Arizona License LawIntermediateArizona Exam
In Arizona, a licensee acting as a principal (buying or selling their own property) must:
ASurrender their license while in the transaction
BDisclose their licensed status to the other partyCorrect
CHave another licensee represent them
DObtain special ADRE approval
Why Disclose their licensed status to the other party Is Correct
Answer B: Disclose their licensed status to the other party
When an Arizona licensee buys, sells, or leases property in which they have an interest, they must disclose their licensed status to the other party in writing.
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Key Terms to Know
Agency
A 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.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
DRE Regulation
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