arkansas real estate exam quizlet

A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Complete and pass the real estate examination. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: No, because this would be an unwise referral. 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. d. Unlimited, A person may engage in the business of real estate while on inactive status: A landowner subdivides her acreage and offers the lots for sale. Loyalty Used by the State How long does one have to bring a complaint against a licensee? 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. A business day includes Saturdays the lender is open for business. Study sets, textbooks, questions. In this position, the on-site manager is exempt from the licensing requirements. Such delegation may include the authority to enter into contracts. 2023 - BT Management, Inc. All rights reserved. Free to the public by choice Be excused by waiver of the commission Their principal broker On December 313131, 201020102010, four months interest was accrued for the remaining bonds. There was compensation promised The seller has agreed in principle to making certain repairs prior to closing. A residence d. Must be given to the principal broker, Records of transactions of real estate sales: c. Can be appealed to the state court within 3 months c. Is automatically canceled Only with the principal broker's permission The answer is in a timely manner. 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 buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. d. If in an office building, must appear on the directory, a. Arkansas real estate principles final exam answers YouTube April 9th, 2018 - Real Estate License Practice Exam 1 Laws of Agency Free Test USA 130 Questions Duration 7 05 John Walker 252 135 views Amazon com Real Estate Practice Exam Appstore for Android April 28th, 2018 - Buy Real Estate Practice Exam Try the Real Estate Practice Exam app Real . A photograph of the company yard signs must be on file at he Commission at all times. The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. c. Is free to promote and conduct seminars Who is responsible for a branch office's trust account? 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. b. The party requesting the witness An owner wants to erect a nine-foot-high revolving sign on the roof of his store. In some cases d. Can renew their license anytime, a. A broker whose license has expired for no more than 60 days Any licensee denying access to those records is in violation of the license law and regulations. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: 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: c. 01-01-01 c. Continuing education programs may be required Are considered "person non-grata" by the commission Most states administer the tests in two parts, and require that the candidate pass both. An owner selling 3 of his own properties a year c. The board must approve them 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. a. If found guilty of a time-share violation, the developer or agent can be charged with. The monies are refunded to the purchaser. *All licenses must be displayed at the place of business. c. May ask the seller to disclose Anyone buying or selling real estate What are critical regulations regarding time shares in Arkansas? They only count for 1/2 of the requirement a. c. Illegal An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? Temporarily accepted Can advise, but not conduct classes The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. 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. The applicant retaking the exam There is a 5-day grace period The property would not pass on to the state. d. Not be compensated for services offered, A commission quorum: The following table lists the average oil consumption per day of the top 20 oil-consuming nations. 5) General principles of agency: 13%. a. c. The Administrative Real Estate Action Code Appointed by the governor. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. The buyer and seller would be responsible. a. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. 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. A licensed broker. Arkansas Real Estate Commission Arkansas Department of Labor and Licensing 612 South Summit Street Little Rock, AR 72201-4740 Phone (501) 683-8010 Website www.arec.arkansas.gov EXAMINATION . A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. Only if approved by the board inform any prospective buyers of the defect. c. Is held accountable for all expenditures They passed it in another state; 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? a. 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. b. Is basing a listing on a net price ethical or unethical? Leasing assistants. b. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. a. Disbursement from the trust account may only be made when: No. d. Acceptable as originals, In assisting seminars in real estate the commission: Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). One member must be a Realtor 60 years of age or older Is not possible under state rules c. A quorum Subagency Be opened to the public Does the Arkansas REALTORS association appoint the commission members? The seller's property disclosure form yields which of the following benefits for the transaction? Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. Obedience Are concerned only with land c. A picture of the building front with sign must be submitted What simple interest rate did she pay? A cooperating broker The original tenant. For help with the national portion we have our national real estate practice quiz. d. Failure to disclose to all parties in a transaction, A revoked license: During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. Index. 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: Three times a broker independently setting a company commission schedule. c. Will be revoked A real estate salesperson has been working with buyers. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. a. Can work independently of an Arkansas principal broker in his or her own state A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Prepare the journal entries to record transactions a and d of part 1. This right is known as an equitable right of redemption. A specific disclosure required by Arkansas regulation is that of the agent's compensation. 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. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: b. c. Paying a fee established by the board When does a real estate application expire? One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. Classify the following as either a revenue or a capital expenditure. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. c. Five years in some cases Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). 17-42-101 Three working days of execution of the offer. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: The tests include questions on general real estate topics. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: Loans made to brokers during slow times If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. No- the Arkansas Real Estate Commission could suspend the licensee's license. Harry conveys his interest to his long-time friend Wendell. a. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. b. *Acting on behalf of more than one party without knowledge. Must submit work experience requirements to the board Which of the following actions would be seen as unauthorized practice of law? A Swiss franc costs $1.12 on the purchase date. Allowed 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. Go to work immediately d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: A federal judge Who is responsible? a. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. 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. Use a graphical technique to display this information. Note that answers are only provided upon purchasing Exam Prep. Let's start your studying right now! The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. a. Equitable right of redemption. a. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". The REALTORS association does not appoint the Arkansas Real Estate Commission members. The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. The practice tests coincide with the current, general test outline. Which of the following is NOT an example of governmental power? Be placed on a window ledge, easily viewed from the street loss of value due to uncollected delinquent rent. 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. In this arrangement. Click the card to flip . 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. They may need to pay additional fees Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. The Arkansas Recovery Fund What is the best way to study for the Real Estate Licensing Exam? c. A simple quorum Brings the borrower and the lender together. Transferring risk is shifting risk to another party such as an insurance company. a. All continuing education course must be "in-class" After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. c. Can be taken to the circuit court What kind of lease has this tenant signed? Is barred legally from commercial intervention Cannot collect a commission on their own home The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) c. Fund bonds issued by the State $500. Needs their own separate trust account C, 8. c. Are illegal in Arkansas Don't rely on the outdated material on other real estate practice test sites. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. The "warehousing" occurs when individual loans are bundled, often with a common element such as the size of the mortgage or credit worthiness of the borrowers, and sold as a single unit. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? a. a. d. Put the licensee on inactive status, The continuing education requirement for all licensees: b. The real estate licensee is automatically suspended. b. The PC-based program is easy to operate. *revocation of the agent's license. 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: How would an applicant be exempt for the GENERAL portion of the real estate exam? the seller finances the property and retains title until the final payment is made by the buyer. The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. a. d. Unlimited, The duties and responsibilities of the executive director are designated by: Walk in prepared, walk out confident, pass the exam. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. 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. c. Only brokers licensed by the state That section can be used to study the topics featured on those 80 questions. 18 months after the consumer's last purchase, delivery, or payment. b. Can a licensed salesperson sell their own home? However, the original tenant remains primarily responsible for rental payments. Can be issued by the board in some cases A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. To maintain an active license, an agent must complete six (6) hours of continuing education annually. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. Record Boats cash collection. Is illegal d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. The principal broker is generally responsible for all business conducted by the firm. After the buyer's offer was accepted, the buyer had the home inspected. The testing fee is paid to the Commission along with the application. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. All security deposits for leases must be deposited in the trust account. b. 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. b. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes 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: If a salesperson leaves their broker what must happen? Can be waived by the principal broker's request c. False advertising leading a person to act to their detriment What type of agency gives the agent certain tasks including the authority to enter into contracts? All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. Must disclose any knowledge of property repairs needed a. Promulgate desirable rules d. Is voluntary, In determining recipients of the trust account program the commission: *Failure to account for moneys belonging to other parties. a. Immediately make a photocopy of their license and have them carry it d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: Do nothing. The "branch office" is a principal broker's primary place of business b. An owner may always sell his own property without a license: This applies to client-seller AND a client-buyer. For help with the state portion you're in the right place! c. Must include any listing agreements Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. 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. What leasing duties are exempt from licensing? Time-share agents must individually be bonded in an amount of $10,000.00. a. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. This right is called a(n). c. Both a and b What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? the seller has financed a portion of the purchase price and placed a junior lien on the property. c. Can ask for waiver of said fee in cases of hardship A final order of the Commission may be appeal in the Circuit Court. c. Have equal voting privileges It MOST likely means that. The broker should: b. b. d. All of the above, The name of a real estate firm: b. *property condition. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Must disclose any knowledge of property repairs needed, Money received by a salesperson: If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. Definition. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. Our simulated exam gauges your score in real-time. 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. to Arkansas: Being convicted of any crime c. Limited to 3 years A time-share project may be advertised without submitting anything to the Commission. a. revenue center. _____ of these must be at least 60 years of age and represents the elderly. The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? One hundred dollars per a year of inactivity d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. Mostly mean the same c. If they desire b. Violation by the director of a corporation is subject to criminal prosecution A salesperson working under a principal broker c. Excess distributed annually to members all parties to the contract exchange binding promises. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: The examinee is licensed in another state at the time. c. A "continuing education unit" is only possible with the instructor present in class When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. One member must be a Realtor 60 years of age or older, All of the commission members can: c. Need contractual consent to be valid Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! b. a. Learn More Both parties sign the sales contract. d. Are more for inactive licenses, The developer of a time-share program: The answer is events that might have stigmatized the property. Toggle through the questions and view helpful hints. Need not display a sign A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. a. A property is owned by three cousins as tenants in common. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. Totally at the commission discretion 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. Regarding CE credits, how much can you miss before you no longer get credit for attending? c. Trust accounts and real estate law What fee does a licensee incur to move to another broker? 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: c. Must hold a teaching credential Open ended until renounced Multiply all denominators, divide that number into 640. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. Time-shares must be registered. The principal broker is responsible and accountable for all trust funds received by the firm. c. Where licenses are hung b. c. Thirty-six hours if supplemented by a college degree 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. d. profit center. a. Sometimes, if under a direct order from an attorney 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. c. The deficit comes from the state treasury Excess money in the recovery fund may be used for educational purposes. The bifore reforium b. d. Allowed, The commission may legally: 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. c. Both the listing agent and the principal broker A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? Three years in all cases It can be initially made orally. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: You have nothing to lose except stress on exam day! A house has outdated electric and plumbing. The principal broker Is an undisclosed dual agent who acted in bad faith. Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. The Commission may allow a temporary continuation under a person approved by the Commission. All parties or their agents An assignment is a transfer of the interest of one person to another. Main Phone: 501-683-8010 Main Fax: 501-683-8020. a. Waives their right to further compensation good friday solemn intercessions chants,

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