Arizona License Law
Which of the following activities is EXEMPT from Arizona real estate licensing requirements?
AA property manager who collects rent and leases units for an owner in exchange for a fee
BA licensed attorney who sells a client's real property pursuant to a court order✓ Correct
CA real estate investor who buys and resells five properties per year for profit
DAn unlicensed individual who negotiates a lease on behalf of a business owner
Explanation
Arizona's licensing statute exempts licensed attorneys from the licensing requirement when selling or managing real property under a court order or power of attorney. Property managers, investors who broker deals, and lease negotiators generally require a license.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
1031 ExchangeA tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
State-Specific Concepts
License Law
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