arkansas real estate exam quizlet
Real Estate Exam. b. The mortgagee because it holds the property as security. 17-40-101 One member must be a Realtor 60 years of age or older, All of the commission members can: 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. Offers received by selling agents must be presented to the listing firm by the close of the following business day. The landlord sells the building during the one-year lease term. d. Must be in writing, The astute of limitations on filing complaints is: The Commission has the power to suspend or revoke a license. May ask for a hearing before the commission Time-share is considered to be a real estate interest. Can be waived by the principal broker's request The Arkansas Real Estate Commission The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. 100% money back guarantee. Will be returned Fines not exceeding $10,000 for each offense a. 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 . 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. Are considered "person non-grata" by the commission Multiply all denominators, divide that number into 640. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. Have a sign stating thatchy are engaged in real estate Only $35.99/year. Only informational services are considered "ministerial" and may be performed by a nonlicensee. c. The principal broker Who is the fiduciary in a real estate agency situation? However, you can pass it easier with our free arkansas real estate practice exam 2022. 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: Can an agent make their own price for a listing? A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. d. 10-10-99, The legislature regulates the practice of real estate because: y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) b. The client may be either seller or buyer. c. Are more for expired licenses Can a landlord charge an extra deposit for a service animal? a. Must sign a standard form 50+ Real Estate Math Questions & Cheat Sheet (February 2023) Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. b. A bachelor died owning real estate that he devised to his niece. 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. *Written disclosure before contracting. . arkansas real estate exam quizlet. Sign up. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: Needs fewer than 3 members on the company's board of directors c. Fund bonds issued by the State a. If a person dies without a will, his share goes to his heirs, not to the other owners. 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: 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. Mostly mean the same After the broker sells some of the lots, the landowner refuses to pay him a commission. (The certificate is due no later than the end of the month one year following the date of initial licensure.). a. Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. Arkansas Real Estate Exam Flashcards | Quizlet The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. When does a licensee have to file an appeal of ruling? c. There were holidays Delivery of a lease application or lease. a broker independently setting a company commission schedule. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. Once the sale closes, the broker is no longer required to maintain records on the transaction. In writing before contract. Free Real Estate License Exam Practice Test (2023) - Union Test Prep A real estate salesperson has been working with buyers. Purchasing any kind of insurance shifts the financial risk to the insurance company. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. d. December 15, 2004, To reinstate an expired license: Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. d. Is subject to no restrictions, A temporary license: The process by which the new contract replaces the old one is called. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? b. c. May need approval Test. c. Their rights under habeous corpus 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: b. b. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: Property management duties do not include accepting rebates from a service provider. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. Given to the state by law Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. The seller's property disclosure form provides all of the benefits shown for the buyer. d. The Commission itself, The number of meetings of the commission is: a. The seller has agreed in principle to making certain repairs prior to closing. Find exam details and search for an available exam session date and time that meets your needs No- the Arkansas Real Estate Commission could suspend the licensee's license. Time-shares must be registered. 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. Which of the following is NOT an example of governmental power? c. The commission needs to be notified of the transfer would not be allowed to rebuild the plant in that location under any circumstances. Must be in duplicate The price must be given d. The company's business account, A salesperson collecting security deposits from rental units they own: When an agent elects to go to work for another firm, they may take their listings with them. Transferring risk is shifting risk to another party such as an insurance company. a. Active license: 6 classroom hours annually. 18 months after the consumer's last purchase, delivery, or payment. Can choose not to participate in the Real Estate Recovery Fund b. D, 7. a. 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. Study Plan. Accounting License laws regulate licensees and protect the public. a. A listing salesperson acting as the seller's agent is holding an open house. Verified by the principal broker b. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. a. A. b. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. Their license will be revoked A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. *Failure to account for moneys belonging to other parties. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. d. Is satisfied for the following year for new licensees, d. Is satisfied for the following year for new licensees, As to correspondence courses meeting the continuing education requirement: What type of agency gives the agent certain tasks including the authority to enter into contracts? How are members of the Arkansas Real Estate Commission's board selected? 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. Be handicap assessable 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. a. Is established by a majority a. Promulgate desirable rules c. Is granted upon submission of application *Sign offer and acceptance forms. a. Calendar of Events; Commission; Contact AREC; News; . After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. RealEstateExamAnswers.com - Study guides and Answers to Real Estate Arkansas recognizes licensure another states with ____________. c. Submit their experience to the commission for consideration (g) Loss from damage to a warehouse in southern California from a minor earthquake. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: a. The broker requirement is to complete a 30-hour broker course within one year. 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 opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. 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: Writ of Attachment As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. A cooperating broker Arkansas Real Estate Exam Flashcards | Quizlet Must hold an active real estate license c. Must include any listing agreements When does a licensee have a legitimate claim to a referral fee? a. *condemnation or destruction of the property Appointed for life The members of the board are appointed by the governor and approved by the senate. a. Are different as to time requirements There is a 5-day grace period Free Arkansas Real Estate Practice Exam 2023 A broker must deposit earnest money within three (3) days of receipt. b. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. c. Proof of current continuing education requirements may need to be submitted a. What type of agency gives the agent the authority to conduct specific activities which upon completion terminates the relationship and does not bind the principal to a contract? 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. a. c. Charged for by choice of the commission a. The "branch office" is a principal broker's primary place of business In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: All continuing education course must be "in-class" In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Established by quorum a. All of the following are examples of a property managers duties EXCEPT. The Arkansas Trust Fund A "meeting of the minds" in a real estate contract *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) c. Limited to 3 years b. Four Is not possible under state rules CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. Study sets, textbooks, questions. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. A federal judge b. The brokerage name- A licensee may not advertise any property, including the licensee's own residence, for sale or rent, without including the name of the firm with which that licensee is licensed. Fees: Examination Fees (Salesperson: $121). Transfer one's rights under the contract. b. 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. c. Held as irresponsible by the courts Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. d. The Real Estate Code of Conduct, b. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. Download Real Estate Prep app now. No annual renewal fee is required as long as an agent is renewing on inactive status. How long does one have to bring a complaint against a licensee? d. Failure to disclose to all parties in a transaction, A revoked license: c. Is required Can work independently of an Arkansas principal broker in his or her own state It gives the buyer full knowledge of all issues with the property. a. In a coop sale, the earnest money is held by the selling company. Must be registered with the board 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. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Patent defects are property defects that are easily visible when inspecting a property. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. *property condition. If an agent's license is revoked, the agent may be eligible to reapply for a new license within one (1) year from the date of revocation. Should the salesperson refer the buyers to this lender? Immediately make a photocopy of their license and have them carry it b. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. Warehousing refers to the process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. Upgrade to remove ads. b. b. A licensed broker. 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 . c. To other agents only c. Must be retained until closing Illinois Real Estate License and Exam Info - PrepAgent.com The principal broker is generally responsible for all business conducted by the firm. Are concerned only with land If a specific time period for delivering earnest money is not specified in an offer to purchase real estate, how long after acceptance of the offer must earnest money be delivered to the firm and deposited into a trust account? Brings the borrower and the lender together. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. Cash is an acceptable form of earnest money. Equitable right of redemption. Because joint tenancy must be declared, Jim and Manny remain joint tenants with a two-thirds interest while Wendell, because of his passive acquisition of his share of the property, becomes a tenant in common with Jim and Manny. Death of a tenant in common would usually cause property to pass according to the decedent's will. 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. b. Free Real Estate Practice Exam | Real Estate Practice Test - CompuCram d. Unlimited, The duties and responsibilities of the executive director are designated by: When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. The property would not pass on to the state. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: b. d. "Director" shall mean the executive director of the state board of continuing education, b. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. a. *renunciation Must submit the signatures of three people who vouch for his integrity The Arkansas Real Estate Commission does not have the authority to send anyone to prison. 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. 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. When must an expired licensee go through the full process of school again? Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test d. Voted upon every 4 years by members of the local board, a. Violation by the director of a corporation is subject to criminal prosecution A court action to stop violators from continuing unlawful acts In this position, the on-site manager is exempt from the licensing requirements. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). c. A "continuing education unit" is only possible with the instructor present in class Office Hours: Monday - Friday | 8:00a - 4:30p d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: *breach b. Must submit work experience requirements to the board 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: Must be kept for 5 years a. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: b. Fulfillment, Term Expires, Mutual agreement,Breach of Contract, death, Purpose fulfilled, Term Expires, Property destroyed, Transfer of Title, Mutual Agreement, Breach of Contract, Death, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Alexander Holmes, Barbara Illowsky, Susan Dean, The Cultural Landscape: An Introduction to Human Geography, AP Edition. The answer is events that might have stigmatized the property. a. d. All of the above, A licensed real estate agent: b. Sixty hours c. Needs a separate principal broker After the conveyance, Jim and Manny. What type of crime does someone commits if they act as a broker or salesperson without a valid license? 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. The expiration date 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. Paying a fee established by the commission d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: An assignment is a transfer of the interest of one person to another. Scan QR code or get instant email to install app. Arkansas Real Estate Test Flashcards | Quizlet Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. Complete and pass the real estate broker examination. Leave nothing to chance when it comes to your new career. This requirement applies to both resident and nonresident applicants. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. The purchaser has defaulted; The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. Base x height. Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. Receiving a security deposit, rent payment or related payment for delivery. c. Can be held accountable by the commission for their actions An agent can lose their license for working independent of their broker. 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. a. Prelicensure courses can apply to C.E. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. A writ of appeal granted by the State $25,000 per violation, to a maximum of $75,000. b. 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 ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. If your license is revoked, how long do you need to wait to reapply? Third party who is not principal but entitled to fairness and honesty.