Which document in Arizona formally establishes a buyer's agency relationship with a brokerage?
Why Buyer-Broker Employment Agreement Is Correct
Answer B: Buyer-Broker Employment Agreement
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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- In Arizona, which document is used to establish a formal buyer representation relationship and define the broker's compensation?Agency
- Arizona requires that dual agency (limited representation) be disclosed and consented to:Agency
- In Arizona, which scenario creates an undisclosed dual agency — a violation of license law?Agency
- In a transaction brokerage (non-agency) relationship in Arizona, the licensee owes the customer:Agency
Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
State-Specific Concepts
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