Arizona License LawIntermediateArizona Exam
An Arizona real estate licensee must disclose a personal bankruptcy to the ADRE:
AOnly if the bankruptcy involved real estate transactions
BWithin 10 days of the filingCorrect
COnly at license renewal
DBankruptcy is not required to be disclosed to the ADRE
Why Within 10 days of the filing Is Correct
Answer B: Within 10 days of the filing
Arizona licensees are required to notify the ADRE within 10 days of any bankruptcy filing. The ADRE reviews such events to assess their relevance to the licensee's fitness to hold a real estate license.
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Key Terms to Know
Joint Tenancy
Co-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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
DRE RegulationLicense Law
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