Real Estate License Law Flashcards
The Arizona Real Estate Advisory Board members receive an annual salary of:
NO compensation is given to board members
What person or persons with the Arizona real estate commissioner look to for his orders (his “boss “):
The Govenor
In a new development, the real estate commissioner’s primary interest would be:
Marketing plans
Which of the following does not need a real estate license:
An attorney in fact
Licensed real estate salesperson’s are regulated by:
Real estate license law and rules of the real estate commissioner
The maximum amount a party or parties may receive from the real estate recovery fund for a single cause of action is:
$30,000
For how many days may a salesperson be granted a temporary brokers license:
90 days
A real estate salespersons license would automatically be terminated:
Upon settlement from the recovery fund
Before a person can bring action for collection of commissions earned, he must prove that at the time the cause of action arose he was:
Licensed
Commingling refers to:
Mixing clients money with your own
A subdivision is a piece of ground:
Containing six or more lots any of which is less than 36 acres
Which of the following is incorrect: A broker or salesman may prepare a deed in a trans action….
And charge for the service is the incorrect answer.
Brokers and salesman may not charge for preparations of documents
The maximum rate of commission a broker in charge is fixed by:
What the traffic will bear
To whom would you apply for marketing approval of subdivided land:
The real estate department
If a subdivider is in violation, the commissioner may:
Issue a cease and desist order
A printed advertisement for a new development, such as subdivision, would be called:
A brochure
The commissioner may prohibit the sale of subdivided and then if any person associated with the land development company:
Has been convicted of a felony
A subdivider employed hostesses to show his houses. The hostesses explained the features of the houses and gave out details regarding prices and terms:
These hostesses must be licensed
The term of office for Advisory Board members is:
6 years
The law prohibiting a direct or indirect interest in a real estate firm applies to:
Department employees
Brokers must maintain an accurate record of all transactions. These records are subject to department inspection and the file must be maintained:
For 60 months from the termination of the transaction
That Arizona real estate recovery fund is established:
To recompense any party to a transaction who has suffered loss by the actions or lack of actions of a licensee
The statute of limitations for recovery from the recovery fund is:
5 years
A licensee shall not act for both parties without:
The written consent of both parties
The statute of fraud requires certain real a state contracts to be in writing. An agreement not covered by this law would be:
An oral agreement between brokers to share a commission
A developer who intends to subdivide must first:
File a plat with planning and zoning for approval
A salesman’s license must always be:
Available for inspection in his/ her brokers office
For acts in connection with business, a real estate salesperson is usually responsible to his:
Employing broker
A builder who wants to employ a salesman for commission to sell his houses must first:
Obtain a real estate broker’s license
The main purpose of the license law is to:
To protect the public
