Arizona Licensing Law Flashcards
Arizona Real Estate Code
The section of Arizona Revised Statutes (ARS) Title 32 Professions and Occupations Chapter 20 Real estate, which regulates real estate licenses
Attorney in Fact
person who is authorized to perform legally binding business-related transactions on behalf of someone else via power of attorney
Exchange
Trading one property for another property
Lease
Contract by which one party conveys land, property, services etc. to another for a specified period of time usually in return for periodic payment
Loan
Financing borrowed by a purchaser to a property transaction, usually with interest charged
Power of attorney
Instrument authorized by a person to act as the agent of the person granting it
Procure
To obtain by effort
Prospect
To search for potential property or the potential property itself
Real estate broker license
Required Arizona license for a real estate license for a real estate agent to become either a designated broker, managing broker, or associate broker
Real estate entity license
Required Arizona license for real estate brokerages organized as a corporation, partnership, or limited liability company
Real estate salesperson license
Required Arizona license for a person employed by a broker to list, negotiate, sell, or lease property for others
Rental
Real property which is leased to tenants who pay a regular amount to occupy and use the space
Timeshare
A form of join ownership of property where numerous owners share title and enjoy use or occupation of property according to a specific schedule
Trust
Entity created to own assets, including real and personal property
Trustee
One who holds property in trust for another
