arkansas real estate exam quizlet

A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: State Law Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Arkansas recognizes licensure another states with ____________. Scan QR code or get instant email to install app. At this point, the buyer has what type of title to the property? a. Is the lender of a mortgage the mortgagor or the mortgagee? What leasing duties are exempt from licensing? b. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. c. To protect public health, safety and welfare keep all information received confidential. a. Confidentiality d. Can renew their license anytime, a. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: Cannot sell their own home When can a new applicant begin practicing real estate? A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. 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: The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. The answer is three days. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Arkansas Real Estate Exam Flashcards | Quizlet Arkansas Real Estate Exam 3.5 (2 reviews) Term 1 / 100 Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? The REALTORS association does not appoint the Arkansas Real Estate Commission members. c. Anyone collecting rents for a fee, and not residing on the property Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). 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. The name of any lien holders E&O insurance policies vary from providers. b. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. a. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? Are whenever possible b. 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: Is exempt from the licensing requirements. the seller finances the property and retains title until the final payment is made by the buyer. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. The salesperson knows a lender that pays agents a fee for referring purchasers to them. b. b. Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: What must be provided to the purchaser of a time-share interval? One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. b. The answer is events that might have stigmatized the property. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. Also referred to as a transaction broker or a facilitator. a. Four d. Must pay the recipient punitive damages, b. *Sign offer and acceptance forms. 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: d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: b. b. 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. c. Be handicap assessable Three times Applies to everyone with no exceptions b. b. 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? Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. b. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) What are the rules about a real estate place of business's signage? b. Which currencies weakened? So it would be: $200,000/$24,000 which = 8.33. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. The principal broker is responsible and accountable for all trust funds received by the firm. a. Diligence Real Estate Practices and Agency Learn with flashcards, games, and more for free. The associate broker: a broker who just sells and lists. a. December 15, 2003 When the license has been expired for more than 2 years. Who has the responsibility to train subordinate licensees? What is the maximum amount the Commission may pay from the Recovery Fund? c. Is automatically canceled 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. Study Plan. All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. *information about the buyer's motivations and financial qualifications b. The real estate licensee is automatically suspended. a. All are appointed by the governor a. Terms in this set (350) principal broker loss of value due to uncollected delinquent rent. Are the same A demand for two cooperating brokers to appear before the commission Can a landlord charge an extra deposit for a service animal? Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. b. Zoning and Planning October 12, 2020 a. Revoke their license For brokers: Proof of age 18 and above. Log in. Immediately make a photocopy of their license and have them carry it One of the friends died, and his interest passed according to his will to become part of his estate. Death of a tenant in common would usually cause property to pass according to the decedent's will. The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. 17-40-101 Mandatory You must submit a cashier's check, money order, or broker's business account check with the licensing fee. Anyone buying or selling real estate Must have the words "real estate" in it b. a. Ninety hours Susan David is putting her two-bedroom, one-bathroom condo on the market. Must disclose any knowledge of property repairs needed All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. b. The holder of an inactive license may not practice real estate as a salesperson Our simulated exam gauges your score in real-time. b. The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. a. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. 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. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. No. 10 acres C. 80 acres D. 2.5 acres c. The signature of the lien holder Can be issued by the board in some cases b. The commission However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. Care The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Continuing education courses require testing in order to obtain credit. 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. 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 . 4) Financing: 10%. b. Offers received by selling agents must be presented to the listing firm by the close of the following business day. 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. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. c. Cannot have ever filed bankruptcy 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. Prominently displayed in the broker's principal place of business. a. There is a 5-day grace period Are concerned only with land a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell MLS employees have to have a real estate license. 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 business day includes Saturdays the lender is open for business. Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. A referral fee can only be paid if the receiving party has a valid active real estate license. All agency agreements must be in writing. 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." Can a licensee pay an unlicensed person for leads? The principal broker The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. c. Must sign an affidavit declaring no further violations have been committed All security deposits for leases must be deposited in the trust account. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. The client may be either seller or buyer. Is valid for 60 days Have the words "Real Estate, Realtor," or other identifying words included c. Up to one year, then renewal is mandatory a. One member must be a Realtor 60 years of age or older, All of the commission members can: 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: They can reactivate their license without testing if they apply by: Anyone in the real estate business *Photographs of the signage must be furnished to the Commission for its records. d. Is subject to retroactive disciplinary action by the commission, a. What type of easement affords the most protection for a purchaser? Designated executive branch broker. As such, they are highly discouraged and typically place the licensee in a position of increased liability. Sometimes, if under a direct order from an attorney How much experience does a realtor need to be a broker? On October 111, 201020102010, Carly Company sold $30,000\$30,000$30,000 of the Baltimore Company bonds acquired on May 111, plus one month accrued interest. b. Each agent is. d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Need not display a sign A principal broker is an individual who performs certain real estate services for another party for compensation. The "Commission" is the State Board of Private Career Education The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: a. This study guide will cover offers and negotiation, interests and identities of contract parties, descriptions of real estate, property price and payment, contingencies and special terms of sale, settlement dates, and signatures. c. Limited to 3 years Three The exams are written under the supervision of the commission and administered by an independent testing company. What type of crime does someone commits if they act as a broker or salesperson without a valid license? Can a licensed salesperson sell their own home? 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. Proper disclosure to a buyer should include: *agency Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. How are disciplinary actions against licensees initiated? \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. It gives the buyer full knowledge of all issues with the property. a. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: b. Who is responsible for a branch office's trust account? With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. A property is owned by three cousins as tenants in common. 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: d. Outside of state jurisdiction, An appeal after a dismissal of complaint: The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. A bachelor died owning real estate that he devised to his niece. Upgrade to remove ads. Avoid risk is the removal of risk, such as repair cracked sidewalks. Must sign a standard form d. Work only for him/her self, In all company real estate ads: a. 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: c. Paying a fee established by the board Leasing assistants. a. a. A continuing education course cannot be taken twice in the same year for credit. c. The board must approve them When must an expired licensee go through the full process of school again? a. c. The State witness fund c. Can be taken to the circuit court c. Need contractual consent to be valid What type of agency allows the agent to have power of attorney? Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. Can sometimes be reinstated by the Board Must still be accountable to the commission for their actions, Inactive licenses: All motions must be filed 10 days in advance of the hearing date. the seller has financed a portion of the purchase price and placed a junior lien on the property. c. Be punished by all the power of a circuit court 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. Have part time agents working under them d. The condition of the property, A Realtor is: The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. A final order of the Commission may be appeal in the Circuit Court. A landowner subdivides her acreage and offers the lots for sale. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! 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. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. Is exempt from taxes A listing can be taken for a term specified as "until notified". 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 Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. c. Must be a resident of Arkansas to get a license In some cases Property manager. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. May be licensed after taking all classroom requirements, testing and paying all fees d. The commission, Administration of oaths by the Commission is: A licensee is representing the seller solely in a real estate transaction. Are people with AIDS are protected under the disability provision of the Fair Housing Act. a. Cash is an acceptable form of earnest money. authorization for the manager to receive referral fees from service providers. A person who is indigent may not be relieved from paying the filing fees in an appeal. 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. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. b. Agent represents Buyer and Seller; common to use separate agents within same brokerage. b. Exhibiting poor judgement a. a. A licensee who is responsible to no one and can set his or her own hours What does one need to apply for a broker's license? c. Attorneys need not have a license to sell real estate for their clients Register and apply. Delivery of a lease application or lease. Needs their own separate trust account For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. Have a sign stating thatchy are engaged in real estate d. Expires at the end of 30 days, Signs require all of the following EXCEPT: c. If they desire Tenancy in common is put in motion by state law. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. Walk in prepared, walk out confident, pass the exam. The monies are refunded to the purchaser. Active license: 6 classroom hours annually. Must immediately be deposited in an escrow account The purchaser has defaulted; No later than three business days after the loan application is received by the lender. a. A property owner deeds a parcel of his property to a town "for recreational purposes only." An oral agreement does not constitute a valid agency contract entitling the broker to a commission. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: The Arkansas Real Estate Commission The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. a. 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; License laws regulate licensees and protect the public. A writ of appeal granted by the State *renunciation After the broker sells some of the lots, the landowner refuses to pay him a commission. Find exam details and search for an available exam session date and time that meets your needs d. Is subject to no restrictions, A temporary license: Find Exam Details. All other client or customer funds received must be deposited within three days of receipt. There are a total of 180 questions on the Arkansas real estate exam. They do include screening tenants, handling rents and deposits, and negotiating leases. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. 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. D, 7. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. However, you can pass it easier with our free arkansas real estate practice exam 2022. a. Being convicted of any crime In Arkansas, there are 110 questions on the exam (80 national and 30 state). If the property manager selects the policy with the highest deductible, which risk management technique is being used? 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. Temporarily accepted d. May not teach both continuing education and basic real estate to the same people, b. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. c. Where licenses are hung The broker should: The members of the board are appointed by the governor and approved by the senate. Escrow or Trust accounts must be reconciled as least monthly. 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: Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. a. If a salesperson leaves their broker what must happen? If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. Term. c. A simple quorum The party requesting the witness This right is called a(n). Only if approved by the board Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. Office Hours: Monday - Friday | 8:00a - 4:30p The Commission may allow a temporary continuation under a person approved by the Commission. Does there have to be compensation in order to have an agency relationship? NEW licensees need not take CE the first partial year OR the first full year. The buyer and seller would be responsible. d. Limited by the commissioner, Terms for members of the commission are: 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. c. The principal broker A buyer and a seller sign a contract for the sale of real property. c. The buyer in case of fraud A person must hold a real estate license of sometime to legally own a real estate company. 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email a. c. Are more for expired licenses Single agency Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. b. b. 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.

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