Unit 22

Question 1

Arizona Real Estate Law Book.

Answer 1

AZ operates under common law. Essential source of laws, rules, and guidance for real estate licensed

Question 2

26th Amendment AZ constitution

Answer 2

Give real estate licensees the right to “draft or full out and complete” real estate docs incidental to the transaction. However does not relieve licensees from recommending advise from an attorney, financial advisor, or expert

Question 3

Commissioner of the AZ Department of Real Estate

Answer 3

Appointed by the governor and responsible for licensing of real estate/ cemetery/ membership campground licensees. Handles disputes and maintenance of the recovery fund. Has power to examine employing broker’s books and records, investigate actions of licensees, and require docs.

Question 4

Advisory Board has how many members? Appointed how? How many terms?

Answer 4

10 members, appointed by governor, 6 yr terms

Question 5

Salesperson applicants

Answer 5

Must complete 90 hr prelicensing course, pass course exams, and earn passing grade on state administered exam. Also take 6 hr contract writing course. Renew every 2 yrs and complete 24 containing education hrs (& non-delegated broker).

Question 6

Broker applicants

Answer 6

Must complete 90 hr prelicensing course, pass course exams, and earn passing grade on state administered exam. Also take 9 hr management clinic and have reached 3 active years as a sales person. Renew every 2 yrs. Designated broker or delegated associate broker must complete 21 continuing education hrs and the Broker Management Clinics trilogy (three 3 hr classes) for a total of 30 hrs

Question 7

Out of state licensee

Answer 7

Licensed for at least 1 yr, and establish residency may apply for an AZ license by passing the state exam without taking the 90 hr prelicense course

Question 8

Licenses for new licensees who do not have employing broker

Answer 8

Inactive status

Question 9

Licensee complaints

Answer 9

Have 14 calendar days to respond and investigation process may result in a letter of concern, consent order, or final order that might include license suspension, revocation, or a fine

Question 10

Recovery fund

Answer 10

Member of the public who has been harmed by actions of a licensee may be able to recover an unpaid judgement through the recovery fund. Fund will pay only for an actual or “out of pocket” expense, limited to $30,000 and $90,000