Several years ago a California State Congresswoman was trying to change that law because a convicted felon, whose crime was burglarizing homes wanted to become a Realtor! Really!
The Congresswoman had said that the young man was in her district and appealed to her to try to help him. (I can't make this stuff up!)
Here is a link to view a questionnaire that you will need to complete when either apply for a new license or renewal of an existing license: http://www.re.state.az.us/Lic/Forms/Form_LI-214-LI-244_Disci
As a new licensee with a misdemeanor, you will also need to complete this form: http://www.re.state.az.us/Lic/Forms/Form_LI-400_Disclosure_D
From my understanding you only might have an issue if you are a convicted felon.
The Arizona Department of Real Estate might be your best resource:
Hope this helps?
Of course, you can also contact your Bureau of Real Estate or whatever it's called in your area and see what they have to say. They may even have an FAQ section on their website where your type of concern may be addressed.
I'm sure you're not the only one who has had a situation. I suspect you'll be fine, depending on the particulars of the situation and if it was a single event or part of a longer pattern of behavior.