Arizona License Law
Which of the following is an EXEMPT activity under Arizona's real estate license law?
ASelling a property on behalf of a neighbor for a referral fee
BA person selling their own property for their own account without compensation from a third party✓ Correct
CCharging a fee to advise buyers on which homes to make offers on
DNegotiating a lease for a fee on behalf of a commercial tenant
Explanation
Owners selling their own property for their own account are exempt from real estate licensing requirements in Arizona. However, once compensation is involved for selling another person's property, a license is required.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
State-Specific Concepts
License Law
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