Arizona License Law
When an Arizona real estate broker closes their brokerage, they must:
ASimply stop accepting new clients; existing transactions will resolve themselves
BNotify the ADRE, arrange for proper disposition of client trust funds, ensure pending transactions are properly handled, and transfer or release all salesperson licenses✓ Correct
CTransfer all client files to the nearest competing brokerage
DContinue to maintain the broker's license for 5 years after closure for liability purposes
Explanation
Closing a real estate brokerage in Arizona requires multiple steps: notifying ADRE, properly distributing or transferring trust account funds to clients, ensuring all pending transactions are properly handled or transferred, arranging for licensees affiliated with the brokerage to affiliate with new brokerages, and maintaining records as required by law.
Related Arizona Arizona License Law Questions
- A real estate licensee in Arizona is required to disclose their license status when:
- Under Arizona law, a salesperson may accept a listing under which circumstance?
- A designated broker in Arizona decides to close their brokerage. What must they do with client trust funds?
- The ADRE Commissioner in Arizona is appointed by:
- ADRE enforcement investigations may be initiated by:
- An Arizona broker who fails to supervise affiliated licensees may face ADRE discipline for:
- In Arizona, which of the following must be prominently displayed in every real estate office?
- The Arizona Real Estate Recovery Fund is used to:
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