All of our 1,000 Arkansas real estate practice exam questions are similar to the ones you will find on the actual Arkansas real estate exam, and are written by a Licensed Real Estate Instructor. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. the seller has financed a portion of the purchase price and placed a junior lien on the property. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: c. The company name must be given The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. Is basing a listing on a net price ethical or unethical? b. Are concerned only with land The answer is all records in connection to real estate transactions. b. C.E. State Law c. Must include the fact that they are an agent in selling their home d. Waives the right of cancellation, The section naming the "Real Estate Law" is a. a. Ninety hours Temporarily accepted the seller finances the property and retains title until the final payment is made by the buyer. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. c. Both the listing agent and the principal broker Must be shredded upon closing c. Dictated by the governor d. Are more for inactive licenses, The developer of a time-share program: When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. You must submit a cashier's check, money order, or broker's business account check with the licensing fee. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. c. Chancery court b. Can a licensed salesperson sell their own home? One hundred dollars per a year of inactivity c. Be handicap assessable Resident managers In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. The salesperson and the seller's agent should have disclosed her agency relationship, not shared the seller's confidential information and cannot represent the buyer in the purchase of the property since dual agency is not allowed in the state. Be opened to the public There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. *All licenses must be displayed at the place of business. A property is owned by three cousins as tenants in common. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes, A license to practice real estate is needed for all of the following except: The testing fee is paid to the Commission along with the application. c. Up to one year, then renewal is mandatory Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. The principal broker: the boss. a. How long does a broker keep the firm's records? d. Can renew their license anytime, a. Leave nothing to chance when it comes to your new career. Property management duties do not include accepting rebates from a service provider. a. a. Purchasing E&O insurance. On what date do all Arkansas real estate licenses expire? A bachelor died owning real estate that he devised to his niece. All licensees are issued ___ year terms and expire on December 31st. A legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. Acting under the direct written instructions. Prepare the journal entries to record transactions a and d of part 1. *A permanently attached and clearly displayed sign bearing the firm's name. Must immediately be deposited into the company's business account In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. In this position, the on-site manager. The bifore reforium The exams are written under the supervision of the commission and administered by an independent testing company. Needs fewer than 3 members on the company's board of directors Is exempt from taxes When does a licensee have to file an appeal of ruling? a. No later than three business days after the loan application is received by the lender. The owner couldn't afford the repairs, so he constructed a false floor over the entire basement and installed carpet over the floor to conceal the damage. b. Agent represents Buyer and Seller; common to use separate agents within same brokerage. All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. a. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. Arkansas Lease and Rental Agreement Laws Basics of Arkansas statutes governing the legal relationship between landlords and tenants, including maximum security deposit allowed by law, time limits for returning deposits, and anti-discrimination laws. $25,000 per violation, to a maximum of $75,000. In some cases b. b. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? c. A quorum Only four such transfers are allowed per a year It MOST likely means that. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. What leasing duties are exempt from licensing? Proof of non-activity in real estate must be given d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. The answer is in a timely manner. a. b. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. b. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. a. After the buyer's offer was accepted, the buyer had the home inspected. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. *Failure to account for moneys belonging to other parties. Purchasing any kind of insurance shifts the financial risk to the insurance company. What is the purpose of the Arkansas Recovery Fund? Must submit work experience requirements to the board d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: Must pay a one time fee of $50.00 a. Index. *Accepting compensation from anyone other than the principal broker. Subagency c. Both a and b b. The responsibility of the instructor Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Is exempt from disciplinary action *condemnation or destruction of the property b. b. *abandonment by the agent a. You must be sponsored by a managing broker in order to practice. Terms in this set (350) principal broker This applies to client-seller AND a client-buyer. Held in trust by the commissioner Most states administer the tests in two parts, and require that the candidate pass both. a. The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. An executive director administers the operations of the commission. Open listing and exclusive agency listing. The broker can. When a licensed salesperson sells their own home what must be included in advertising? Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. A licensee is representing the seller solely in a real estate transaction. The salesperson knows a lender that pays agents a fee for referring purchasers to them. Special, or limited, agency. Violation by the director of a corporation is subject to criminal prosecution *Branch offices must display clear signage and the licenses of all agents practicing within the office. They may be sued in civil court and subjected to punitive damages. Use a graphical technique to display this information. An associate broker may have salespeople working under them The only allowance are funds needed to maintain a minimum balance and to cover service charges. Dual agency Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. One member must be a Realtor 60 years of age or older, All of the commission members can: Federal agency or state government officer or employee b. Grade examinations How are members of the Arkansas Real Estate Commission's board selected? d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). Can choose not to participate in the Real Estate Recovery Fund b. d. Must wait 10 days for a character check and verification, b. The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. You will have between 2-4 hours to complete your exam. A buyer learns from his real estate professional that the ownership rights of the seller's property will continue forever and that no other person claims to be the owner or has any ownership control over the property other than the seller. Regarding CE credits, how much can you miss before you no longer get credit for attending? May be licensed after taking all classroom requirements, testing and paying all fees Leasing assistants. A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. b. a. d. A "point of departure" in negotiations, a. A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. a. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. d. Must always do what the seller tells them, a. All of the following are false EXCEPT: If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Totally at the commission discretion d. The condition of the property, A Realtor is: Go to work immediately upon receiving a license . A licensee is supposed to notify the Commission if they should lose their pocket license card. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. Must be kept for 5 years Arkansas Real Estate Exam. Such delegation may include the authority to enter into contracts. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. In this case the salesperson. The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. The Commission meets on a regular schedule one time per month. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. Inactive and expired: 6 hours for every year, not to exceed 30 hours. Can the owner of a lifehold estate convey title via a will to their heirs? Real estate Commission and Department. b. Exhibiting poor judgement a. Time-share agents must individually be bonded in an amount of $10,000.00. Do nothing. A licensed broker. c. Is free to promote and conduct seminars b. Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) d. The principal broker must pay out of his or her own trust account, With regards to the commission and the Real Estate Recovery Fund, a circuit court can: If a person dies without a will, his share goes to his heirs, not to the other owners. To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. c. The buyer in case of fraud b. c. Both a & b A licensee must disclose information involving any known facts about a property that would affect its value or desirability. All other client or customer funds received must be deposited within three days of receipt. . b. a. b. c. A picture of the building front with sign must be submitted 1,000 Real Estate Practice Test Questions Our real estate test prep comes with over 500 multiple choice practice real estate test questions, and 450 vocabulary test questions with detailed answer explanations. *revocation of the agent's license. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. Increase because of the larger, more expensive properties. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: c. Need contractual consent to be valid When an agent elects to go to work for another firm, they may take their listings with them. Loyalty Property issues must always be fully disclosed to any potential buyer. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. Making substantial misrepresentations c. Must have their own "bond of assurance" *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. c. Courses offered by real estate schools licensed by the board What is the continuing education requirement for Arkansas licensees? Applicants who pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days from the date of the examination . You must have a high school diploma or equivalent. To maintain an active license, an agent must complete six (6) hours of continuing education annually. Which of the following actions would be seen as unauthorized practice of law? To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. Can have their license suspended until they pay the commission The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Can be issued by the board in some cases A business day includes Saturdays the lender is open for business. Is subject to review by the Commission State-specific practice tests are not available. a. a. Full test. b. The commission may keep a portion for its own use, In regards to educational credit: One hundred dollars per a year of inactivity, All of the following are false EXCEPT: The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. The Governor *bankruptcy c. Have equal voting privileges In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Note that answers are only provided upon purchasing Exam Prep. credit can apply to Prelicensure requirements Sign up. Complete and pass the real estate examination. A salesperson working under a principal broker Does a real estate lien need to be recorded to be valid? b. 18; relicensing educational courses; exam. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo b. a. Is an undisclosed dual agent who acted in bad faith. a. Study Plan. However, the seller retains the right to sell the property without obligation to the brokerage. c. Limited to 3 years When must motions be filed in relation to a licensee investigation? Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Receiving a security deposit, rent payment or related payment for delivery. Tenancy in common is put in motion by state law. 18 months after the consumer's last purchase, delivery, or payment. Is valid for 60 days c. Must sign an affidavit declaring no further violations have been committed a. When does a real estate application expire? c. Is no longer considered liable in lawsuits Are waived by state law When does a licensee have a legitimate claim to a referral fee? Three years in some cases Can sometimes be reinstated by the Board to Arkansas: Can work independently of an Arkansas principal broker in his or her own state Boat Belting sells goods for 900,000 Mexican pesos. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. "At first glance" The foreign-exchange rate for a peso is $0.094 on the date of sale. Delivery of a lease application or lease. d. Is automatically entitles to a license upon the residency requirement being met, c. Submit their experience to the commission for consideration, A salesperson may renew their license annually by: Under the principle of conformity progression shows the value of a modest, less expensive home will increase if it is located among larger, fancier, more expensive properties. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. No annual renewal fee is required as long as an agent is renewing on inactive status. c. Must choose randomly from a list of non-profit organizations Have a sign stating thatchy are engaged in real estate b. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. c. If they desire loss of value due to uncollected delinquent rent. *Upon first substantive contact. Are different as to time requirements b. Assess exemplary damages Definition. To activate an inactive license requires a fee c. Six extra continuing education credits required Continuing education will be required of a person seeking to reactive an inactive license. Is illegal d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Must immediately be deposited in an escrow account All parties or their agents Real Estate Practices and Agency Learn with flashcards, games, and more for free. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: a. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. Arkansas Adverse Possession Laws A property manager is offered a choice of three insurance policies with different deductibles. c. 01-01-01 A form of ownership that husbands and wives can choose or create by deciding to do so and declaring it as such in contracts and deeds. d. Work only for him/her self, In all company real estate ads: d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: What simple interest rate did she pay? A demand for two cooperating brokers to appear before the commission In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. c. At least one represents consumers Application fee $50 Original broker license fee $70 License renewal requests must be sent in by December 1st of each year. The real estate licensee is automatically suspended. Be placed on a window ledge, easily viewed from the street There is a 5-day grace period Public offering statements must be provided to all purchasers of a time-share interval. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. b. d. Unlimited, A person may engage in the business of real estate while on inactive status: Real Estate Practices and Agency Learn with flashcards, games, and more for free. *information about the buyer's motivations and financial qualifications Salaries of the employees of the commission are: Serving a subpoena is the responsibility of: The Duties of the Director of the commission are: If a bank dishonors a broker or salesperson's check it can be: If a salesperson overpays on a check to the commission: b. A woman has permission from her friend to hike on his property during the autumn months. the buyer receives equitable title to the property. Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. Must submit the signatures of three people who vouch for his integrity b. Is obligated to become a resident if more than half of their income comes from Arkansas Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: c. Revoke the violated;s license Offers received by selling agents must be presented to the listing firm by the close of the following business day. a. a. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? A. Confidentiality Does the Arkansas REALTORS association appoint the commission members? An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Ace these, and you know you're ready to grab your real estate license ! Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. a. Managing and sales agents must be registered, bonded. c. Cannot have ever filed bankruptcy All continuing education course must be "in-class" The license application and fees must be received by the AREC within ___ days of the examination date. A broker is required to display, at their place of business, the license of all agents in their firm. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. c. Must hold a teaching credential Find Exam Details. Three c. The signature of the lien holder Loans made to brokers during slow times The Arkansas Real Estate Commission approves continuing education course. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. The commission enforces the rule. b. No- the Arkansas Real Estate Commission could suspend the licensee's license. a broker independently setting a company commission schedule. b. Can a landlord charge an extra deposit for a service animal? d. Determined by the commission on an independent basis, Licensed applicants from another state must: The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. In a coop sale, the earnest money is held by the selling company. When will full title and possession pass to his niece? In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency Blog Text me app. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. c. Is automatically canceled All agency agreements must be in writing. Escrow or Trust accounts must be reconciled as least monthly. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes Three working days of execution of the offer. Free Arkansas Real Estate Practice Exam. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. If one of the cousins dies without a will, to whom will his interest pass? _____ of these must be at least 60 years of age and represents the elderly. The Commission has the power to suspend or revoke a license. a. The property would not pass on to the state. a. Punitive damages may be awarded for willful violations of the time-share act. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. Flashcards. Members of the public may have access to the MLS, but not to all of the features and content. It gives the buyer full knowledge of all issues with the property. Full disclosure d. Must participate in the Real Estate Recovery Fund, b. Only the ______________ has authority to supervise others or designate others to supervise. Is concerned with the profit margin of the company One who is "on their own" in buying or selling real estate Is established by a majority Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. a. If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. Any licensee denying access to those records is in violation of the license law and regulations. c. An invoice for equipment of $4,800 was recorded as$4,000. A listing can be taken for a term specified as "until notified". b. Courses offered by the commission one authorized by the principal to execute specific acts. Occurs when the broker should have known that a statement about a material fact was false. I, the principal broker, am out of town for not more than one (1) day. b. cost center. b. b. Real Estate Agents License Research Paper Again, the exam varies from state to state.
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