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If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Scarcity means that there is a limited supply of similar properties. Someone acting with assurance Arkansas recognizes licensure another states with ____________. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) The property must be fully disclosed MLS wholly owned by a nonprofit organization a. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? How much experience does a realtor need to be a broker? Public offering statements must be provided to all purchasers of a time-share interval. 36% of the borrower's total monthly gross income. c. A fee must be paid Designated executive branch broker. A referral fee can only be paid if the receiving party has a valid active real estate license. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. 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. A person who is indigent may not be relieved from paying the filing fees in an appeal. Real Estate Exam. Office Hours: Monday - Friday | 8:00a - 4:30p Flashcards. a. Immediately make a photocopy of their license and have them carry it 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." c. The board must approve them Proof of non-activity in real estate must be given Loans made to brokers during slow times The tests include questions on general real estate topics. 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. Must be in duplicate If your license is suspended or revoked how does AREC let the public know? Only four such transfers are allowed per a year Each agent is. Is valid for 60 days a. If the property manager selects the policy with the highest deductible, which risk management technique is being used? What must be provided to the purchaser of a time-share interval? Agent represents Buyer and Seller; common to use separate agents within same brokerage. The broker has no grounds for a lien or for a suit. All licensees are issued ___ year terms and expire on December 31st. 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. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. a. Cannot sell their own home a. All are appointed by the governor b. c. 01-01-01 c. Illegal Free Arkansas Real Estate Practice Exam. Sign up. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes, A license to practice real estate is needed for all of the following except: Is mandatory in the state of Arkansas Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. b. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: 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. A person who received the email chose to opt-out from receiving additional emails from the licensee. Receiving a security deposit, rent payment or related payment for delivery. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. keep all information received confidential. d. Illegal, The interest on trust accounts program: a. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. Regarding CE credits, how much can you miss before you no longer get credit for attending? c. A "continuing education unit" is only possible with the instructor present in class 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. Demand the commission pay punitive damages to the injured party In these two scenarios, which currencies strengthened? Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: a. The Commission may allow a temporary continuation under a person approved by the Commission. c. Proof of current continuing education requirements may need to be submitted Increase because of the larger, more expensive properties. The commission 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. 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: Conquer Your. b. 17-40-101 c. Can be appealed to the state court within 3 months a. 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: ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. 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: Are different as to time requirements An agency contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority. a. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. c. A simple quorum What type of agency gives the agent the authority to conduct specific activities which upon completion terminates the relationship and does not bind the principal to a contract? d. Expires at the end of 30 days, Signs require all of the following EXCEPT: 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. b. Sixty hours 17-42-101 How would an applicant be exempt for the GENERAL portion of the real estate exam? Which currencies weakened? Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. It MOST likely means that. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. 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. What, if anything, should now be done? The process by which the new contract replaces the old one is called. The party requesting the witness b. 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: a. The broker can. 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 . Salespeople can only receive compensation from their employing broker. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. b. When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. A special assessment is applied to all licensees to cover it d. Put the licensee on inactive status, The continuing education requirement for all licensees: Should the salesperson refer the buyers to this lender? Appointed by the governor. A broker who wishes to place a For Sale sign on a listed property must first. 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? Both parties sign the sales contract. The Arkansas Administrative Procedure Act c. Need contractual consent to be valid They only count for 1/2 of the requirement b. Definition. 86.5% of CompuCram users pass their licensing exam the first time! A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: 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. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: a broker independently setting a company commission schedule. Single agency c. To other agents only a. c. If they desire 18 months after the consumer's last purchase, delivery, or payment. A state judge Record Boats cash collection. b. d. Work only for him/her self, In all company real estate ads: 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: a. The PC-based program is easy to operate. Test. Must have the words "real estate" in it In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. Proper disclosure to a buyer should include: *agency Can be waived by the principal broker's request a. Anyone in the real estate business Appointed for life The Governor When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. $25,000 per violation, to a maximum of $75,000. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: b. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: Punitive damages may be awarded for willful violations of the time-share act. All agency agreements must be in writing. Download Real Estate Prep app now. a. 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. Name some critical material facts for disclosure: *the agent's opinion of the property's condition d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: credit can apply to Prelicensure requirements A test must be taken a. Ninety hours Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. Must disclose any knowledge of property repairs needed, Money received by a salesperson: b. 10 acres C. 80 acres D. 2.5 acres The broker requirement is to complete a 30-hour broker course within one year. Exaggerated or superlative comments or opinions. What are the rules about a real estate place of business's signage? d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Held in trust by the commissioner Transfer one's rights under the contract. Needs fewer than 3 members on the company's board of directors d. "Director" shall mean the executive director of the state board of continuing education, b. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. 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. An assignment is a transfer of the interest of one person to another. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. Determined by the commission annually c. Is granted upon submission of application an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. c. Their rights under habeous corpus d. Never, A person with an expired license: Go through a fingerprinting process. a. c. Five years in some cases 2) If the owner finds a buyer, no commission is owed, Seller retains the right to employ any number of brokers as agents, Illegal listing; broker keeps everything above a certain figure. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Can a licensed salesperson sell their own home? Property management duties do not include accepting rebates from a service provider. The applicant retaking the exam In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. In this case the salesperson. The answer is in a timely manner. b. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. b. 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 agent represents only one party to a transaction. a. Learn. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. b. 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. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. The salesperson knows a lender that pays agents a fee for referring purchasers to them. Need not display a sign Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. What must be included in property advertisements? 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? d. Must be given to the principal broker, Records of transactions of real estate sales: 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. A legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. A business day includes Saturdays the lender is open for business. a. 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. a. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? d. The condition of the property, A Realtor is: b. After that it is treated as renewal of an expired license. A continuing education course cannot be taken twice in the same year for credit. A woman has permission from her friend to hike on his property during the autumn months. General agency. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. No. Property manager. Base x height. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: After the buyer's offer was accepted, the buyer had the home inspected. Must be kept for 5 years 3) Valuation and market analysis: 7%. c. A broker Our simulated exam gauges your score in real-time. When can a new applicant begin practicing real estate? c. Needs a separate principal broker In this position, the on-site manager. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. c. Chancery court CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. 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. 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 established by a majority Always requires a fee to be paid to the commission c. The commissioner The seller's property disclosure form provides all of the benefits shown for the buyer. Is exempt from the licensing requirements. c. Must have their own "bond of assurance" When must an expired licensee go through the full process of school again? 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. The expiration date Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. A licensee is representing the buyer solely in a real estate transaction. The members of the board are appointed by the governor and approved by the senate. b. c. The buyer in case of fraud For brokers and associate brokers: Proof of age 21 and above. 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. Three One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. c. The "board" is the Arkansas Real Estate Commission In no case a. b. Promulgate necessary rules Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. A real estate salesperson has been working with buyers. c. Both the listing agent and the principal broker 100% money back guarantee. It is timed, although the length varies from state to state. The name of any lien holders 100% money back guarantee. d. May take only the Arkansas Law portion of the exam, b. Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. They may be sued in civil court and subjected to punitive damages. Have full time agents working under them b. c. At least one represents consumers b. Most states administer the tests in two parts, and require that the candidate pass both. How do you calculate acres in a legal description? 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. c. The commission needs to be notified of the transfer 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. The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. This requirement applies to both resident and nonresident applicants. The buyer will have what type of estate upon closing? Universal agency. The broker should: c. Set by state law In this arrangement. *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. Illegal a. A licensee is representing the seller solely in a real estate transaction. A final order of the Commission may be appeal in the Circuit Court. No, because this would be an unwise referral. Go to work immediately The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Will be treated as an expired license c. Must include any listing agreements A buyer and a seller sign a contract for the sale of real property. 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. In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. Arkansas Real Estate Exam. Multiply all denominators, divide that number into 640. Use a graphical technique to display this information. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. a. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. d. By permission of the commission, Necessary items of a listing contract are: Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. 1 / 159. Open listing and exclusive agency listing. Federal agency or state government officer or employee d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: d. profit center. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). All licensees advertising properties must include the name of the licensee's firm. For help with the national portion we have our national real estate practice quiz. D, 7. arkansas real estate exam quizlet. Classify the following as either a revenue or a capital expenditure. 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. *revocation of the agent's license. Testimony in a hearing is under oath and is recorded. c. Demand that the principal broker pay a fee A "meeting of the minds" in a real estate contract d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: When can a time share developer cancel a contract? a. d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: What effect does the sale have on the lease? On what date do all Arkansas real estate licenses expire? Purchasing E&O insurance. a. A broker is required to display, at their place of business, the license of all agents in their firm. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? Licensees are not allowed to practice real estate independently from their principal broker or executive broker. Is obligated to become a resident if more than half of their income comes from Arkansas Pre-licese classes can be taken for continuing education credit. Both parties sign the sales contract. Dual agency means representing both principal parties to a transaction. a. a. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. Can choose not to participate in the Real Estate Recovery Fund A writ of appeal granted by the State A principal broker is an individual who performs certain real estate services for another party for compensation. d. Unlimited, A person may engage in the business of real estate while on inactive status: May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . The principal broker: the boss. Flashcards. The individual who is authorized and consents to represents the interest of another person. A college course of at least 3 semester hours offered in real estate c. Cannot have ever filed bankruptcy The seller's property disclosure form yields which of the following benefits for the transaction? c. Must be a resident of Arkansas to get a license The rescission period has elapsed on a contract; Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. a. c. The signature of the lien holder A broker tells her that he can sell the lots. d. Must participate in the Real Estate Recovery Fund, b. a. Term. c. Thirty-six hours if supplemented by a college degree a. Brings the borrower and the lender together. Must always give the principal broker the deposit The public demands it The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. In an agency relationship, a principal hires an agent as a fiduciary to perform a desired service on the principal's behalf. c. A conflict of interest representative. *All licenses must be displayed at the place of business. c. Charged for by choice of the commission Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: 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. Real Estate Agent License Practice Test. d. The Commission itself, The number of meetings of the commission is: c. Never A real estate agent's license is different from . 5 acres. One hundred dollars per a year of inactivity b. Must immediately be deposited in an escrow account A Swiss franc costs $1.12 on the purchase date.