- Salesperson License
- A license issued by the Arizona Department of Real Estate that lets a person perform real estate acts—such as listing, showing, or selling property—for compensation, but only while employed by and under the supervision of a licensed broker.
- Designated Broker
- The individual broker legally responsible for supervising a real estate brokerage's licensees and ensuring the firm complies with Arizona license law. Every brokerage must have one to operate.
- Agency
- The fiduciary relationship in which a licensee (the agent) is authorized to act on behalf of a client (the principal). It creates legal duties such as loyalty, confidentiality, and full disclosure owed to the client.
- Fiduciary Duty
- The set of legal obligations an agent owes a client, commonly summarized as care, obedience, loyalty, disclosure, accounting, and confidentiality (OLD CAR). Breaching these duties can expose the licensee to liability.
- Earnest Money
- A good-faith deposit a buyer submits with an offer to show serious intent to purchase. It is typically held in a neutral account and applied toward the purchase price or down payment at closing.
- Escrow
- A neutral third-party arrangement that holds funds and documents on behalf of the buyer and seller until all conditions of the transaction are met, then disburses them at closing.
- Deed
- The legal written instrument that transfers ownership (title) of real property from a grantor to a grantee. Different deed types, such as warranty and quitclaim deeds, offer different levels of guarantee about the title.
- Encumbrance
- Any claim, lien, or restriction on a property—such as a mortgage, easement, or unpaid tax lien—that can affect its value or limit how the owner may use or transfer it.
- Easement
- A right granted to one party to use another person's land for a specific purpose, such as a utility line or shared driveway, without owning the land itself.
- Comparative Market Analysis (CMA)
- An estimate of a property's likely selling price based on recent sales of similar nearby properties. Agents use a CMA to help sellers price a home, though it is not a formal appraisal.
- Fair Housing
- Laws that prohibit discrimination in the sale, rental, or financing of housing based on protected characteristics such as race, color, religion, national origin, sex, disability, and familial status.
- Arizona Department of Real Estate (ADRE)
- The state agency that licenses and regulates real estate professionals in Arizona, enforces license law, and investigates complaints against licensees.