arkansas real estate exam quizlet

Find exam details and search for an available exam session date and time that meets your needs The examinee is licensed in another state at the time. credit Established by quorum The public demands it You will have between 2-4 hours to complete your exam. Home. Proof of completion of 45 hours of Pre-License Education. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. c. A conflict of interest What effect does the sale have on the lease? Temporarily accepted What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. Name some critical material facts for disclosure: *the agent's opinion of the property's condition Care a. c. The Administrative Real Estate Action Code Must immediately be deposited into the company's business account Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. Be placed on a window ledge, easily viewed from the street When does a licensee have to file an appeal of ruling? c. Funding of research projects in real estate 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. If the property manager selects the policy with the highest deductible, which risk management technique is being used? Property issues must always be fully disclosed to any potential buyer. Can work independently of an Arkansas principal broker in his or her own state A felony. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo d. If in an office building, must appear on the directory, a. A listing can be taken for a term specified as "until notified". The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Limited to 6 times a year d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: The landlord sells the building during the one-year lease term. Will be returned All agency agreements must be in writing. No agency, or transaction brokerage. Flashcards. Any person wishing to file an appeal of a commission ruling of investigation must request such appeal in writing to the Arkansas Real Estate Commission within what, if any, time frame? c. Attorneys need not have a license to sell real estate for their clients 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. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). d. Not be compensated for services offered, A commission quorum: The firm's records must be maintained by the principal broker for three years, available for inspection. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. The commission a. d. Put the licensee on inactive status, The continuing education requirement for all licensees: Determined by the commission annually The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Anyone buying or selling real estate A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. What type of agency allows the agent to have power of attorney? Learn More Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. c. Can be appealed to the state court within 3 months The "branch office" is a principal broker's primary place of business Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. c. Can be held accountable by the commission for their actions The associate broker: a broker who just sells and lists. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. When the license has been expired for more than 2 years. A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. Full test. c. The company name must be given b. The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. Arkansas Real Estate Exam Flashcards | Quizlet Arkansas Real Estate Exam 3.5 (2 reviews) Term 1 / 100 Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? b. Is the lender of a mortgage the mortgagor or the mortgagee? A cooperating broker You'll have the chance to review a 99-question real estate practice exam at no cost to you. b. b. Is exempt from the licensing requirements. b. Sign up. Who is responsible for a branch office's trust account? The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. The client may be either seller or buyer. 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. Fees: Examination Fees (Salesperson: $121). d. Limited by the commissioner, Terms for members of the commission are: a. Competition is the interaction of supply and demand causing prices for property to rise or fall. Cannot use a fictitious name Third party who is not principal but entitled to fairness and honesty. Harry conveys his interest to his long-time friend Wendell. c. To other agents only If found guilty of a time-share violation, the developer or agent can be charged with. d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! a. The process by which the new contract replaces the old one is called. A mandatory suspension or revocation of the license Real estate Commission and Department. The Governor *Discharge administrative duties. Is ignored because of the statute of frauds a. $25,000 per violation, to a maximum of $75,000. Cash is an acceptable form of earnest money. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. What fee does a licensee incur to move to another broker? d. December 15, 2004, To reinstate an expired license: Occurs when the broker should have known that a statement about a material fact was false. A breach of ethics Is not possible under state rules Is concerned with the profit margin of the company In this position, the on-site manager is exempt from the licensing requirements. A listing salesperson acting as the seller's agent is holding an open house. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. c. The deficit comes from the state treasury c. Is subject to revocation of their Arkansas license for violations in their own state b. c. The broker's trust account Members of the public may have access to the MLS, but not to all of the features and content. It is published in a newspaper of statewide circulation. Must have the words "real estate" in it Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. An agency relationship created by oral or written agreement between principal and the agent. a. Can be waived by the principal broker's request a. Is exempt from disciplinary action The Arkansas Trust Fund 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. Never, except if ordered by a broker *bankruptcy How long does one have to bring a complaint against a licensee? Used by the commission c. Both the listing agent and the principal broker The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. When an actual introduction has taken place. Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? Download Real Estate Prep app now. b. a. Also referred to as a transaction broker or a facilitator. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. b. d. The condition of the property, A Realtor is: a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell A buyer makes an offer on a seller's house, and the seller accepts. The term Realtor refers to any agent holding a valid real estate license. 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. When must the agent disclose his or her agency relationship to the prospective buyer? d. Is subject to retroactive disciplinary action by the commission, a. d. Held in trust by the executive director, A subpoena duces tecum is: Open listing and exclusive agency listing. a. b. *Sign offer and acceptance forms. To maintain an active license, an agent must complete six (6) hours of continuing education annually. a. Record Boats cash collection. No later than three business days after the loan application is received by the lender. d. A self employed builder of homes, c. A licensee working under a principal broker in buying or selling real estate, All of the following are exempt from requiring a real estate license EXCEPT: Is mandatory in the state of Arkansas What, if anything, should now be done? Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. a. 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 real estate auctioneer must immediately, prior to opening the bidding, disclose the terms and conditions of the action and whether the seller or auctioneer may bid. Terms in this set (350) principal broker An owner may always sell his own property without a license: State Law d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: Upgrade to remove ads. As a real estate agent you must be well-versed in contracts of sale. The investigative staff of the commission has the power to investigate fully all records, bank accounts, company business records, and accounts of any licensee for the purpose of protecting the public. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. At this point, the buyer has what type of title to the property? In some cases The PC-based program is easy to operate. All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. a. c. Never Do nothing. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. The individual who is authorized and consents to represents the interest of another person. c. Only brokers licensed by the state The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Agent represents Buyer and Seller; common to use separate agents within same brokerage. a. Increase because of the larger, more expensive properties. d. A prosecuting attorney, All of the following are true EXCEPT: You must submit a cashier's check, money order, or broker's business account check with the licensing fee. b. In writing before contract. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: Learn . As such, they are highly discouraged and typically place the licensee in a position of increased liability. The topics on the test include: Duties and Powers of Real Estate Licensing Requirements Statutory Requirements Governing the Activity of Licensees Miscellaneous Statutes Agency Relationships and Disclosures Can you take the Arkansas real estate exam online? a. It really depends on the type of license you would like to have. c. The "board" is the Arkansas Real Estate Commission d. Voted upon every 4 years by members of the local board, a. b. Authority to act on behalf of Principal. In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. The clause in a mortgage or deed of trust which gives a lender the right to demand the entire loan balance to be due upon the buyer's default is. The rules have the same force and effect as the law. Only attorneys licensed by the state Test. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. c. Cannot have ever filed bankruptcy Only with the principal broker's permission Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. b. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? Must take all educational requirements required by a beginner Can advise, but not conduct classes Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. c. May need approval All security deposits for leases must be deposited in the trust account. A real estate agent's license is different from . A specific disclosure required by Arkansas regulation is that of the agent's compensation. Accounting b. What type of crime does someone commits if they act as a broker or salesperson without a valid license? authorization for the manager to receive referral fees from service providers. c. Needs a separate principal broker So it would be: $200,000/$24,000 which = 8.33. There was fraud committed A property owner deeds a parcel of his property to a town "for recreational purposes only." credit can apply to Prelicensure requirements When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. Testimony in a hearing is under oath and is recorded. A broker must deposit earnest money within three (3) days of receipt. The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. A licensed broker. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. Their license will be revoked *All licenses must be displayed at the place of business. The Arkansas Real Estate Commission d. Expires at the end of 30 days, Signs require all of the following EXCEPT: c. Must have their own "bond of assurance" The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. If a person dies without a will, his share goes to his heirs, not to the other owners. Delivery of a lease application or lease. Demand proof within 30 days MLS wholly owned by a nonprofit organization Only four such transfers are allowed per a year Demand the commission pay punitive damages to the injured party All of the following are false EXCEPT: Transferring risk is shifting risk to another party such as an insurance company. What does one need to apply for a broker's license? a. c. The buyer in case of fraud The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. A residence I, the principal broker, am out of town for not more than one (1) day. Federal agency or state government officer or employee inform any prospective buyers of the defect. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? An attorney performing their duties b. b. Inactive and expired: 6 hours for every year, not to exceed 30 hours. a. a. In no case A principal broker is an individual who performs certain real estate services for another party for compensation. Held in trust by the commissioner Be active holders of real estate licenses c. Held as irresponsible by the courts 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. Applies to everyone with no exceptions a. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: c. Is held accountable for all expenditures 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. a. Have full time agents working under them When must motions be filed in relation to a licensee investigation? c. Five times a. Revoke their license Which of the following actions would be seen as unauthorized practice of law? However, you can pass it easier with our free arkansas real estate practice exam 2022. The holder of an inactive license may not practice real estate as a salesperson In an exclusive right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. Who has the responsibility to train subordinate licensees? Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. The principal broker A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. a. The deed conveys to the town, As mandated by federal do-not-call legislation, real estate licensees may call consumers with whom they have established a business relationship up to. b. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. Escrow or Trust accounts must be reconciled as least monthly. Scarcity means that there is a limited supply of similar properties. c. Is automatically canceled Can an unlicensed party performing real estate services be sued? The Arkansas Administrative Procedure Act 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. 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. A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. d. Acceptable as originals, In assisting seminars in real estate the commission: 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. However, the seller retains the right to sell the property without obligation to the brokerage. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. Death of a tenant in common would usually cause property to pass according to the decedent's will. d. There are no statute of limitations in any case, The section dealing with correct proceedings in cases of hearings or denials of licenses is known as: The original tenant. One member must be a Realtor 60 years of age or older All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. Any appeal of a ruling must be filed within 15 days from the ruling date. c. To protect public health, safety and welfare Disbursement from the trust account may only be made when: 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. In an open listing, the seller retains the right to employ any number of brokers to sell the property. All parties or their agents Reasons an agency relationship may terminate without successful completion *death or incapacity of either party c. Retracted annually b. d. The Commission itself, The number of meetings of the commission is: c. Six extra continuing education credits required A person who is indigent may not be relieved from paying the filing fees in an appeal. For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. Free to the public by choice Index. Excess money in the recovery fund may be used for educational purposes. Continue to Next Question. the buyer receives equitable title to the property. b. a. b. b. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. arkansas real estate exam quizlet. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. c. Is 3 hours for full time agents closing more than 25 sales *renunciation a. If the buyer defaults, this means the seller, The clause in a contract that makes timely performance a condition of the contract is called, All of the following provisions would typically be included in a property management agreement EXCEPT. d. May be asked to only pay $10.00, If the amount in the Real Estate Recovery Fund is less than the amount needed for compensation: Depositing non-trust monies in the trust account. b. Grade examinations Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. the seller has financed a portion of the purchase price and placed a junior lien on the property. keep all information received confidential. A business day includes Saturdays the lender is open for business. A referral fee can only be paid if the receiving party has a valid active real estate license. A broker who wishes to place a For Sale sign on a listed property must first. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: c. Without recourse c. Five years in some cases b. c. Must be retained until closing c. Is free to promote and conduct seminars An owner selling 3 of his own properties a year a. The Executive Director of the Arkansas Real Estate Commission is not a commissioner. d. Failure to disclose to all parties in a transaction, A revoked license: Utilizing the formula, we can take the property price and divide it by the annual rental income. c. If they desire *Accepting compensation from anyone other than the principal broker. d. Allowed, The commission may legally: a. Arkansas Real Estate Exam. a. Universal agency. When a licensed salesperson sells their own home what must be included in advertising? *property condition. Find Your State National & State Portions Click the card to flip Flashcards Learn Test Match Created by cjtrackie d. Outside of state jurisdiction, An appeal after a dismissal of complaint: to Arkansas: Conquer Your. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: Good reputation Illegal Have a sign stating thatchy are engaged in real estate b. It gives the buyer full knowledge of all issues with the property. Both parties sign the sales contract. Special, or limited, agency. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. The testing fee is paid to the Commission along with the application. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. The seller's property disclosure form yields which of the following benefits for the transaction? The commission may keep a portion for its own use, In regards to educational credit: A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. All are appointed by the governor Cannot collect a commission on their own home 86.5% of CompuCram users pass their licensing exam the first time! d. Require acceptance by the buyer, An "independent contractor" means: c. A general partner buying land for the partnership General agency. No. When must an expired licensee go through the full process of school again? Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. b. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. The broker should: *Acting on behalf of more than one party without knowledge.

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