arkansas real estate exam quizlet

d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": a. a. In an open listing, the seller retains the right to employ any number of brokers to sell the property. b. a. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. Find Exam Details. The "branch office" is a principal broker's primary place of business d. Require acceptance by the buyer, An "independent contractor" means: Can a licensee sell a house without going through the brokerage? When must an offer be presented to the seller? The only allowance are funds needed to maintain a minimum balance and to cover service charges. a. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Avoid risk is the removal of risk, such as repair cracked sidewalks. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. a. You must have a high school diploma or equivalent. c. To other agents only Each agent is. a. Click the card to flip . c. A fee must be paid Not valid a. December 15, 2003 The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. d. A member of a trade organization, A broker also working as a full time personnel manager may: The Arkansas Recovery Fund c. A broker a. Violation by the director of a corporation is subject to criminal prosecution The price must be given 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. The "Commission" is the State Board of Private Career Education c. Can be held accountable by the commission for their actions d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. 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 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. . E&O insurance policies vary from providers. Applies to everyone with no exceptions b. Is the lender of a mortgage the mortgagor or the mortgagee? An agency relationship created by oral or written agreement between principal and the agent. Transfer one's rights under the contract. Free Arkansas Real Estate Practice Exam. Features of Arkansas Real Estate License Exam Prep (AR-RELEP):National Principles & Law Key Point Review (60 pages)Real Estate Math Key Formula Review & Practice (17 pages)Arkansas-Specific Laws and Practices (28 pages)National Practice Tests (500 questions)Arkansas Practice Tests (100 questions)Arkansas Sample Exam (100 questions)We know the real estate licensing exam can be tough, and very . A breach of ethics No later than three business days after the loan application is received by the lender. *All licenses must be displayed at the place of business. Arkansas Real Estate Exam. 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. Click the card to flip . d. The Real Estate Code of Conduct, b. a. 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. Where records are kept d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. Must disclose any knowledge of property repairs needed, Money received by a salesperson: A branch office does not have to have a principal broker. a. Go through a fingerprinting process. The broker has no grounds for a lien or for a suit. If a person dies without a will, his share goes to his heirs, not to the other owners. All of the following are true of an open listing and an exclusive agency listing EXCEPT. 5 acres B. The agent always owes absolute fidelity to their Client. Is mandatory in the state of Arkansas *Written disclosure before contracting. Find Your State National & State Portions c. Must choose randomly from a list of non-profit organizations Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: Testimony in a hearing is under oath and is recorded. Writ of Attachment 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. Let's start your studying right now! Real Estate Agent License Practice Test. c. Up to one year, then renewal is mandatory Punitive damages may be awarded for willful violations of the time-share act. inform any prospective buyers of the defect. c. Held as irresponsible by the courts y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. Flashcards. Walk in prepared, walk out confident, pass the exam. Must be in duplicate a. When can a time share developer cancel a contract? They passed it in another state; To activate an inactive license requires a fee The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. a. Broker applicants must provide proof of licensure as an active real estate salesperson or broker for at least____ months within the previous ____ month period preceding the date of application. The landlord sells the building during the one-year lease term. c. To protect public health, safety and welfare a. If a salesperson leaves their broker what must happen? However, you can pass it easier with our free arkansas real estate practice exam 2022. Learn . For brokers: Proof of age 18 and above. 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: c. Five This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. In Arkansas, there are 110 questions on the exam (80 national and 30 state). 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. Accept a rebate from a service provider. Be excused by waiver of the commission Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). One member must be a Realtor 60 years of age or older, All of the commission members can: c. Can ask for waiver of said fee in cases of hardship d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: b. What type of crime does someone commits if they act as a broker or salesperson without a valid license? d. An auctioneer dealing with no more than 4 properties a year, d. An auctioneer dealing with no more than 4 properties a year, Anyone dealing in real estate without a license and not being exempt is: a. Good reputation 10 acres C. 80 acres D. 2.5 acres Home. a. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. c. Is automatically canceled Is subject to review by the Commission, Penalties for violations include: What is the post-license education requirement? Continuing education courses require testing in order to obtain credit. b. Be placed on a window ledge, easily viewed from the street Anyone buying or selling real estate The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. b. If one of the cousins dies without a will, to whom will his interest pass? Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. Will be treated as an expired license For help with the national portion we have our national real estate practice quiz. The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. c. Where licenses are hung Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. A court action to stop violators from continuing unlawful acts *revocation of the agent's license. a. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. Test. d. Only award actual damages within the regulations set by the commission, d. Only award actual damages within the regulations set by the commission, After a final order by the commission, appeals: Needs their own separate trust account 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: one authorized by the principal to execute specific acts. Full disclosure a. The answer is events that might have stigmatized the property. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. c. Have equal voting privileges a. a. b. What is the purpose of the Arkansas Recovery Fund? b. Get your certificate now! Leasing assistants. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: b. cost center. c. A quorum What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? This right is known as an equitable right of redemption. Full test. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. the buyer receives equitable title to the property. c. There were holidays What is the best way to study for the Real Estate Licensing Exam? Use a graphical technique to display this information. Don't rely on the outdated material on other real estate practice test sites. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. b. a. A real estate brokerage firm used a third-party email service to send an unsolicited email to announce a reduced price on a listed property. *renunciation The answer is three days. 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. *Branch offices must display clear signage and the licenses of all agents practicing within the office. In this position, the on-site manager is exempt from the licensing requirements. b. Exhibiting poor judgement The bonds pay interest on March 111 and September 111. Skill Can an agent make their own price for a listing? d. Failure to disclose to all parties in a transaction, A revoked license: Regarding CE credits, how much can you miss before you no longer get credit for attending? The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. c. Benefits of the developer In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: A landowner subdivides her acreage and offers the lots for sale. All security deposits for leases must be deposited in the trust account. b. b. Study sets, textbooks, questions. c. A conflict of interest 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. d. Abide by the rules of the Real Estate Service Board, b. A broker whose license has expired for no more than 60 days Such delegation may include the authority to enter into contracts. d. Voted upon every 4 years by members of the local board, a. Must be shredded upon closing Property management duties do not include accepting rebates from a service provider. 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: Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. Immediately make a photocopy of their license and have them carry it c. Are illegal in Arkansas Property manager. c. Must be retained until closing Death of a tenant in common would usually cause property to pass according to the decedent's will. A woman has permission from her friend to hike on his property during the autumn months. a. Requires consent of all licensed brokers Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. c. The "board" is the Arkansas Real Estate Commission They may be sued in civil court and subjected to punitive damages. c. Is required d. Allowed, The commission may legally: If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Managing and sales agents must be registered, bonded. A bachelor died owning real estate that he devised to his niece. a. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. Main Phone: 501-683-8010 Main Fax: 501-683-8020. a. c. A "continuing education unit" is only possible with the instructor present in class 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. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. Illegal Can work independently of an Arkansas principal broker in his or her own state Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? A licensee is representing the seller solely in a real estate transaction. An agency contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority. No annual renewal fee is required as long as an agent is renewing on inactive status. There was compensation promised All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. *environmental hazards As a real estate agent you must be well-versed in contracts of sale. A principal broker is an individual who performs certain real estate services for another party for compensation. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. 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: Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Harry conveys his interest to his long-time friend Wendell. The broker requirement is to complete a 30-hour broker course within one year. b. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. d. Determined by the commission on an independent basis, Licensed applicants from another state must: What must be included in property advertisements? a. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. Established by quorum *Acting on behalf of more than one party without knowledge. Toggle through the questions and view helpful hints. Boat Belting buys inventory for 21,000 Swiss francs. d. The company's business account, A salesperson collecting security deposits from rental units they own: The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. An individual rents an apartment for one year. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: Area of rectangle. If your license is revoked, how long do you need to wait to reapply? The commission Are people with AIDS are protected under the disability provision of the Fair Housing Act. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. Have full time agents working under them Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: Must still be accountable to the commission for their actions, Inactive licenses: Let's say you have the following information: a 4-unit building with an asking price of $200,000 and gross annual rents of $24,000. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) A special assessment is applied to all licensees to cover it Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. c. Attorneys need not have a license to sell real estate for their clients 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. This requirement applies to both resident and nonresident applicants. 18; relicensing educational courses; exam. Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Click the card to flip Definition 1 / 230 C. Can be called by a majority Can a licensed salesperson sell their own home? Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. a. All other client or customer funds received must be deposited within three days of receipt. credit can apply to Prelicensure requirements When the state or local government restricts the amount of rent a landlord can charge, All of the following are characteristics of value EXCEPT, A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. Arkansas real estate principles final exam answers YouTube April 9th, 2018 - Real Estate License Practice Exam 1 Laws of Agency Free Test USA 130 Questions Duration 7 05 John Walker 252 135 views Amazon com Real Estate Practice Exam Appstore for Android April 28th, 2018 - Buy Real Estate Practice Exam Try the Real Estate Practice Exam app Real . They may take their own listings with them b. Complete and pass the real estate examination. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. An assignment is a transfer of the interest of one person to another. 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. b. Dual agency c. Anyone collecting rents for a fee, and not residing on the property a. Are different as to time requirements c. Never In this arrangement. At this point, the buyer has what type of title to the property? b. Promulgate necessary rules would not be allowed to rebuild the plant in that location under any circumstances. Three times Exaggerated or superlative comments or opinions. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining Who is the fiduciary in a real estate agency situation? However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. The Arkansas Real Estate Commission approves continuing education course. At first contact. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. b. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? the seller finances the property and retains title until the final payment is made by the buyer. When a licensed salesperson sells their own home what must be included in advertising? c. Will be revoked Is not covered by the Real Estate Recovery Fund The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. For brokers and associate brokers: Proof of age 21 and above. Must be made active within a year However, the unlicensed party can face criminal charges. b. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. a. c. A simple quorum Which of the following is NOT an example of governmental power? b. When an actual introduction has taken place. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? 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. c. The signature of the lien holder A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: No. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. After that it is treated as renewal of an expired license. The broker should: b. Free to the public by choice Application fee $50 Original broker license fee $70 Go to work immediately upon receiving a license After the buyer's offer was accepted, the buyer had the home inspected. Is not possible under state rules Only $35.99/year. d. Must be in writing, The astute of limitations on filing complaints is: What leasing duties are exempt from licensing? Reasons an agency relationship may terminate without successful completion *death or incapacity of either party The "warehousing" occurs when individual loans are bundled, often with a common element such as the size of the mortgage or credit worthiness of the borrowers, and sold as a single unit. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. Go to work immediately Three working days of execution of the offer. The license application and fees must be received by the AREC within ___ days of the examination date. a. Prelicensure courses can apply to C.E. b. A broker who wishes to place a For Sale sign on a listed property must first. c. A general partner buying land for the partnership Real Estate Practices and Agency Learn with flashcards, games, and more for free. The term Realtor refers to any agent holding a valid real estate license. d. Unlimited, The duties and responsibilities of the executive director are designated by: An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. The firm's records must be maintained by the principal broker for three years, available for inspection. Is exempt from disciplinary action It is published in a newspaper of statewide circulation. Are concerned only with land ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. c. Must have their own "bond of assurance" One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. c. At least one represents consumers If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. Can a licensee pay an unlicensed person for leads? An oral agreement does not constitute a valid agency contract entitling the broker to a commission. Must immediately be deposited in an escrow account The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. Ethics in the real estate profession An executive broker can bring a suit against the public if they fail to pay the commission due. 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. Federal agency or state government officer or employee c. Is no longer considered liable in lawsuits Must submit the signatures of three people who vouch for his integrity A penalty of 50% added to the fee The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. b. b. 5 acres. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. It really depends on the type of license you would like to have. c. The commissioner Have the words "Real Estate, Realtor," or other identifying words included d. Can be in a residence, A licensee transferred their license to another real estate company. Diligence A mortgage broker is an intermediary who brings borrowers and lenders together. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: c. A licensee working under a principal broker in buying or selling real estate For help with the state portion you're in the right place! Held in trust by the commissioner Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Only informational services are considered "ministerial" and may be performed by a nonlicensee. Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! Office Hours: Monday - Friday | 8:00a - 4:30p 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. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Note that answers are only provided upon purchasing Exam Prep. In some cases *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. Must take all educational requirements required by a beginner An executive director administers the operations of the commission. When does a real estate application expire? All motions must be filed 10 days in advance of the hearing date. A person who received the email chose to opt-out from receiving additional emails from the licensee. c. Only brokers licensed by the state a. b. Salesmanship for buyer's agents a. MLS wholly owned by a nonprofit organization The seller has agreed in principle to making certain repairs prior to closing. You must have a high school diploma or equivalent. Single agency Designated executive branch broker. When must an expired licensee go through the full process of school again? Have a sign stating thatchy are engaged in real estate

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