The principal broker is generally responsible for all business conducted by the firm. In this problem, multiply all denominators: 2 4 4 4 = 128. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. Are concerned only with land Must disclose any knowledge of property repairs needed However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. c. The "board" is the Arkansas Real Estate Commission The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. Both parties sign the sales contract. Have part time agents working under them Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. 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. "At first glance" In no case 1 / 159. Being convicted of any crime Active license: 6 classroom hours annually. b. b. Unless a novation has occurred by a new lease contract being signed between the landlord and the assignee, the original tenant is primarily responsible for rental payments to the landlord. c. Submit their experience to the commission for consideration Equitable right of redemption. 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. A referral fee can only be paid if the receiving party has a valid active real estate license. Can sometimes be reinstated by the Board b. A specific disclosure required by Arkansas regulation is that of the agent's compensation. Cannot sell their own home Scarcity means that there is a limited supply of similar properties. They may be sued in civil court and subjected to punitive damages. Can the owner of a lifehold estate convey title via a will to their heirs? 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. c. Is automatically canceled At this point, the buyer has what type of title to the property? b. You will have between 2-4 hours to complete your exam. Can advise, but not conduct classes Public offering statements must be provided to all purchasers of a time-share interval. A buyer and a seller sign a contract for the sale of real property. 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. a. b. Susan David is putting her two-bedroom, one-bathroom condo on the market. 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? d. A demand of payment from the commission, If a licensee does not renew their license by September 30th all of the following may apply EXCEPT: b. a. A licensee is representing the seller solely in a real estate transaction. Will be returned A breach of ethics Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. 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: c. Continuing education programs may be required c. Cannot have ever filed bankruptcy a. arkansas real estate exam quizlet. a. _____ of these must be at least 60 years of age and represents the elderly. 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? b. a. When can a time share developer cancel a contract? c. Held as irresponsible by the courts A person working under a power of attorney is known as attorney in fact. All of the following are true of an open listing and an exclusive agency listing EXCEPT. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. I, the principal broker, am out of town for not more than one (1) day. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. Records may be kept electronically. Must hold an active real estate license After the buyer's offer was accepted, the buyer had the home inspected. d. Can be in a residence, A licensee transferred their license to another real estate company. one who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind ie. authorization for the manager to receive referral fees from service providers. 2023 - BT Management, Inc. All rights reserved. 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. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. b. Promulgate necessary rules b. They passed it in another state; d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": If one of the cousins dies without a will, to whom will his interest pass? What can a principal broker delegate to an executive broker? Three times Totally at the commission discretion Appointed by the governor. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. *information about the buyer's motivations and financial qualifications d. Cannot advertise their own home, c. Must include the fact that they are an agent in selling their home, If not disclosed by the seller, an agent working for the seller: All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Office Hours: Monday - Friday | 8:00a - 4:30p c. The Administrative Real Estate Action Code c. The deficit comes from the state treasury The expiration date Delivery of a lease application or lease. Arkansas Real Estate Exam. A broker whose license has expired for no more than 60 days Dual agency A "meeting of the minds" in a real estate contract b. Be placed on a window ledge, easily viewed from the street b. 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. What is the purpose of the Arkansas Recovery Fund? The examinee is licensed in another state at the time. The agent always owes absolute fidelity to their Client. b. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. a. d. Can be reheard by a written request of the injured party, After compensation is paid out of the Real Estate Recovery Fund to a recipient, the licensee: Who is responsible for a branch office's trust account? The "branch office" is a principal broker's primary place of business A court action to stop violators from continuing unlawful acts According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. c. Is no longer considered liable in lawsuits May be licensed after taking all classroom requirements, testing and paying all fees, In general an application to renew a real estate license received by the commission after September 30th: A person must hold a real estate license of sometime to legally own a real estate company. If a person dies without a will, his share goes to his heirs, not to the other owners. Offers received by selling agents must be presented to the listing firm by the close of the following business day. d. "Director" shall mean the executive director of the state board of continuing education, b. credit can apply to Prelicensure requirements Mostly mean the same d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. d. Never, A person with an expired license: d. Require acceptance by the buyer, An "independent contractor" means: *Written disclosure before contracting. The characteristics of value include what values? A time-share project may be advertised without submitting anything to the Commission. a. Free to the public by choice A federal judge The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. a. Has the right to appeal to the commission within 30 days No, because this would be an unwise referral. In this case the salesperson. A person empowered to do anything the principal could do. Don't rely on the outdated material on other real estate practice test sites. When the license has been expired for more than 2 years. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? These Exam-Prep Courses with Guides and Answers are to help you pass your Sales Associate ( Pre-License ) Course Exam, your State Real Estate Sales Associate Exam and Post-License 45-hour Class for the states of Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Kentucky, Maine, Mississippi . A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. This applies to client-seller AND a client-buyer. a. Promulgate desirable rules Salespeople can only receive compensation from their employing broker. *property condition. Is obligated to become a resident if more than half of their income comes from Arkansas Making substantial misrepresentations c. Trust accounts and real estate law Real Estate Agents License Research Paper Again, the exam varies from state to state. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? a. 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. b. For help with the state portion you're in the right place! 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, 8. Third party who is not principal but entitled to fairness and honesty. When an agent elects to go to work for another firm, they may take their listings with them. 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. a. a. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. c. Five c. Can be taken to the circuit court Does a real estate lien need to be recorded to be valid? All licensees advertising properties must include the name of the licensee's firm. Mandatory Harry conveys his interest to his long-time friend Wendell. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: 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 Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: a. c. Can ask for waiver of said fee in cases of hardship The Commission meets on a regular schedule one time per month. The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker 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. A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." d. All of the above, The name of a real estate firm: d. December 15, 2004, To reinstate an expired license: a. d. May require documents to be provided to the commission, d. May require documents to be provided to the commission, Costs for procuring a witness to the commission s paid for by: Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Office Hours: Monday - Friday | 8:00a - 4:30p When does a licensee have to file an appeal of ruling? Apply for a term of "reinstatement" One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. c. Up to one year, then renewal is mandatory (g) Loss from damage to a warehouse in southern California from a minor earthquake. Have a sign stating thatchy are engaged in real estate If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. 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. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. 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. However, the unlicensed party can face criminal charges. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Tenancy in common is put in motion by state law. b. a. If your license is revoked, how long do you need to wait to reapply? Is concerned with the profit margin of the company *Photographs of the signage must be furnished to the Commission for its records. The public demands it In these two scenarios, which currencies strengthened? c. Anyone collecting rents for a fee, and not residing on the property The process by which the new contract replaces the old one is called. The commission Arkansas Real Estate Exam. Index. So it would be: $200,000/$24,000 which = 8.33. Submitting proof of active status with a principal broker Single agency Any licensee denying access to those records is in violation of the license law and regulations. Trust funds must be deposited no later than 3 business days. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. A buyer makes an offer on a seller's house, and the seller accepts. c. Limited to 3 years The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. A real estate salesperson has been working with buyers. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Accounting Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? The "Commission" is the State Board of Private Career Education For help with the national portion we have our national real estate practice quiz. a. Boat Belting sells goods for 900,000 Mexican pesos. Application designed and maintained by HCCS, Inc. The Arkansas Trust Fund a. They do include screening tenants, handling rents and deposits, and negotiating leases. a. It is published in a newspaper of statewide circulation. Transfer one's rights under the contract. You must be sponsored by a managing broker in order to practice. Must be kept for 5 years c. Guilty of class B felony The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. 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. What is the post-license education requirement? b. a. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: Free Arkansas Real Estate Practice Exam. Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes The Commission may allow a temporary continuation under a person approved by the Commission. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Can be waived by the principal broker's request Is exempt from the licensing requirements. Determined by the commission annually b. Loans made to brokers during slow times Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. c. Paying a fee established by the board a. c. Never Three working days of execution of the offer. b. All security deposits for leases must be deposited in the trust account. to Arkansas: b. Complete and pass the real estate examination. The answer is in a timely manner. an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. 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 . y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) 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: d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: An agent can lose their license for working independent of their broker. Only attorneys licensed by the state A guest slips on an icy apartment building stair and is hospitalized. The foreign-exchange rate for a peso is $0.094 on the date of sale. A business day includes Saturdays the lender is open for business. b. d. Put the licensee on inactive status, The continuing education requirement for all licensees: Is barred legally from commercial intervention Must be in at least 8 point type Disaster relief for real estate professionals The responsibility of the instructor A. Fees: Examination Fees (Salesperson: $121). d. Allowed, The commission may legally: The Arkansas Real Estate Commission approves continuing education course. b. d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: c. Where licenses are hung When must the agent disclose his or her agency relationship to the seller or the agent of the seller? a. d. Two of the members are nit required to be nominated by the commission, a. A landowner subdivides her acreage and offers the lots for sale. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Cash is an acceptable form of earnest money. Must be shredded upon closing c. Without recourse Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Must take all educational requirements required by a beginner What, if anything, should now be done? d. By permission of the commission, Necessary items of a listing contract are: Time-share agents must individually be bonded in an amount of $10,000.00. Only four such transfers are allowed per a year Does there have to be compensation in order to have an agency relationship? It is timed, although the length varies from state to state. It gives the buyer full knowledge of all issues with the property. 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. May be licensed after taking all classroom requirements, testing and paying all fees Use a graphical technique to display this information. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: a. Revoke their license Fines not exceeding $10,000 for each offense ie. Not valid Need not disclose A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. Real Estate Exam; California Real Estate Test 1; California Real Estate Test 2; California Real Estate Test 3; Real Estate Exam Questions; Real Estate Test; a. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. A test must be taken a. Any appeal of a ruling must be filed within 15 days from the ruling date. Need not display a sign c. Chancery court Property management duties do not include accepting rebates from a service provider. No annual renewal fee is required as long as an agent is renewing on inactive status. b. Cannot use a fictitious name 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. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. inform any prospective buyers of the defect. At first contact. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. a. 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: a. A branch office does not have to have a principal broker. This right is known as an equitable right of redemption. 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. Authority to act on behalf of Principal. The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency One member must be a Realtor 60 years of age or older 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. Test. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. A house has outdated electric and plumbing. *environmental hazards Both parties sign the sales contract. d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: Only the ______________ has authority to supervise others or designate others to supervise. c. The signature of the lien holder As a real estate agent you must be well-versed in contracts of sale. *Discharge administrative duties. Punitive damages may be awarded for willful violations of the time-share act. The buyer and seller would be responsible. 100% money back guarantee. c. 01-01-01 a. A broker who wishes to place a For Sale sign on a listed property must first. 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: Applications must be submitted to AREC BEFORE the applicant is fingerprinted. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. Inactive and expired: 6 hours for every year, not to exceed 30 hours. Three c. May need approval A residence Most states administer the tests in two parts, and require that the candidate pass both. When an actual introduction has taken place. A property manager is offered a choice of three insurance policies with different deductibles. 10 acres C. 80 acres D. 2.5 acres When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. What must be included in property advertisements? When can a new applicant begin practicing real estate? Is the lender of a mortgage the mortgagor or the mortgagee? A cooperating broker The broker requirement is to complete a 30-hour broker course within one year. Is subject to review by the Commission, Penalties for violations include: All of the following are examples of a property managers duties EXCEPT. Term. The rules have the same force and effect as the law. One member must be a Realtor 60 years of age or older, All of the commission members can: 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. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. 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 licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. c. A conflict of interest The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Our simulated exam gauges your score in real-time. What type of agency gives the agent certain tasks including the authority to enter into contracts? 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.
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