AZ Real Estate flashcards
AZ Real Estate · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- ADRE
- Arizona Department of Real Estate, the state agency that licenses and regulates real estate brokers and salespersons.
- A.R.S. Title 32 Chapter 20
- Arizona statute that governs real estate licensure, commissioner powers, agency relationships, and disciplinary procedures.
- Broker trust account
- Account where a broker deposits client funds such as earnest money; commingling with brokerage operating funds is prohibited.
- Five-year record retention
- Arizona rule requiring brokers to keep transaction and trust-account records for at least five years after the transaction.
- Unprofessional conduct
- Grounds for discipline including fraud, misrepresentation, commingling, undisclosed dual agency, and failure to disclose material facts.
- Salesperson prelicense hours
- Arizona requires 90 clock hours of real estate education before applying for a salesperson license.
- Broker experience requirement
- At least three years of full-time licensed experience within the preceding five years, plus 90 hours of broker education.
- Biennial license renewal
- Arizona real estate licenses expire every two years and require continuing education for renewal.
- 24-hour CE requirement
- Licensees complete 24 hours of continuing education each two-year cycle, including mandated agency, contract, fair housing, and Commissioner's rules hours.
- Employing broker rule
- A salesperson may receive compensation only from the employing broker, never directly from a client.
- Designated broker
- The licensed broker responsible for supervising a brokerage's licensees and for its trust funds and records.
- Dual agency
- Agency in which one broker represents both buyer and seller; permitted in Arizona only with written consent of both.
- Agency disclosure
- Written notice of whom the broker represents, provided before the client signs an agreement or offer.
- Fiduciary duties
- Loyalty, obedience, disclosure, confidentiality, reasonable care, and accounting owed by an agent to the client.
- Material fact
- Information that could affect a reasonable buyer's decision, such as latent defects, which must be disclosed.
- Buyer broker agreement
- Written employment contract defining the scope, term, and compensation of the buyer's brokerage relationship.
- Statute of Frauds
- Rule requiring real property sale contracts to be in writing and signed by the party to be charged.
- Counteroffer
- A response that changes the terms of an offer and terminates the original offer.
- Earnest money
- Deposit held in escrow showing buyer's good faith; may be liquidated damages if the buyer defaults.
- Inspection period
- Contract period during which the buyer may inspect the property and cancel for any reason.
- SPDS
- Seller Property Disclosure Statement; Arizona sellers commonly provide it to disclose known property conditions.
- Deed of trust
- Arizona security instrument with three parties: trustor (borrower), beneficiary (lender), and trustee who may foreclose.
- Trustee's sale
- Non-judicial foreclosure sale conducted by the trustee after notice and publication under an Arizona deed of trust.
- Anti-deficiency statute
- A.R.S. 33-814 limits a lender's recovery to the property for purchase-money loans on one- or two-family homes.
- Closing Disclosure
- RESPA form the lender must deliver at least three business days before closing, itemizing final loan terms and costs.
- Proration
- Allocation of taxes, rents, and HOA dues between buyer and seller as of the closing date.
- Fee simple absolute
- The most complete ownership estate, giving unlimited duration and the broadest rights of use and transfer.
- Community property
- Arizona marital property doctrine; property acquired during marriage is presumed owned equally by both spouses.
- Quitclaim deed
- Deed conveying only whatever interest the grantor has, with no warranties of title; commonly used to clear clouds.
- Variance
- Zoning relief allowing a property owner to deviate from a dimensional rule because of unique hardship.
- Cap rate
- Capitalization rate equals net operating income divided by property value, used in the income approach.
- Security deposit return
- Arizona landlords must return a tenant's deposit within 14 days after move-out, with an itemized accounting.