Section 3 - AZ - Arizona Real Estate License Law Flashcards

Section 3 - AZ - Arizona Real Estate License Law Flashcards Alex would like to earn his Arizona salesperson license. To do so, he must be at least ______ years old.18 10 daysJulian is hiring a branch office manager for the new office his brokerage just opened. His choice has come down to Arizona licensed salesperson Hannah or Arizona licensed broker Alvin. If he chooses Alvin, what task would he be able to perform that Hannah would not?Making a substantial and willful misrepresentationWhat is the maximum civil penalty that can be imposed per license law violation in Arizona?A net listing agreementCooperation agreements with out-of-state brokers may only be entered into by Arizona ______.Professional LLCWhat does a designated broker who's going to be absent for a period of time have the power to do?EXAM - Unit 4: License Law ViolationsBroker Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. This violation is an example of ______.30 daysHow many days does a licensee have to notify the Arizona Department of Real Estate of pertinent changes?Branch office managerDerek is the designated broker for his brokerage. The firm recently opened a branch office. Derek's next chore is hiring a branch office manager. Who will he be able to consider for the position?1) Exception2) Exception3) Not an exception4) ExceptionUnit 1 exam questions Protect consumers from unprofessional practices License Law TruthsWhich of these statements are true about license laws, and which are false?1) Real estate professionals are licensed at the federal level.2) License laws often prescribe a standard of conduct for licensees.3) Professional associations determine which activities are affected by state licensing laws.4) License laws protect the rights of buyers, sellers, tenants, and property owners.

Place of businessEXAM - Unit 3: The Care and Feeding of Your Arizona

Salesperson License Yes, Joseph has lied and misrepresented the property.Jewel's buyer client recently bought a house, and Jewel can now be compensated for her work as an Arizona buyer's agent. From whom will Jewel receive her commission check?What happens when Nadia fails to meet the renewal requirements for her Arizona salesperson license by the deadline?Her license is expired and she isn't permitted to perform real estate activities until she completes the renewal or reinstatement.Which of the following duties may an unlicensed person perform in Arizona when receiving any compensation?Researching school districts and crime statistics for various neighborhoods

Questions for unit 1What is the primary purpose of license laws?1) Not allowed - Since Jimbo's friend manages properties for more than one owner, he'd need a license in order to collect rent.2) Not allowed - He cannot get paid to perform real estate activities without a license.3) Allowed Jimbo Needs a LicenseJimbo should really get his license with all these requests for his help coming in. Until he does, he's still limited in what he can do. Which of the following activities is he allowed do even though he has no real estate license?1) Sell his own house, negotiate on his own behalf, and earn a profit.2) Buy himself a new property and negotiate with home builders.3) Negotiate the sale of his friend's property and receive a 1% commission.4) Offer to sell a friend's condo for a flat fee of $500

• A non-profit corporation negotiating rent for a branch

office* An executor selling property as part of the instructions left in a will* A building superintendent collecting rent Identifying License TypesIdentify which of the following choices are types of licenses available to individuals in Arizona who are seeking work in real estate, and which are not.1) Designated broker2) Supervising broker3) Broker4) Employing salesperson5) Salesperson6) Agent 1) Does not require a license2) Requires a license3) Does not require a license4) Does not require a license5) Does not require a license Professional ExceptionsCertain professionals can perform real estate activities without a license and still be in line with license law. Which of these apply?1) Jack, an attorney, provides real estate-related services only as part of his clients' legal representation.2) A government agency and its employees manage bankruptcy proceedings for an estate while performing official duties.3) Blake and Shelly sell their parents' property for a fee.4) Clarence acts as a property manager for a small storage facility.Performing real estate activities for others, for compensation.The difference comes when real estate activities are performed for others, for compensation.Exempt or Not Exempt?Let's start with some basics on which individuals and activities are exempt from needing a real estate license. Review the statements and determine whether they require a license.1) Heidi is selling her condo on her own.2) Eddie performs real estate services for others for compensation.3) Karla has been a bookkeeper for a real estate company for three years.4) Elias manages a few vacation rental properties for himself.5) Carrie manages a brokerage office and performs a variety of administrative duties for brokers and salespeople.Sally's a first-time homebuyer. She's a little nervous about finding a good real estate agent-she's read about a lot of scams out there. Which of the following provides protection for consumers like Sally?License laws Heather is a real estate licensee in Arizona, and she has three other licensees working under her supervision. What type of license does Heather hold?Broker Loan applicationIn order to maintain their licenses, employing brokers must appoint and maintain a(n) ______.1) Required2) Not required3) Required4) Not required5) Required6) Required What Makes the Difference?Which of the following scenarios require a real estate license?

For Arizona real estate licenses that have been cancelled, suspended, terminated, or revoked, regardless of the reason for inactivation or the state of resolution, licensees who ______ are ineligible for license reinstatement.Are under investigation for alleged violations How many hours of continuing education are active Arizona salespeople required to take?24 $1,000Arizona licensees who have been notified of investigation under suspicion of license law violations have the option to ______ if they do so not less than 10 days prior to their hearing.Nathan assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold a real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation?Nathan is a public official whose salaried duties include real estate transactions.Demonstrating untrustworthiness or incompetency to act as a real estate broker Arizona ______ may sign cooperation agreements with out-of-state brokers, outlining the terms of their cooperation agreement in a real estate transaction.1) Allowed2) Allowed3) Not allowed - He'll need a real estate license if he wants to get paid for his services.4) Not allowed - It doesn't matter whether he is paid in commissions, flat fees, or in flat screen TVs, Jimbo cannot receive compensation for performing real estate activities.Exceptions to License RequirementsAs can be expected, there are exceptions to the license requirement rules.Some of these people are allowed to perform some real estate activities and charge for their help, even though they do not have a real estate license. Which three of these people or entities can legally perform the action described for someone else and get paid for it, without needing a real estate license.Walter is an Arizona real estate licensee whose license was revoked eight months ago. His licensure period expired six months ago. He's dealt with the reason for his revocation and is now otherwise in good standing with ADRE. He is eligible to apply for reinstatement by ______.Original application No. Professional corporations are not eligible to be licensed as employing brokers.Which of the following would require a licensee to notify the Arizona Department of Real Estate?1) Law2) RegulationJust remember that licensing may be governed by laws, by regulations, or by a combination of the two.Jimbo Lacks a LicenseJimbo does not have a real estate license but is always interested in the process. He has purchased many investment properties. Sometimes his friends ask for his advice on their real estate transactions.What is Jimbo legally allowed to do without a real estate license?1) List a friend's home for sale, for a fee.2) Offer to sell a friend's office building, for a fee.3) Negotiate a sale between two of his friends without charging for his time.Licensed brokersArizona licensee Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. Is this action prohibited under Arizona license laws?

Her employing brokerBroker Malcolm submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted, and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______.1) Must be true2) Must be true3) Must be true4) May or may not be true - While brokers must have had their salesperson license for at least three years, salesperson licenses don't require previous experience.5) Must be true Broker Licensing QualificationsWhat about qualifying for a broker's license? Identify what is and what isn't required to qualify for a broker's license in Arizona if the applicant isn't applying by virtue of holding a license in another state.1) 90 hours of approved pre-licensing education for brokers2) At least two years' experience in a position managing other people3) At least three years' experience as a real estate licensee4) $5,000 surety bond5) Passing score on the licensing exam6) Attendance at a Broker Management Clinic Adverse judgment involving fraudLicensees have ______ to notify the Arizona Department of Real Estate of changes to personal information, like their name.Hiring or firing affiliated licenseesWhen an employing broker establishes a place of business, the broker's office must display both a sign with the business name and broker's details, as well as ______.A license law violationHarry, a real estate licensee, tells a seller, "I'll be surprised if you get $100,000 for this place. I won't charge you anything to list it, but anything you get above $100,000 goes to me. Deal?" This is an example of ______.1) Not an available license type - Designated broker is an available designation, not a license type.2) Not an available license type - Supervising broker is neither a license type nor a designation in Arizona.3) Available license type4) Not an available license type - Employing salesperson is not a license type available in Arizona.5) Available license type6) Not an available license type - Agent is not a license type available in Arizona.Identifying SalespeopleWhich one of these defines a real estate salesperson?1In Arizona, you can only hold one real estate license at a time. If you wanted to move from a salesperson to a broker, for example, you'd need to relinquish your salesperson license.Disqualifying CriteriaAlan has decided to apply for his Arizona real estate salesperson license, and he is excitedly perusing the requirements and getting his ducks in neat rows. Select the item that would disqualify him from obtaining his license.1) Not allowed - He cannot accept compensation for any real estate activity.2) Not allowed - He cannot offer to perform real estate activities in exchange for payment.3) AllowedMemorize that "for another, for a fee" requires a license, and you'll fly through this lesson.Jimbo Has a Lot of FriendsJimbo has a lot of friends, and they just keep asking for his help. Indicate whether or not it is legal for Jimbo to perform these tasks without a real estate license.1) Go around town collecting rent for his property manager friend, who's out of town, and pocket 10% of the payments for his time.2) Go to an auction and