Arizona License LawIntermediateArizona Exam
Under Arizona law, the designated broker of a property management company must:
APersonally review and approve every lease application and rental transaction conducted by the property managers working under the broker's supervision
BMaintain written management agreements with each property owner and hold security deposits in trustCorrect
COnly manage properties that the broker personally owns as a principal rather than as an agent representing third-party property owners
DHold a separate property management license in addition to the standard broker's license, since ADRE requires dual licensure for any broker managing third-party property
Why Maintain written management agreements with each property owner and hold security deposits in trust Is Correct
Answer B: Maintain written management agreements with each property owner and hold security deposits in trust
Arizona requires property management brokers to maintain written property management agreements with each owner and to hold tenant security deposits and management funds in separate trust accounts.
People Also Study
Related Arizona Questions
- Under Arizona law, a real estate broker who holds trust funds belonging to clients must maintain a separate trust account. Which of the following is PROHIBITED in a trust account?Arizona License Law
- A real estate licensee in Arizona who provides property management services and holds tenant security deposits must maintain those deposits in:Arizona License Law
- An Arizona real estate licensee who acts as a property manager must ensure that trust accounts used for security deposits are:Arizona License Law
- A designated broker in Arizona decides to close their brokerage. What must they do with client trust funds?Arizona License Law
- An Arizona property owner who allows a utility company to install power lines over their land without a formal written easement is creating a:Property Ownership
- Under Arizona's RLTA, a landlord must provide the tenant with a written move-in inventory within how many days of occupancy to be able to make deductions from the security deposit for pre-existing conditions?Contracts
- Arizona's 'Landlord and Tenant Act' requires landlords of residential properties to maintain the premises in a 'habitable' condition. 'Habitable' means the property must have:Property Ownership
- In Arizona, the trustee's sale (non-judicial foreclosure) process under a deed of trust requires a minimum notice period before the sale of:Finance
Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
State-Specific Concepts
Trust Account Rules
Practice More Arizona Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →