In Arizona, a transaction broker (non-agent) owes the parties:
Why Limited duties of honesty, reasonable care, and disclosure of known material defects Is Correct
Answer B: Limited duties of honesty, reasonable care, and disclosure of known material defects
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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Key Terms to Know
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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