arkansas real estate exam quizlet

a. Click the card to flip . d. May take only the Arkansas Law portion of the exam, b. 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. Someone acting with assurance b. b. In this case the salesperson. To maintain an active license, an agent must complete six (6) hours of continuing education annually. Property management duties do not include accepting rebates from a service provider. a. Accept a rebate from a service provider. d. Abide by the rules of the Real Estate Service Board, b. a. a. a. 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? The agent always owes absolute fidelity to their Client. d. Unlimited, A person may engage in the business of real estate while on inactive status: c. Illegal to Arkansas: c. A general partner buying land for the partnership a. A Swiss franc costs $1.12 on the purchase date. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Tenancy in common is put in motion by state law. c. Without recourse a. Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. a. Revoke their license b. 17-40-101 Avoid risk is the removal of risk, such as repair cracked sidewalks. The seller has agreed in principle to making certain repairs prior to closing. Anyone buying or selling real estate The executive broker: the manager under the boss. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. 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 purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. One member must be a Realtor 60 years of age or older Immediately make a photocopy of their license and have them carry it credit The monies are refunded to the purchaser. d. Failure to disclose to all parties in a transaction, A revoked license: To activate an inactive license requires a fee 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: Utilizing the formula, we can take the property price and divide it by the annual rental income. The Commission meets on a regular schedule one time per month. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. Is exempt from the licensing requirements. Making substantial misrepresentations After the conveyance, Jim and Manny. c. Must be a resident of Arkansas to get a license 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. The answer is three days. Transfer one's rights under the contract. b. The Arkansas Trust Fund a. c. Can be taken to the circuit court Application designed and maintained by HCCS, Inc. 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. A simple quorum Punitive damages may be awarded for willful violations of the time-share act. b. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? Arkansas Real Estate Exam. An agent can lose their license for working independent of their broker. It is timed, although the length varies from state to state. Prepare the journal entries to record transactions a and d of part 1. The Commission may allow a temporary continuation under a person approved by the Commission. Three years in all cases Paying a commission or any valuable consideration "bird-dog fee" to any unlicensed person for acts or services performed is a violation and is punishable by suspension, revocation, or demotion of the licensee. Real Estate Practices and Agency Learn with flashcards, games, and more for free. c. Limited to 3 years Main Phone: 501-683-8010 Main Fax: 501-683-8020. 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: Appointed by the governor. Let's start your studying right now! b. Statutory Laws a. b. "At first glance" a. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: a. Register and apply. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. Members of the public may have access to the MLS, but not to all of the features and content. a. b. December 31, 2004 As such, they are highly discouraged and typically place the licensee in a position of increased liability. Is an undisclosed dual agent who acted in bad faith. c. Can be held accountable by the commission for their actions b. Sixty hours Match. When must an expired licensee go through the full process of school again? d. Held in trust by the executive director, A subpoena duces tecum is: d. Not be compensated for services offered, A commission quorum: 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. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. Test. Must take all educational requirements required by a beginner d. Must be in writing, The astute of limitations on filing complaints is: a. A state judge d. Are more for inactive licenses, The developer of a time-share program: c. To protect public health, safety and welfare License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. c. Must choose randomly from a list of non-profit organizations d. All of the above, A licensed real estate agent: Exam Information - Arkansas Real Estate Commission The client may be either seller or buyer. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. a. d. Must be given to the principal broker, Records of transactions of real estate sales: c. Never convicted of a felony a. Free Real Estate Practice Exam | Real Estate Practice Test - CompuCram Established by quorum The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. Continuing education courses require testing in order to obtain credit. *Discharge administrative duties. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Writ of Attachment b. Demand the commission pay punitive damages to the injured party Arkansas Real Estate License School | Requirements - FAQ's - The CE Shop a. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. Arkansas Real Estate Commission (AREC) requires all applicants for original licensure as a real estate salesperson or broker to complete a state and federal criminal background check. b. a. Which of the following actions would be seen as unauthorized practice of law? 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. 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. inform any prospective buyers of the defect. English..There are 1,216 incorporated cities in the state of Texas. In writing before contract. d. Must pay the recipient punitive damages, b. . c. Thirty-six hours if supplemented by a college degree a. ExamSmart | Free Trial The agent represents one party in a transaction. 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. Must be registered with the board c. To other agents only Is obligated to become a resident if more than half of their income comes from Arkansas c. Must include any listing agreements Sometimes, if under a direct order from an attorney No- the Arkansas Real Estate Commission could suspend the licensee's license. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner Her friend has granted her, To assign a contract for the sale of real estate means to. c. Need contractual consent to be valid You will have between 2-4 hours to complete your exam. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. A test must be taken Prominently displayed in the broker's principal place of business. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. b. The name of any lien holders Time-shares must be registered. Base x height. Must have the words "real estate" in it c. Can be temporarily employed for up to 30 days awaiting their license When does the commission send renewal notices? Calendar of Events; Commission; Contact AREC; News; . b. Sixty hours of classroom instruction A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. NEW licensees need not take CE the first partial year OR the first full year. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Three We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. *property condition. a. How are disciplinary actions against licensees initiated? d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: a. a. The license application and fees must be received by the AREC within ___ days of the examination date. What must be included in property advertisements? 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. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. c. investment center. b. The salesperson: a selling or listing salesperson. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. True of False, A smaller home is surrounded by larger, more expensive homes. What is the purpose of the Arkansas Recovery Fund? Are the same Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. The real estate licensee is automatically suspended. 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. Courses offered by the commission The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Can an agent make their own price for a listing? Must be made active within a year The exception to this time limitation is where a licensee has obtained a license through misrepresentation. Must submit work experience requirements to the board In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? The commission Can advise, but not conduct classes To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. the buyer receives equitable title to the property. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. 5) General principles of agency: 13%. 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: b. A house has outdated electric and plumbing. Walk in prepared, walk out confident, pass the exam. Arkansas Real Estate Test Flashcards | Quizlet 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. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? c. The board must approve them Two years' experience as salesperson or broker within four-years. a. 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 instrument of authorization is the power of attorney. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: Home. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! d. Is subject to retroactive disciplinary action by the commission, a. b. 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: The broker can. Once the sale closes, the broker is no longer required to maintain records on the transaction. No later than three business days after the loan application is received by the lender. A guest slips on an icy apartment building stair and is hospitalized. At first contact. Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. d. Never, A person with an expired license: b. a. The foreign-exchange rate for a peso is $0.094 on the date of sale. a. a. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. Brings the borrower and the lender together. 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." A property owner deeds a parcel of his property to a town "for recreational purposes only." What are critical regulations regarding time shares in Arkansas? The Quaker Foods division of PepsiCo is most likely treated as a(n) Be opened to the public A broker is required to display, at their place of business, the license of all agents in their firm. Firehunt lodge arkansas - vti.levante-online.de Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. 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. a. About Us - Arkansas Real Estate Commission 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . Are people with AIDS are protected under the disability provision of the Fair Housing Act. What must be provided to the purchaser of a time-share interval? What can a principal broker delegate to an executive broker? When the license has been expired for more than 2 years. c. Five Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). 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. The principal broker b. The rules and regulations of the Arkansas Real Estate Commission. Ace these, and you know you're ready to grab your real estate license ! Find Your State National & State Portions Get your certificate now! Do nothing. c. Revoke the violated;s license b. b. Real Estate Exam. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? A branch office does not have to have a principal broker. Can work independently of an Arkansas principal broker in his or her own state Scarcity means that there is a limited supply of similar properties. a. December 15, 2003 A listing salesperson acting as the seller's agent is holding an open house. Patent defects are property defects that are easily visible when inspecting a property. A federal judge a. The passing grade for such section is no lower; The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. c. The deficit comes from the state treasury 60 classroom hours in real estate within 36 months. b. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. Does the Arkansas REALTORS association appoint the commission members? It gives the buyer full knowledge of all issues with the property. The process by which the new contract replaces the old one is called. The listing agent The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Proof of completion of 45 hours of Pre-License Education. Attorneys-in-fact and attorneys-at-law b. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. How long does a broker keep the firm's records? 2023 - BT Management, Inc. All rights reserved. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! a. Need not disclose Skill *environmental hazards . The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. The expiration date c. Continuing education programs may be required b. d. Put the licensee on inactive status, The continuing education requirement for all licensees: Loans made to brokers during slow times Submitting proof of active status with a principal broker Managing and sales agents must be registered, bonded. Their principal broker A photograph of the company yard signs must be on file at he Commission at all times. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Any licensee denying access to those records is in violation of the license law and regulations. c. The State witness fund Click the card to flip . 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. How will each error come to the bookkeepers attention, other than by chance discovery? ExamSmart | The best way to practice online for your real estate exam test It also may provide a more concrete basis for litigation if the buyer can determine that a seller filled out the form incorrectly or failed to disclose a defect the seller knew was material to the transaction. Arkansas Real Estate Exam Prep - Real Estate Prep Guide a. In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys. b. the agent represents only one party to a transaction. Free Arkansas Real Estate Practice Exam 2023 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. As of 2013, 246 cities have a population of 10,000 or more, 68 boast populations of at least 50,000 and 35 have at least 100,000 residents. An executive director administers the operations of the commission. Have a sign stating thatchy are engaged in real estate Must still be accountable to the commission for their actions Is exempt from taxes Time-share (creation) instruments must provide arrangements for management and operation of the time-share. Proof of non-activity in real estate must be given . The practice tests coincide with the current, general test outline. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. b. y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. c. Dictated by the governor Don't rely on the outdated material on other real estate practice test sites. A "meeting of the minds" in a real estate contract The basement damage is an example of a. The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. 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. 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: Totally at the commission discretion c. Five years in some cases A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. Only the ______________ has authority to supervise others or designate others to supervise. c. Is subject to revocation of their Arkansas license for violations in their own state They may be sued in civil court and subjected to punitive damages. Arkansas recognizes licensure another states with ____________. b. Find Exam Details. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo In an agency relationship, a principal hires an agent as a fiduciary to perform a desired service on the principal's behalf. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. Their license will be revoked a. Disbursement from the trust account may only be made when: 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. This right is called a(n). 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 . Be active holders of real estate licenses Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. d. Is voluntary, In determining recipients of the trust account program the commission: Demand proof within 30 days This requirement applies to both resident and nonresident applicants. 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 New Applicant - Arkansas Real Estate Commission The party requesting the witness In this position, the on-site manager is exempt from the licensing requirements. Diligence b. Where records are kept Good reputation License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). *adverse material facts, including property condition, title defects, environmental hazards, and property defects.

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