In Arizona, an agent's authority to negotiate the terms of an offer on behalf of their client comes primarily from:
Why The listing agreement or buyer's representation agreement Is Correct
Answer B: The listing agreement or buyer's representation agreement
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.
Key Agency Terms in This Question
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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- When an Arizona agent represents the seller and introduces the buyer as their own client without a buyer's agreement, creating an inadvertent dual agency, the agent should:Agency
- In Arizona, an agent's authority to bind their principal in negotiations is called:Agency
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- Arizona requires that dual agency (limited representation) be disclosed and consented to:Agency
- An Arizona listing agreement gives a broker the right to sell a property, but the seller retains the right to sell it themselves without owing a commission. This is called a(n):Contracts
- Arizona requires that real estate sellers provide buyers with a disclosure statement about homeowner associations (HOAs). This disclosure must include:Escrow & Title
- An Arizona buyer makes an offer on a home. The seller responds with different terms. This seller response is legally:Contracts
- Under Arizona Commissioner's Rules, a licensee must provide a written agency disclosure to a client:Arizona License Law
Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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