1 AZ REAL ESTATE STATUTES RULES Flashcards

• AZ REAL ESTATE STATUTES & RULES Flashcards

A licensed real estate agent in the state of Arizona can only receive their commission or compensation from whom:Select one:a. the selling party in which they representb. their associate broker who's in charge of their teamc. the designated broker for their officed. from the owner of The Brokerage where they work

• the designated broker for their office

An unlicensed sales assistant while working at a brokerage cannot do which of the following:Select one:a. Collect all contracts, settlement statements, offers and drafts to organize and distribute paperwork to all partiesb. Set up open houses on behalf of the designated broker, invite other brokers and create the marketing materialsc. Discuss pricing of spec homes listed with the brokerage but are being sold on behalf of a small builderd. Answer phones from clients who are already under contract

• Discuss pricing of spec homes listed with the brokerage

but are being sold on behalf of a small builder Common laws are derived mainly from where?Select

one:a. Common laws borrowed from other statesb. Written

laws passed by legislatorsc. Statutory laws already in effectd. Customs and judicial precedent

• Customs and judicial precedent

Who would be entitled to a commission earned for an out of

state commercial referral?Select one:a. Out of State Real

Estate agent who is duly licensed in that Stateb. The agent in the State who sent the referralc. The agent in the State who is duly licensed in that state who sent the referrald.The broker of the referring agent who was duly licensed in the State

• The broker of the referring agent who was duly licensed

in the State The main objective of the Real Estate Advisory board is to:Select one:a. Provide advisory services to new agents and recently approved brokersb. Draft, create and update curriculum for all online and in person educationc. Make recommendations to the commissioner to benefit the publicd. Ensure that the general public has access to all real estate approved forms

• Make recommendations to the commissioner to benefit

the public After entering into the grace period all of the following apply except:Select one:a. that person cannot act as a real estate agentb. that person cannot earn any new commissionsc.that person cannot take continuing education coursesd.that person cannot advertise themselves as being a licensed agent

• that person cannot take continuing education courses

How much money should be in the Recovery Fund in the Arizona Department of real estate at the end of the fiscal

year:Select one:a. $300,000b. $500,000c. $250,000d.

$600,000

• $600,000

The commissioner can not possess which of the following items while he/she is acting as the head of the Department

of Real Estate?Select one:a. Law Degreeb. An out of state

business licensec. Any interest in a real estate brokeraged.A timeshare

• Any interest in a real estate brokerage

Which type of person would most likely receive a cease and desist notice from the commissioner of the Department of real estate in Arizona:Select one:a. the designated brokerb. a licensed agent employed by the Dozen a brokerc. an unlicensed property manager on behalf of multiple propertiesd. any member of the General Public who is selling their own home

• an unlicensed property manager on behalf of multiple

properties The length of term for serving as the Commissioner for the State of Arizona Department of Real Estate is:Select one:a.

• Yearsb. 3 Yearsc. 5 Yearsd. Governor's Pleasure
• Governor's Pleasure

What is the maximum amount a single member from the

general public can recover from The Recovery Fund:Select

one:a. $25,000b. $30,000c. $40,000d. $90,000

• $30,000

Arizona Became a state in what year?Select one:a. 1952b.

1948c. 1919d. 1912

• 1912

During the grace period, a real estate agent had a contract finally close after a long escrow. Since she wasn't actively licensed at the time of closing, what would happen to her commission:Select one:a. The agents is owed her full commission as she was licensed at the time of contractb.The broker would be owed her full commission and then split according to their agreementc. The commission would be sent to the recovery fundd. The agent has 90 days to submit CE hours in order to claim the commission

• The broker would be owed her full commission and then

split according to their agreement Real Estate agents find resources on how to operate safely and stay within the law by reviewing all of the following except:Select one:a. The AZ Revised Statutes Critical update pageb. Quarterly bulletin published by the Real Estate Divisionc. Continuing education courses every 24 monthsd. Substantive Policy Statements

• The AZ Revised Statutes Critical update page

Which of the following is not a typical type of real estate brokerage office with regards to commissions and agents

earnings?Select one:a. 100% commission officesb.

commission sharing officesc. mentor and agent sharing of commissionsd. where agents receive full-time salaries and benefits

• where agents receive full-time salaries and benefits

Members of The Advisory Board earn how much per year:Select one:a. $0b. $25,000c. $36,000d. $42,000

• $0

Rhonda took her required continuing education courses on time but failed to notify the state on time by submitting her

hours. What happens to her license now:Select one:a. Her license is terminatedb. Her broker will assume her files until she gets currentc. She must retake the full 90 hours classroom and pass the exam again to be reinstatedd. She enters into a grace period of 1 year

• She enters into a grace period of 1 year