Arizona License LawIntermediateArizona Exam
In Arizona, a real estate licensee may pay a referral fee to a licensed Arizona real estate broker for referring a client. The referral fee:
AMust be a flat fee only, not a percentage of the commission
BCan be any amount agreed upon between the brokers and need not be approved by the ADRECorrect
CMust be at least 25% of the total commission earned
DMust be disclosed in the sales contract
Why Can be any amount agreed upon between the brokers and need not be approved by the ADRE Is Correct
Answer B: Can be any amount agreed upon between the brokers and need not be approved by the ADRE
Licensed brokers may pay referral fees to other licensed brokers in any amount mutually agreed upon. There is no required minimum or maximum, and no ADRE pre-approval is needed, though it should be documented.
Key Arizona License Law Terms in This Question
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
DRE Regulation
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