Arizona Real Estate Salesperson Exam — All Questions
53 questions
Which listing agreement entitles the broker to a commission no matter who sells the property during the listing period, including the owner selling it themselves?
- a.Open listing
- b.Exclusive agency listing
- c.Exclusive right-to-sell listing✓
- d.Net listing
Under an exclusive right-to-sell listing, the listing broker earns the commission if the property sells during the term regardless of who procures the buyer, including the owner. In an exclusive agency listing the owner may sell without owing a commission, and an open listing lets multiple brokers compete with no commission owed if the owner sells.
A buyer's agent learns the buyer client will pay well above list price if necessary. Under agency duties, the agent must:
- a.Disclose the buyer's top price to the listing agent to speed the sale
- b.Keep the buyer's price limit confidential✓
- c.Reveal it to any other agent to promote cooperation
- d.Share the information only if the seller directly asks
The fiduciary duty of confidentiality requires the buyer's agent to protect information that could weaken the client's negotiating position, such as the maximum price the buyer will pay. Disclosing it to the listing agent or seller would breach loyalty and confidentiality and harm the principal.
A purchase contract signed by a minor is generally best described as:
- a.Fully enforceable against both parties
- b.Void from the outset
- c.Illegal and therefore unenforceable by anyone
- d.Voidable at the option of the minor✓
A contract with a minor is voidable, meaning the minor may choose to disaffirm it while the competent adult party remains bound. It is not automatically void, and it is not illegal; the law simply gives the minor the power to cancel to protect against lack of capacity.