c. If they desire a. d. Precludes the person from practicing real estate up to one year, b. b. a. Are people with AIDS are protected under the disability provision of the Fair Housing Act. The commission need not pay When does a real estate application expire? b. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. Acting under the direct written instructions. The testing fee is paid to the Commission along with the application. Does there have to be compensation in order to have an agency relationship? Is basing a listing on a net price ethical or unethical? To maintain an active license, an agent must complete six (6) hours of continuing education annually. a. It gives the buyer full knowledge of all issues with the property. The bonds pay interest on March 111 and September 111. Such delegation may include the authority to enter into contracts. intentional misrepresentation of an existing, important fact. a. The applicant has a documented reason A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. c. Anyone collecting rents for a fee, and not residing on the property The Executive Director of the Arkansas Real Estate Commission is not a commissioner. Writ of Attachment Real Estate Exam. As such, they are highly discouraged and typically place the licensee in a position of increased liability. a. Promulgate desirable rules Accept a rebate from a service provider. a. Note that answers are only provided upon purchasing Exam Prep. Must be made active within a year What, if anything, should now be done? Application fee $50 Original broker license fee $70 b. Sixty hours of classroom instruction The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. a. Prelicensure courses can apply to C.E. 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. Vocabulary words for Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math.. Includes studying games and tools such as flashcards. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: c. Must be retained until closing An assignment is a transfer of the interest of one person to another. 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. c. Is automatically canceled a. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Universal agency. A test must be taken When must the agent disclose his or her agency relationship to the prospective buyer? a broker independently setting a company commission schedule. c. Fund bonds issued by the State Federal agency or state government officer or employee Being convicted of any crime d. "Director" shall mean the executive director of the state board of continuing education, b. d. All of the above, A licensed real estate agent: Prominently displayed in the broker's principal place of business. c. Is defined to be 3 members Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner c. Held as irresponsible by the courts a. *abandonment by the agent If an agent drafts an offer, as the selling agent their signature must also appear on the contract. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: Go to work immediately May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: After the broker sells some of the lots, the landowner refuses to pay him a commission. 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. The commission Arkansas Real Estate Exam. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. The principal broker A bachelor died owning real estate that he devised to his niece. The responsibility of the instructor The practice tests coincide with the current, general test outline. A specific disclosure required by Arkansas regulation is that of the agent's compensation. d. The commission, Administration of oaths by the Commission is: 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. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. Have the words "Real Estate, Realtor," or other identifying words included d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: a. State-specific practice tests are not available. Is mandatory in the state of Arkansas d. Illegal, The interest on trust accounts program: If engaged in real estate activities for a fee, and only as part of their ordinary course of business, which of the following is exempt from the real estate licensing requirement? b. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: Download Real Estate Prep app now. They passed it in another state; a. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). What leasing duties are exempt from licensing? A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. What is the purpose of the Arkansas Recovery Fund? a. The broker can. 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. The principal broker is responsible and accountable for all trust funds received by the firm. d. Limited by the commissioner, Terms for members of the commission are: d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? Are different as to time requirements c. December 31, 2003 c. Benefits of the developer d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: d. Must participate in the Real Estate Recovery Fund, b. In this position, the on-site manager is exempt from the licensing requirements. a. c. Courses offered by real estate schools licensed by the board A property is owned by three cousins as tenants in common. *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. a. The answer is three days. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. On what date do all Arkansas real estate licenses expire? Arkansas Adverse Possession Laws a. Waives their right to further compensation Under the principle of conformity progression shows the value of a modest, less expensive home will increase if it is located among larger, fancier, more expensive properties. d. Abide by the rules of the Real Estate Service Board, b. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. Has the right to appeal to the commission within 30 days (The certificate is due no later than the end of the month one year following the date of initial licensure.). Skill A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. c. Be handicap assessable a. a. 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: 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: 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. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. A referral fee can only be paid if the receiving party has a valid active real estate license. a. Does an agent's compensation need to be disclosed? Upgrade to remove ads. 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. Notify the commission Be excused by waiver of the commission This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. License laws regulate licensees and protect the public. The PC-based program is easy to operate. Members of the public may have access to the MLS, but not to all of the features and content. a. December 31. credit can apply to Prelicensure requirements Sign up. Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. d. Waives the right of cancellation, The section naming the "Real Estate Law" is Every real estate transaction requires an agent to disclose whom they represent. Any person acting as real estate broker or salesperson who does not hold an active, valid Arkansas real estate license or who otherwise violates any provision of the licensee law shall be guilty of Class D felony. Managing and sales agents must be registered, bonded. Courses offered by the commission Three years in all cases A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes A graduated rental agreement states specific rate increases over time. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. Term. A real estate agent's license is different from . 100% money back guarantee. Records may be kept electronically. 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. Who is the fiduciary in a real estate agency situation? January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. d. Determined by the commission on an independent basis, Licensed applicants from another state must: Limited to 6 times a year Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). The Governor Third party who is not principal but entitled to fairness and honesty. Must be in at least 8 point type In this problem, multiply all denominators: 2 4 4 4 = 128. *condemnation or destruction of the property Must immediately be deposited into the company's business account The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. A felony. c. Where licenses are hung The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. The principal broker: the boss. The broker requirement is to complete a 30-hour broker course within one year. Must disclose any knowledge of property repairs needed Obtain the written consent of the owner of the property. In some cases Loyalty d. Must always do what the seller tells them, a. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. a. Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep An associate broker may have salespeople working under them d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: b. b. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. Only $35.99/year. Is valid for 60 days Can choose not to participate in the Real Estate Recovery Fund All of the following are examples of a property managers duties EXCEPT. d. May take only the Arkansas Law portion of the exam, b. A buyer and a seller sign a contract for the sale of real property. The listing agent c. Have the licensee call the commission 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. A person who received the email chose to opt-out from receiving additional emails from the licensee. Is not possible under state rules Click the card to flip . AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. 1,000 Real Estate Practice Test Questions Our real estate test prep comes with over 500 multiple choice practice real estate test questions, and 450 vocabulary test questions with detailed answer explanations. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. The executive broker: the manager under the boss. A licensee who is responsible to no one and can set his or her own hours Application designed and maintained by HCCS, Inc. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. Disbursement from the trust account may only be made when: b. A buyer makes an offer on a seller's house, and the seller accepts. d. Charge for by dictate of the Governor, c. Charged for by choice of the commission, Fees, fines, and penalties collected by the commission are: *Photographs of the signage must be furnished to the Commission for its records. a. A principal broker is an individual who performs certain real estate services for another party for compensation. a. The rules have the same force and effect as the law. d. The company's business account, A salesperson collecting security deposits from rental units they own: d. A member of a trade organization, A broker also working as a full time personnel manager may: 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. d. Is satisfied for the following year for new licensees, d. Is satisfied for the following year for new licensees, As to correspondence courses meeting the continuing education requirement: Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. b. c. The "board" is the Arkansas Real Estate Commission The Arkansas Trust Fund The basement damage is an example of a. 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. Open ended until renounced b. Illegal a. Property manager. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. In a coop sale, the earnest money is held by the selling company. Can an unlicensed party performing real estate services be sued? 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 licensee is supposed to notify the Commission if they should lose their pocket license card. The property must be fully disclosed 17-40-101 Any competent individual a. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Register and apply. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? On December 313131, 201020102010, four months interest was accrued for the remaining bonds. Two years' experience as salesperson or broker within four-years. Punitive damages may be awarded for willful violations of the time-share act. b. c. Can be temporarily employed for up to 30 days awaiting their license The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. b. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. When the license has been expired for more than 2 years. Any licensee denying access to those records is in violation of the license law and regulations. All licensees are issued ___ year terms and expire on December 31st. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. Should the salesperson refer the buyers to this lender? Can be issued by the board in some cases Proof of non-activity in real estate must be given In case a brokerage firm is agent for both a seller and a buyer, the firm sometimes designates one salesperson to serve the buyer and one to serve the seller. Real estate Commission and Department. b. b. All are appointed by the governor b. They can reactivate their license without testing if they apply by: The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Patent defects are property defects that are easily visible when inspecting a property. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. c. Chancery court Boat Belting buys inventory for 21,000 Swiss francs. 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. Three b. b. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: The seller's property disclosure form yields which of the following benefits for the transaction? 3) Valuation and market analysis: 7%. All of the following are true of an open listing and an exclusive agency listing EXCEPT. No, because this would be an unwise referral. The property would not pass on to the state. b. d. December 15, 2004, To reinstate an expired license: Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: Must be shredded upon closing MLS employees have to have a real estate license. Salespeople can only receive compensation from their employing broker. Delivery of a lease application or lease. c. Can be filed by the defendant within 90 days If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Appointed by the governor. a. 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. Log in. Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. b. Transfer one's rights under the contract. 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. A woman has permission from her friend to hike on his property during the autumn months. d. 10-10-99, The legislature regulates the practice of real estate because: In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. a. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. I, the principal broker, am out of town for not more than one (1) day. a. Revoke their license Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: The expiration date c. Both the listing agent and the principal broker d. A "point of departure" in negotiations, a. a. b. c. Is no longer considered liable in lawsuits d. May not teach both continuing education and basic real estate to the same people, b. This requirement applies to both resident and nonresident applicants. A penalty of 50% added to the fee A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. d. All of the above, The name of a real estate firm: d. A prosecuting attorney, All of the following are true EXCEPT: Escrow or Trust accounts must be reconciled as least monthly. the seller finances the property and retains title until the final payment is made by the buyer. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. 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 person empowered to do anything the principal could do. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. Does the Arkansas REALTORS association appoint the commission members? Complete and pass the real estate broker examination. Have part time agents working under them When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. a. The deceased cousin's heirs. Accounting The rescission period has elapsed on a contract; If a specific time period for delivering earnest money is not specified in an offer to purchase real estate, how long after acceptance of the offer must earnest money be delivered to the firm and deposited into a trust account? c. The Administrative Real Estate Action Code Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. c. Excess distributed annually to members d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: The mortgagee because it holds the property as security. Full disclosure Excess money in the recovery fund may be used for educational purposes. For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. b. What is the maximum amount the Commission may pay from the Recovery Fund? 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. a. d. By permission of the commission, Necessary items of a listing contract are: 5 acres B. c. Attorneys need not have a license to sell real estate for their clients a. b. a. A licensee is representing the buyer solely in a real estate transaction. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. d. None of the above, In real estate: c. Is free to promote and conduct seminars b. d. Executive brokers are responsible only to the Arkansas Real Estate Commission, d. Executive brokers are responsible only to the Arkansas Real Estate Commission, An injunction is: After the conveyance, Jim and Manny. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: c. Continuing education programs may be required c. A broker An owner may always sell his own property without a license: A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. It can be initially made orally. b. 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. b. When a licensed salesperson sells their own home what must be included in advertising? b. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). You will have between 2-4 hours to complete your exam. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. a. The firm's records must be maintained by the principal broker for three years, available for inspection. a. Ninety hours an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Need not display a sign Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. Proper disclosure to a buyer should include: *agency The foreign-exchange rate for a peso is $0.094 on the date of sale. A court action to stop violators from continuing unlawful acts What is the continuing education requirement for Arkansas licensees?
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