Real Estate Exam Arizona Section

Article 26 of the Arizona Constitution Gives licensees the authority to prepare all types of real estate contracts but only when preparation is incidental to their function as agent and agent does not charge for preparation. Statute of Frauds Requires real estate contracts to be in writing to be enforceable Commisioner's Rules Not law but have the force and effect of law on licensees Real Estate Commissioner Appointed by the Governor. Needs 3 years of administrative experience and 5 years experience in real estate or a related field. Cannot hold an active real estate license once appointed. Duties of Commissioner Promulgate the commissioner's rules through public process. Audit the books and records of licensees. manage daily operations of the Real Estate Department; hire and fire ADRE employees. Investigate written complaints against licensees: commissioner can subpoena documents. may apply to superior court to compel a licensee to comply with a subpoena Real Estate Advisory Board Ten members. 2 brokers, 2 subdividers, 3 persons engaged in residential real estate for the last 5 years, 1 must be involved in multi-family residential property management. appointed by the governor and meet quarterly with no compensation Police Power Gives the state the right to license brokers and salespeople Real Estate Broker Someone who, for another and for compensation, performs real estate services. Must have 3 years experience in last 5 years as a licensee or equivalent experience in Arizona or elsewhere. 90-hour broker prelicensing course within last 10 years. pass both a school and state examination. Must have definite place of business. must tell when you move or license is canceled automatically. Must have a sign at the entrance and branch offices must be managed by a licensed broker or salesperson (this needs a separate license). Real Estate Salesperson Must be 18, 90 hours of licensing course within last 10 years, pass both school and state examination. Msut be with 1 broker and their license is available for review by the public. When a salesperson leaves a broker they must return their license to the Real Estate Department using a sever form. Individuals not required to be licensed Person buying, selling, leasing, renting or exchanging their own property. Attorney in fact holding a specific power of attorney acting in an isolated transaction. Referee in bankruptcy court or any person acting under a court order. Trustee selling under a deed of trust. A government employee in performance of duties. The manager or leasing agent of residential rental property who performs this service at no more than 1 location during the regular workday (they can receive performance bonuses and it cannot be paid more frequently than monthly and no more than 1/2 of regular compensation. Person doing boring work at a broker