Arizona License LawIntermediateArizona Exam
Under Arizona law, a real estate licensee acting as a buyer's agent who receives an earnest money deposit must give it to their:
AEmploying broker for deposit in the broker's trust accountCorrect
BTitle company immediately upon receipt
CSeller's agent for the seller's safekeeping
DBank account held by the buyer
Why Employing broker for deposit in the broker's trust account Is Correct
Answer A: Employing broker for deposit in the broker's trust account
A salesperson who receives earnest money must immediately deliver it to their employing broker for deposit in the broker's trust account. Salespersons cannot hold trust funds personally.
Key Arizona License Law Terms in This Question
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
State-Specific Concepts
Trust Account RulesEscrow Disputes
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