Not law, but have the force and effect of law on real estate licensees ✔✔Commissioner's Rules Requires real estate contracts to be in writing to be enforceable ✔✔Statute of Frauds An unlicensed person who takes compensation for real estate services is committing this type of offense ✔✔A Class 6 Felony The head honcho at the ADRE ✔✔Real Estate Commissioner Brokers must keep records for this amount of time from closing or termination of a transaction ✔✔5 years A 10 member group that gives counsel to the real estate commissioner ✔✔Real Estate Advisory Board Someone who performs real estate services for another & for payment ✔✔Real Estate Broker A fund that protects the public when damaged by a RE licensee ✔✔Real Estate Recovery Fund AZ constitutional amendment giving RE licensees the right to write contracts ✔✔Article XXVI The number of RE Advisory Board members ✔✔Ten (10) A person who has a power of attorney ✔✔Attorney-in-fact A licensee authorized to act on behalf of a real estate broker ✔✔Real Estate Salesperson The maximum amount the recovery fund will pay per cause of action ✔✔$30,000 The maximum amount the recovery fund will pay per licensee ✔✔$90,000 Brokers must review and initial contracts within this time period ✔✔10 days of contract acceptance The time a buyer has to rescind the purchase of a time share ✔✔Seven (7) Days
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