In this article, unless the context otherwise requires:

Terms Used In Arizona Laws 32-2171

  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Designated broker: means a natural person who is licensed as a broker under this chapter and who is either:

    (a) Designated to act on behalf of an employing real estate, cemetery or membership camping entity. See Arizona Laws 32-2101

  • leasing: includes any lease, whether it is the sole, the principal or any incidental part of a transaction. See Arizona Laws 32-2101
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Property: includes both real and personal property. See Arizona Laws 1-215

1. "Property management firm" means any corporation, partnership or limited liability company licensed pursuant to section 32-2125, subsection A or a designated broker that by written agreement, manages rental property or properties for compensation.

2. "Rental agreement" means a lease or leasing agreement.

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