Arizona Laws 32-2151.02. Real estate employment agreements; definition
A. All real estate employment agreements shall:
Terms Used In Arizona Laws 32-2151.02
- Broker: when used without modification, means a person who is licensed as a broker under this chapter or who is required to be licensed as a broker under this chapter. See Arizona Laws 32-2101
- Compensation: means any fee, commission, salary, monies or other valuable consideration for services rendered or to be rendered as well as the promise of consideration whether contingent or not. See Arizona Laws 32-2101
- Employing broker: means a person who is licensed or is required to be licensed as a:
(a) Broker entity pursuant to section 32-2125, subsection A. See Arizona Laws 32-2101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Licensee: means a person to whom a license for the current license period has been granted under any provision of this chapter, and, for the purposes of section 32-2153, subsection A, includes original license applicants. See Arizona Laws 32-2101
- Real estate: includes leasehold-interests and any estates in land as defined in Title 33, Chapter 2, articles 1 and 2, regardless of whether located in this state. See Arizona Laws 32-2101
- Real estate broker: means a person, other than a salesperson, who, for another and for compensation:
(a) Sells, exchanges, purchases, rents or leases real estate, businesses and business opportunities or timeshare interests. See Arizona Laws 32-2101
1. Be written in clear and unambiguous language.
2. Fully set forth all material terms, including the terms of broker compensation.
3. Have a definite duration or expiration date, showing dates of inception and expiration.
4. Be signed by all parties to the agreement.
B. An employing broker shall not assign a real estate employment agreement to another broker without the express written consent of all parties to the agreement at the time of the assignment.
C. A licensee shall not procure, or attempt to procure, a real estate employment agreement from a party who is already subject to an existing exclusive real estate employment agreement unless the licensee has received written acknowledgment from the party that the execution of additional real estate employment agreements could expose the party to liability for substantial additional commissions. Nothing in this subsection shall be construed to abrogate any civil liability of a licensee arising out of this conduct.
D. A real estate employment agreement is not required for a licensee to represent a party in a transaction.
E. For the purposes of this section, "real estate employment agreement" means a written agreement by which a real estate broker is entitled to compensation for services rendered pursuant to section 44-101, paragraph 7.