Arizona License LawIntermediateArizona Exam
Which of the following activities requires an Arizona real estate license?
AA property owner selling their own home
BAn attorney selling property under a court order
CA property manager who leases residential units for compensation on behalf of othersCorrect
DA trustee selling property under the terms of a trust
Why A property manager who leases residential units for compensation on behalf of others Is Correct
Answer C: A property manager who leases residential units for compensation on behalf of others
Leasing or renting real property for compensation on behalf of another person constitutes brokerage activity and requires an Arizona real estate license. The other options are statutory exemptions.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
License Law
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