Main Phone: 501-683-8010 Main Fax: 501-683-8020. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. All are appointed by the governor Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner a. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. Must hold an active real estate license c. Never Can work independently of an Arkansas principal broker in his or her own state 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. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? As a real estate agent you must be well-versed in contracts of sale. c. A quorum d. Work only for him/her self, In all company real estate ads: d. None of the above, In real estate: The applicant has a documented reason Skill d. Must wait 10 days for a character check and verification, b. c. Revoke the violated;s license All security deposits for leases must be deposited in the trust account. Appointed for life The broker requirement is to complete a 30-hour broker course within one year. 1 / 159. *A permanently attached and clearly displayed sign bearing the firm's name. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Main Phone: 501-683-8010 Main Fax: 501-683-8020. License laws regulate licensees and protect the public. c. May need approval There is a 5-day grace period How will each error come to the bookkeepers attention, other than by chance discovery? You'll have the chance to review a 99-question real estate practice exam at no cost to you. c. Set by state law The purchaser has defaulted; Continuing education will be required of a person seeking to reactive an inactive license. b. *Disclosure in writing. a. After the broker sells some of the lots, the landowner refuses to pay him a commission. b. 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. Is defined to be 3 members When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. A residence Area of rectangle. b. c. The duty of the licensee d. Unlimited, The duties and responsibilities of the executive director are designated by: One who is "on their own" in buying or selling real estate A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. Is obligated to become a resident if more than half of their income comes from Arkansas There was compensation promised What is the maximum amount the Commission may pay from the Recovery Fund? c. Thirty-six hours if supplemented by a college degree A mortgage broker is an intermediary who brings borrowers and lenders together. Flashcards & Study Guides With Real AR Test Examples d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": The price must be given b. The property would not pass on to the state. Must disclose any knowledge of property repairs needed However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. c. Be punished by all the power of a circuit court Is basing a listing on a net price ethical or unethical? a. 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 . b. b. Tenancy in common is put in motion by state law. 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. Voted upon every 4 years by members of the local board, a. Cannot collect a commission on their own home Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. a. c. A "continuing education unit" is only possible with the instructor present in class The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? In most cases, the special agent may not bind the principal to a contract. The process by which the new contract replaces the old one is called. Used by the State a. Index. Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. 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. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? 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. A real estate agent's license is different from . d. All of the above, A licensed real estate agent: A person who received the email chose to opt-out from receiving additional emails from the licensee. 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Who is responsible for a branch office's trust account? The exception to this time limitation is where a licensee has obtained a license through misrepresentation. A real estate salesperson has been working with buyers. Must submit the signatures of three people who vouch for his integrity b. 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. Our simulated exam gauges your score in real-time. d. Must be given to the principal broker, Records of transactions of real estate sales: The Commission may allow a temporary continuation under a person approved by the Commission. Is established by a majority Application designed and maintained by HCCS, Inc. Only if approved by the board b. 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. Being convicted of any crime That section can be used to study the topics featured on those 80 questions. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: The principal broker cannot be held liable in any form if an agent under them sends to the Commission a check that is not honored. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. Calendar of Events; Commission; Contact AREC; News; . Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards The Arkansas Recovery Fund c. The principal broker Can be waived by the principal broker's request Universal agency. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. Established by quorum 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. English..There are 1,216 incorporated cities in the state of Texas. An agent can lose their license for working independent of their broker. d. A member of a trade organization, A broker also working as a full time personnel manager may: Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? c. An invoice for equipment of $4,800 was recorded as$4,000. 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. Find Exam Details. If your license is suspended or revoked how does AREC let the public know? Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. a. The value of the smaller home will most likely. A cooperating broker The characteristics of value include what values? Loyalty One of the friends died, and his interest passed according to his will to become part of his estate. 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. b. Death of a tenant in common would usually cause property to pass according to the decedent's will. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: a. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. The tests include questions on general real estate topics. The examinee is licensed in another state at the time. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. b. Real Estate Agents License Research Paper Again, the exam varies from state to state. b. Cannot sell their own home The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. Can the owner of a lifehold estate convey title via a will to their heirs? Any appeal of a ruling must be filed within 15 days from the ruling date. A woman has permission from her friend to hike on his property during the autumn months. Paying a fee established by the commission Application fee $50 Original broker license fee $70 c. Their rights under habeous corpus Needs fewer than 3 members on the company's board of directors Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo Transfer one's rights under the contract. a. What type of agency allows the agent to have power of attorney? How long does a broker keep the firm's records? In this position, the on-site manager. c. Both a and b a. a. one authorized by the principal to execute specific acts. Base x height. Excess money in the recovery fund may be used for educational purposes. 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. You have nothing to lose except stress on exam day! What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? How do you calculate acres in a legal description? The seller's property disclosure form provides all of the benefits shown for the buyer. c. "Continuing education classes" are classes taken at an approved school d. Must be in writing, The astute of limitations on filing complaints is: Verified by the principal broker Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. If found guilty of a time-share violation, the developer or agent can be charged with. Certain states also have a period of time after a foreclosure sale in which the borrower in default may redeem the property if the borrower pays the court; the right to redeem the property within the period is called a statutory right of redemption. b. There was fraud committed The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. Can an unlicensed party performing real estate services be sued? Have the words "Real Estate, Realtor," or other identifying words included 100% money back guarantee. Need not disclose 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. A landowner subdivides her acreage and offers the lots for sale. When an agent elects to go to work for another firm, they may take their listings with them. 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: To activate an inactive license requires a fee Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. They can reactivate their license without testing if they apply by: d. Unlimited, A person may engage in the business of real estate while on inactive status: If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Purchasing any kind of insurance shifts the financial risk to the insurance company. 17-40-101 Are considered "person non-grata" by the commission The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. d. The company's business account, A salesperson collecting security deposits from rental units they own: Be placed on a window ledge, easily viewed from the street c. If they desire Can have their license suspended until they pay the commission b. c. December 31, 2003 c. Up to one year, then renewal is mandatory d. Determined by the commission on an independent basis, Licensed applicants from another state must: Must always give the principal broker the deposit Learn More To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. A property manager is offered a choice of three insurance policies with different deductibles. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: When do real estate license applications expire? b. Attorneys-in-fact and attorneys-at-law Does a real estate lien need to be recorded to be valid? A listing salesperson acting as the seller's agent is holding an open house. c. Are illegal in Arkansas Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: Can be issued by the board in some cases a. revenue center. Reasons an agency relationship may terminate without successful completion *death or incapacity of either party Designated executive branch broker. Must have the words "real estate" in it c. Act as principal broker for listings only Who has the responsibility to train subordinate licensees? c. Held as irresponsible by the courts In this case the salesperson. c. Must have their own "bond of assurance" a. b. Property ownership and . Must pay a one time fee of $50.00 a. A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. The commission need not pay The seller's property disclosure form yields which of the following benefits for the transaction? All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. c. Can be taken to the circuit court Are waived by state law Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes All of the following are false EXCEPT: 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: When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. Brings the borrower and the lender together. The passing grade for such section is no lower; Must submit work experience requirements to the board Are people with AIDS are protected under the disability provision of the Fair Housing Act. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. The real estate licensee is automatically suspended. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. No- the Arkansas Real Estate Commission could suspend the licensee's license. Blog Home Uncategorized arkansas real estate exam quizlet. b. No annual renewal fee is required as long as an agent is renewing on inactive status. Resident managers This right is known as an equitable right of redemption. The Governor The PC-based program is easy to operate. The responsibility of the instructor d. Precludes the person from practicing real estate up to one year, b. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? Are whenever possible b. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Pearson VUE works with each state real estate commission who use the Real Estate Examination Program (REP) to provide a Candidate Handbook for each state that includes general information regarding the exam, testing process, and license requirements and eligibility. Sign up. d. The commission, Administration of oaths by the Commission is: Must still be accountable to the commission for their actions, Inactive licenses: Mostly mean the same a. 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. Which of the following is NOT an example of governmental power? The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. $25,000 per violation, to a maximum of $75,000. c. Cannot have ever filed bankruptcy A breach of ethics It MOST likely means that. 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. 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 decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: For brokers: Proof of age 18 and above. They may take their own listings with them A referral fee can only be paid if the receiving party has a valid active real estate license. Depositing non-trust monies in the trust account. Also referred to as a transaction broker or a facilitator. c. investment center. 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. Their principal broker b. a. a. Determined by the commission annually The basement damage is a hidden structural defect known to the seller but not known to the brokerage firm or those working for the firm or to a purchaser. Which of the following actions would be seen as unauthorized practice of law? a. The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. a. Assignment of a contract does not change the broker/agent relationship. So it would be: $200,000/$24,000 which = 8.33. b. The answer is three days. Can advise, but not conduct classes 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: b. Study Plan. a. would not be allowed to rebuild the plant in that location under any circumstances. a. The broker has no grounds for a lien or for a suit. All other client or customer funds received must be deposited within three days of receipt. 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: b. a. b. b. A listing can be taken for a term specified as "until notified". An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Is illegal Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. d. Put the licensee on inactive status, The continuing education requirement for all licensees: d. Held in trust by the executive director, A subpoena duces tecum is: Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. Free Arkansas Real Estate Practice Exam. Is subject to review by the Commission, Penalties for violations include: b. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: c. Proof of current continuing education requirements may need to be submitted 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: Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: d. Must always do what the seller tells them, a. Third party who is not principal but entitled to fairness and honesty. Obtain the written consent of the owner of the property. c. The board must approve them c. Guilty of class B felony a. Federal law requires it Is exempt from the licensing requirements. Net listings are unethical because of the potential conflict of interest for the broker. At first contact. The principal broker is responsible and accountable for all trust funds received by the firm. The buyer will have what type of estate upon closing? Must be made active within a year d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: Scan QR code or get instant email to install app. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. 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. 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: Office Hours: Monday - Friday | 8:00a - 4:30p c. Are more for expired licenses Escrow or Trust accounts must be reconciled as least monthly. An assignment is a transfer of the interest of one person to another. c. Retracted annually The recovery fund is subject to having to pay for time0share violations. Does the Arkansas REALTORS association appoint the commission members? A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. 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. Boat Belting buys inventory for 21,000 Swiss francs. b. Register and apply. A salesperson working under a principal broker This applies to client-seller AND a client-buyer. Three years in all cases Applications must be submitted to AREC BEFORE the applicant is fingerprinted. Dual agency means representing both principal parties to a transaction. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: When will full title and possession pass to his niece? Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! Will be returned The answer is events that might have stigmatized the property. Regarding CE credits, how much can you miss before you no longer get credit for attending? Special, or limited, agency. What is the purpose of the Arkansas Recovery Fund? Does there have to be compensation in order to have an agency relationship? d. All of the above, The name of a real estate firm: Apply for a term of "reinstatement" Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! c. The State witness fund *property condition. 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. Held in trust by the commissioner a. Mandatory The rules and regulations of the Arkansas Real Estate Commission. c. Illegal The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. c. Need contractual consent to be valid d. Must submit any documents the Agency deems necessary, d. Must submit any documents the Agency deems necessary, The notice on the front of a public offering statement: 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. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. A person who is indigent may not be relieved from paying the filing fees in an appeal. 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 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. Definition. Camp Real Estate School - now a part of Arkansas Real Estate School | Website: Class Type: | Salesperson Pre-License | Salesperson Post-License | Broker Pre-License | Broker Post-License | Continuing Education | Online Education | Address: 11220 N. Rodney Parham, Ste. *Failure to account for moneys belonging to other parties. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. Only $35.99/year. Three All of the following are true of an open listing and an exclusive agency listing EXCEPT. The "Commission" is the State Board of Private Career Education The rules have the same force and effect as the law. c. The broker's trust account 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.

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