Arizona real estate laws, license law and advertising

Incorrect: Arizona counts CE over the two-year license period, not per year.

Incorrect: Forty-eight months would span two license periods.

Correct: The statute requires 24 credit hours for a salesperson during each twenty-four-month period of licensure, matching the two-year license.

Incorrect: Thirty-six months is longer than an Arizona license period.

Incorrect: The listing term is a private contract matter, not an ad requirement.

Correct: Every such ad must identify the employing broker's legal name or the dba name on its license certificate.

Incorrect: The rule requires the employing broker's name, not the salesperson's license number.

Incorrect: Tax value is not a required advertising element.

Incorrect: No course changes who may hold trust funds.

Correct: Not at any time: trust accounts are the broker's (A.R.S. §32-2151), and every licensee must promptly place money received in the designated broker's care (§32-2151.01(D)).

Incorrect: A broker cannot authorize a salesperson's own trust account; the funds belong in the broker's care.

Incorrect: Two years of active licensure, or any other experience, never lets a salesperson hold trust funds in her own account.

Incorrect: Three years is the retention period for some property management financial records (§32-2175), not for transaction files.

Correct: The statute requires transaction and employment records to be kept at least five years after the transaction or employment ends.

Incorrect: Seven years is longer than the Arizona minimum.

Incorrect: One year is the rule for residential rental agreements kept by property managers, not for sales transaction records.

Incorrect: Lead generation may be a business service, but it is not the regulatory duty.

Incorrect: Commission rates are negotiable and not a supervisory duty; a fixed rate is not required.

Incorrect: The broker reviews and initials instruments, but co-signing every listing is not the core duty.

Correct: The rule requires reasonable supervision and control, built on written policies, procedures and systems.

Incorrect: Waiting for renewal is too late; the duty runs from the conviction.

Incorrect: Thirty days is too long; the rule gives ten.

Incorrect: The disclosure duty covers misdemeanors as well as felonies.

Correct: R4-28-301(F) and R4-28-303(D) require written notice within 10 days of any change in disclosed information, including a misdemeanor or felony conviction.

Incorrect: Thirty days is three times the deadline.

Correct: R4-28-303(D)(3) requires written notice of a change of residence address within 10 days.

Incorrect: Five days is stricter than the rule.

Incorrect: Fifteen days exceeds the ten the rule allows.

Correct: A.R.S. §32-2188(C) gives two years after the termination of all proceedings, reviews and appeals connected with the judgment.

Incorrect: Five years is the limit for starting the underlying lawsuit (§32-2188(A)), not for the Fund application.

Incorrect: One year is half the time the statute allows.

Incorrect: Six months is far shorter than the statutory period.

Incorrect: Unlicensed brokerage is a felony in Arizona, not a misdemeanor.

Correct: Acting as a broker or salesperson without a license is a class 6 felony under §32-2165(A).

Incorrect: The statute makes it a crime, so it is not limited to a civil penalty.

Incorrect: Class 5 applies to acts needing other licenses under the chapter, not a broker's or salesperson's license.

Incorrect: Trust money may not sit in the broker's operating account; that is commingling.

Correct: A.R.S. §32-2151(A) requires a trust fund account in a federally insured or guaranteed account at a depository located in Arizona.

Incorrect: A foreign depository is never allowed for these funds.

Incorrect: Without the parties' written agreement, the depository must be located in Arizona.

Incorrect: Weekly is more often than the statute requires.

Incorrect: Quarterly would leave two months of activity unreconciled.

Correct: A.R.S. §32-2151(B)(3) requires a monthly three-way reconciliation with an explanation of any variation.

Incorrect: Once a year is far less often than the monthly requirement.

Correct: A.R.S. §32-2124 requires at least three years of active licensure as a salesperson or broker within the preceding five years.

Incorrect: Four years is more than the statute requires.

Incorrect: One year is far below the three-year requirement.

Incorrect: Two years is below the statutory minimum.