In an Arizona in-house sale (buyer and seller both represented by the same brokerage), the broker must:
Why Obtain written consent from both parties for dual representation or use designated agents Is Correct
Answer B: Obtain written consent from both parties for dual representation or use designated agents
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
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- When a designated broker in Arizona assigns one salesperson to represent the buyer and a different salesperson from the same brokerage to represent the seller in the same transaction, this is known as:Agency
- Arizona requires that dual agency (limited representation) be disclosed and consented to:Agency
- Which of the following BEST describes 'limited dual representation' under Arizona license law?Arizona License Law
- Under Arizona law, limited dual representation requires:Agency
- In Arizona, an agent representing a buyer in a transaction where the buyer's brokerage also holds the listing (in-house sale) MUST:Agency
- In Arizona, a designated broker must ensure that their brokerage's written policies and procedures address:Arizona License Law
- A designated broker in Arizona decides to close their brokerage. What must they do with client trust funds?Arizona License Law
- An Arizona designated broker who fails to properly supervise their agents can be disciplined by the ADRE even if the designated broker personally did nothing wrong. This reflects the principle of:Arizona License Law
Key Terms to Know
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Math Concepts
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