Arizona License LawIntermediateArizona Exam

The Arizona REALTORS® Code of Ethics differs from the Arizona License Law in that:

AThe Code of Ethics is legally binding on all Arizona licensees and violations are prosecuted as license law infractions

BThe Code of Ethics applies only to NAR members and is enforced by the local REALTOR® association, while License Law applies to all licenseesCorrect

CBoth documents are identical in scope and intent, differing only in that one uses the term 'REALTOR®' and the other uses 'licensee'

DThe Code of Ethics is enforced by the ADRE with the same disciplinary authority it has over violations of the Commissioner's Rules

Why The Code of Ethics applies only to NAR members and is enforced by the local REALTOR® association, while License Law applies to all licensees Is Correct

Answer B: The Code of Ethics applies only to NAR members and is enforced by the local REALTOR® association, while License Law applies to all licensees

The NAR Code of Ethics applies only to REALTOR® members and is enforced through local REALTOR® associations. Arizona License Law applies to all licensed practitioners and is enforced by the ADRE.

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Key Terms to Know

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

State-Specific Concepts

DRE RegulationLicense Law

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