Commissioners Rules Flashcards
The rules of Arizona State Real Estate Department have the force and effect of law. True or false?
True
All real estate listed for sale by a broker shall be advertised in the name of who?
The principal license broker
When a salesman receives earnest money from the buyer, what does he do with it:
Gives it to his broker promptly
How many days does an employing broker have to notify the Department after a licensee he leaves his employ:
10 days
How long does someone have to rescind the contract if he buys unimproved land without inspecting the property prior to executing the purchase contract?
6 months
As a public report is given to a prospective purchaser by a subdivider, what must the subdivider do?
Get a receipt for it
A franchise is:
A type of business operation
To get a broker’s license in Arizona, one of the qualifications is three years actual experience as a licensed salesperson. Actual experience means?
Functioning as a licensee as the applicants principal occupation
And “advance fee rental agent” is?
One who furnishes rental information for a fee
Any broker employed as a branch office manager may perform the functions and duties of the employing broker if authorized to do so in writing. True or false?
True
To renew a real estate license, the renewal applicant must provide proof of attendance of continuing education, the subject matter of which shall be determined by the commissioner.
The number of hours required by law is?
24
Negotiations concerning property shall be conducted exclusively through the listing broker or his representative unless what?
The seller waives this requirement in writing and no license representative of the broker is available for 24 hours
Licensees must submit to fingerprinting as required by the commissioner. True or false?
True
A “lot reservation” is?
Merely an expression of interest by a buyer to buy
A broker or salesperson shall not sell property owned by him without:
Making his position clear
Any licensee convicted of a felony while he is licensed must:
Notify the commissioner within 10 days
Any licensee, owner, agent or subdivider shall not discourage any party to a real estate transaction from:
Seeking legal advice
How long does a broker have to review a listing or purchase contract?
Five days
Signs giving notice of property for sale, rent, lease or exchange must be removed promptly at who’s request?
At the request of the client
Unless otherwise stated in writing, negotiations concerning exclusively listed property shall be:
Conducted through the listing broker
According to the rules, a listing must contain what?
A definite expiration date
The Realtors Code of Ethics and the Rules and Regulations of the Real Estate Commissioner advocate that the price of a listed property shall not be advertised or offered unless it conforms to what?
A prior agreement amount with the owner
