutes? A. Fine not to exceed $20,000 from the Arizona Department of Real Estate B. Imprisonment by the commissioner C. Civil penalty and/or jail D. Civil penalty not to exceed $5,000
C (The Arizona Department of Real Estate and the commissioner cannot send a licensee to jail; however they may, after a hearing, issue fines of not more than $1,000 per violation, deny a license renewal, or suspend or revoke a real estate license. Committing acts for which a real estate license is required without being properly licensed is a class six felony in Arizona, which requires a criminal trial in a state court and may result in imprisonment.)
85. A broker manages three properties for the same owner. One property is in need of emergency repairs, but there is not enough money in the management account to cover the cost. The broker borrows money from the trust account of one of the other properties to make the repairs. Which of the following is true? A. The broker has acted properly by safeguarding the client's interest. B. Such action is proper when the same person owns all properties. C. The broker is in violation of regulations due to his improper handling of trust funds. D. The broker must use personal funds for repairs if there is not enough money in the management account.
C (The broker is in violation of regulations due to his improper handling of trust funds because it is a violation of state law to use funds from one property to make repairs on another property.)
24. A real estate broker representing the seller knows that the property has a cracked foundation and that its former owner committed suicide in the kitchen. The broker must disclose A. both facts. B. the suicide, but not the foundation. C. the cracked foundation, but not the suicide. D. neither fact.
C (The broker is only required to disclose the cracked foundation. Disclosing the suicide is exempt under Arizona license law 32-2156.)
31. In Arizona, fiduciary duties of agency and the commissioner's rules require that the A. broker keep all information that the seller has provided confidential. B. broker disclose everything that the seller tells him or her. C. broker disclose material information that might affect the price even though the buyer does not ask for it. D. seller disclose all facts that might affect the sale.
C (The broker must disclose all material information that might affect the price of the property even if the buyer does not ask for the information.)
30. A buyer who is a client of the broker wants to purchase a house that the broker has listed for sale. Which of the following statements is true? A. If the listing salesperson and selling salesperson are two different people, there is no problem. B. The broker should refer the buyer to another broker to negotiate the sale. C. The seller and buyer must be informed of the situation and agree to the broker's dual representation. D. The buyer should not have been shown a house listed by the broker.
C (The buyer and seller must be informed of the situation and agree to dual agency. Dual agency is a common situation that must be fully disclosed.)
22. A real estate licensee has signed a brokerage agreement with a tenant, who is looking for an apartment to rent. The licensee does not charge a fee to prospective tenants; rather, the licensee receives a commission from landlords. The licensee tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord is asking. Which of the following statements is true? A. The licensee owes the statutory agency duties to the landlords who pay the commission. B. The licensee's disclosure to the landlord was appropriate under these circumstances. C. The licensee's disclosure violated the statutory duties owed to the tenant. D. Because the licensee is not charging a fee to prospective tenants, the licensee has violated Arizona agency statute.
C (The licensee owes a duty of confidentiality to the tenant who hired the licensee. Disclosing to the landlord that the prospective tenant could pay more in rent is a violation of federal duties. Representation is determined by who does the hiring, not by who pays the fee.)
62. The on site property manager for Acme Apartments is responsible for negotiating leases solely for these apartments. In this position, the on-site manager A. must have a salesperson's license. B. must have a broker's license. C. is exempt from the licensing requirements. D. is violating the license law.
C (The on-site property manager for Acme Apartments responsible for negotiating leases solely for these apartments is exempt from Arizona licensing requirements {ARS 32-2121{g}}.)
33. In Arizona, the agency relationship between a broker and principal, as in a listing agreement, is A. general. B. universal. C. specific. D. power of attorney.
C (The relationship between the broker and principal {as in a listing agreement} is specific agency. The agency is short term and involves limited authority.)
57. A broker's unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. Largely because of the assistant's efforts, the sale went through with no problem. The broker now wants to pay the assistant a percentage of the commission, "because the assistant has really earned it." Under Arizona law, the broker may A. compensate the assistant in the form of a commission under the circumstances described here. B. not pay the assistant a cash commission but is permitted to make a gift of tangible personal property. C. not pay a commission to the assistant under the facts presented here. They are both in violation of license laws regarding unlicensed assistants. D. pay a commission to the assistant only if the assistant is an independent contractor.
C (Unlicensed assistants are not permitted to perform the described services, and therefore, both the broker and the assistant are in violation of license laws.)
73. When advertising real property, real estate licensees A. may state only the licensee's box number or street address. B. may only give their home telephone number to call for more information. C. must list the name of a licensed real estate broker. D. must identify the owner of the property.
C (When advertising real property, real estate licensees must list the name of the licensed real estate broker. It is not required or recommended that the ad identify the property owner. The street address and/or home phone number of the licensee is also not required)
67. In Arizona, a broker may have his or her license suspended or revoked for all of the following actions EXCEPT A. being declared mentally incompetent. B. depositing earnest money into the firm's trust account. C. helping another person cheat on the licensing examination. D. displaying a "For Sale" sign on a property without the owner's consent.
B (Depositing earnest money into the firm's trust account is proper and legal. Being declared mentally incompetent, helping someone cheat, and displaying a "For Sale" sign without the owner's consent are all grounds for suspension or revocation of license.)
42. "Engaging in the real estate business" consists of acting for another and for a fee to all of the following activities EXCEPT A. managing real estate. B. reselling a mobile home. C. selling real estate. D. collecting rent for the use of real estate.
B (If the mobile home is not attached to land, a mobile home dealer's license is required. Generally speaking, managing and selling real estate and collecting rent are activities that require a real estate license.)
74. In Arizona, a real estate salesperson decides to sell his or her own property without using a broker. When advertising the property, the salesperson A. must disclose the name and phone number of his or her employing broker. B. must disclose the fact that he or she is a real estate licensee. C. does not need to disclose licensed status if acting as a private citizen. D. Selling his or her own home in this manner is prohibited by license law.
B (It is permissible to sell as a private citizen, but when acting as a private citizen, the salesperson must disclose his or her license status in all advertising. The name and phone number of the employing broker are not required.)
87. All of the following must appear in a written listing agreement EXCEPT A. a statement of compensation to be paid to the broker. B. the complete legal description of the property being sold. C. the duration of the listing. D. An adequate description, such as the property address, is required but not the legal description.
B (Listings must contain the asking price, a definite termination date, and the proposed gross sales price of the property.)
89. Regarding listing agreements in Arizona, which of the following could result in the suspension or revocation of a licensee's license to practice real estate? A. A specified rate of compensation B. No specific termination date C. No broker protection clause D. Using a street address to identify the property
B (Listings must have a definite termination date. There are no compensation rates that would be a violation of antitrust laws, and the law does not cover the issue of whether or not to include a broker protection clause.)
77. Listings based on a ''net price" are A. not subject to the commission rates set by the Arizona Department of Real Estate. B. legal in Arizona as long as the seller agrees. C. illegal in Arizona at any time. D. permissible with approval from the Arizona Department of Real Estate.
B (Net listings are legal in Arizona as long as the seller agrees, but are not recommended because of potential conflict of interest for broker. It is not necessary to consult with the Arizona Department of Real Estate.)
96. In Arizona, if a buyer wants to have a clause included in the sales contract under which the seller offers assurances against the existence of werewolves, vampires and trolls on the property, which of the following statements is true? A. The broker may include the clause, because such standard supernatural disclosures are in general usage. B. Any real estate licensee may prepare the clause for inclusion in the sales contract. C. In Arizona, licensees are not are permitted to add additional clauses to blank form contracts. D. Under Arizona law, a frivolous clause, such as the one described here, is not permitted and any contract containing such a clause will be invalid.
B (Arizona State Constitution Article 26 permits salespeople to write in such clauses for inclusion in the sales contract. However, with the right to draft a document goes the liability if not done properly.)
82. A broker received an earnest money deposit from a buyer. Under Arizona law, the broker must A. open a special escrow account that will contain funds for this transaction only, separate from funds received in any other transaction. B. deposit the money into an existing trust account in which all earnest money received from buyers may be held at the same time. C. immediately (or by the next business day) deposit the earnest money into the broker's personal interest-bearing checking or savings account. D. hold the earnest money deposit in a secure place in the broker's real estate brokerage office until the offer is accepted.
B (An earnest money deposit from a buyer must be deposited in an existing trust account in which earnest money received from all buyers may be held at the same time. All funds received by a broker on behalf of his or her principal must be deposited as soon as possible but not later than the next banking day after receiving the funds. Earnest money may not be deposited in the broker's personal checking or savings account.)
39. In Arizona, who of the following would need to be a licensed real estate broker or salesperson? A. A residential leasing manager who collects rent on no more than one parcel on behalf of a building owner in any one working day, and who is not paid on a commission basis B. A company that, for compensation, matches individuals from different parts of the country who want to exchange properties and that assists them in doing so C. A natural person who is a property manager for one nonresidential or two or more contiguous nonresidential properties, and who is employed by the owner or the owner's licensed management agent D. The executor selling a decedent's building
B (A company that matches individuals who want to exchange properties and assists them in doing so for a fee or commission must be licensed under Arizona license law. All of the other answer choices are exempt from licensing requirements under Arizona license law 32-2121.)
95. A housing discrimination charge must be filed with the Arizona Attorney General within A. 6 months. B. 1 year. C. 2 years. D. 30 days.
B (A person has one year to file a complaint with the Arizona Attorney General.)
97. An Arizona real estate salesperson may lawfully collect compensation from A. either a buyer or a seller. B. his or her employing broker only. C. any party to the transaction or the party's representative. D. a licensed real estate broker only.
B (An Arizona real estate salesperson may lawfully collect compensation from his or her employing broker only.)
