a. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. d. May not teach both continuing education and basic real estate to the same people, b. Multiply all denominators, divide that number into 640. Index. The commission enforces the rule. c. The Administrative Real Estate Action Code All of the following are true of an open listing and an exclusive agency listing EXCEPT. Acting under the direct written instructions. The Executive Director of the Arkansas Real Estate Commission is not a commissioner. When a licensed salesperson sells their own home what must be included in advertising? Be placed on a window ledge, easily viewed from the street, A branch office is NOT: A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. c. The State witness fund Use a graphical technique to display this information. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. A buyer and a seller sign a contract for the sale of real property. To activate an inactive license requires a fee The tests include questions on general real estate topics. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Patent defects are property defects that are easily visible when inspecting a property. c. A "continuing education unit" is only possible with the instructor present in class 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. a. Mandatory Boat Belting buys inventory for 21,000 Swiss francs. Have full time agents working under them Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Cannot sell their own home Arkansas Real Estate License School | Requirements - FAQ's - The CE Shop 18 months after the consumer's last purchase, delivery, or payment. Records may be kept electronically. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. A writ of appeal granted by the State Is mandatory in the state of Arkansas c. To protect public health, safety and welfare Demand proof within 30 days b. a. December 15, 2003 Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). A person who received the email chose to opt-out from receiving additional emails from the licensee. b. Term. The buyer will have what type of estate upon closing? 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: However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. c. Part of the exclusionary clause in a contract 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: representative. Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test The responsibility of the instructor Flashcards. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. Real Estate Exam; California Real Estate Test 1; California Real Estate Test 2; California Real Estate Test 3; Real Estate Exam Questions; Real Estate Test; c. Can be filed by the defendant within 90 days It is published in a newspaper of statewide circulation. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: In some cases all parties to the contract exchange binding promises. d. Limited by the commissioner, Terms for members of the commission are: a. Prelicensure courses can apply to C.E. Real Estate & Planning Flashcards Leasing assistants. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. The answer is in a timely manner. c. Are illegal in Arkansas Firehunt lodge arkansas - vti.levante-online.de The answer is all records in connection to real estate transactions. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: c. The duty of the licensee A woman has permission from her friend to hike on his property during the autumn months. b. Pick Your State - Real Estate Prep Guide 17-40-101 a. b. b. Most states administer the tests in two parts, and require that the candidate pass both. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. the buyer receives equitable title to the property. Click the card to flip Flashcards Learn Test Match Created by cjtrackie Get your certificate now! The landlord sells the building during the one-year lease term. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. *Sign offer and acceptance forms. Which of the following is NOT an example of governmental power? c. Be punished by all the power of a circuit court d. Held in trust by the executive director, A subpoena duces tecum is: Arkansas Real Estate Exam Flashcards | Quizlet d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: Must disclose any knowledge of property repairs needed, Money received by a salesperson: To maintain an active license, an agent must complete six (6) hours of continuing education annually. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner An owner may always sell his own property without a license: 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: 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. The salesperson and the seller's agent should have disclosed her agency relationship, not shared the seller's confidential information and cannot represent the buyer in the purchase of the property since dual agency is not allowed in the state. All of the following are false EXCEPT: a. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. Limited to 6 times a year c. Courses offered by real estate schools licensed by the board c. Six extra continuing education credits required Cash is an acceptable form of earnest money. d. Must pay the recipient punitive damages, b. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: Making substantial misrepresentations Is exempt from the licensing requirements. It gives the buyer full knowledge of all issues with the property. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. Prominently displayed in the broker's principal place of business. Confidentiality When do real estate license applications expire? Fines not exceeding $10,000 for each offense Three Will be treated as an expired license Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: Post license classes can be taken through correspondence. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. You must submit a cashier's check, money order, or broker's business account check with the licensing fee. Is subject to review by the Commission, Penalties for violations include: 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: All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. c. The commissioner a. Arkansas Real Estate Exam Prep - Real Estate Prep Guide Only informational services are considered "ministerial" and may be performed by a nonlicensee. Who is responsible for a branch office's trust account? Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. a. Promulgate desirable rules b. One member must be a Realtor 60 years of age or older Must hold an active real estate license Must still be accountable to the commission for their actions, Inactive licenses: The agent represents one party in a transaction. c. There were holidays 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." . The associate broker: a broker who just sells and lists. b. What is the best way to study for the Real Estate Licensing Exam? 10 acres C. 80 acres D. 2.5 acres There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. a. All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. a. c. December 31, 2003 b. Must pay a one time fee of $50.00 d. Cannot advertise their own home, c. Must include the fact that they are an agent in selling their home, If not disclosed by the seller, an agent working for the seller: A test must be taken a. Waives their right to further compensation *All licenses must be displayed at the place of business. Designated executive branch broker. At this point, the buyer has what type of title to the property? The firm's records must be maintained by the principal broker for three years, available for inspection. a. Is concerned with the profit margin of the company What fee does a licensee incur to move to another broker? A court action to stop violators from continuing unlawful acts Must be in at least 8 point type Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! Continuing education courses require testing in order to obtain credit. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Can an agent make their own price for a listing? Every real estate transaction requires an agent to disclose whom they represent. 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. ie. Real Estate Sales Exam Prep | CompuCram Practice Exams & Tests Arkansas Real Estate Commission (AREC) requires all applicants for original licensure as a real estate salesperson or broker to complete a state and federal criminal background check. d. Unlimited, A person may engage in the business of real estate while on inactive status: d. Acceptable as originals, In assisting seminars in real estate the commission: Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. Are different as to time requirements The Arkansas Real Estate Commission approves continuing education course. English..There are 1,216 incorporated cities in the state of Texas. a. d. All of the above, A licensed real estate agent: Be opened to the public 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. 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. Federal agency or state government officer or employee Round to the nearest cent. Real Estate Practices and Agency Learn with flashcards, games, and more for free. How to be licensed in Arkansas | Arkansas Real Estate School In a coop sale, the earnest money is held by the selling company. c. Be handicap assessable Disbursement from the trust account may only be made when: *condemnation or destruction of the property They may be sued in civil court and subjected to punitive damages. The clause in a mortgage or deed of trust which gives a lender the right to demand the entire loan balance to be due upon the buyer's default is. Terms in this set (350) principal broker b. d. Require acceptance by the buyer, An "independent contractor" means: Definition. b. Equitable right of redemption. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. The Arkansas Recovery Fund Arkansas Real Estate Test Prep - State Test Only - CompuCram Arkansas Real Estate Exam Flashcards | Quizlet Leave nothing to chance when it comes to your new career. b. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? All of the following are examples of a property managers duties EXCEPT. Purchasing E&O insurance. *abandonment by the agent Don't rely on the outdated material on other real estate practice test sites. All licensees advertising properties must include the name of the licensee's firm. Blog Text me app. In Arkansas, there are 110 questions on the exam (80 national and 30 state). Someone acting with assurance c. The principal broker A property owner deeds a parcel of his property to a town "for recreational purposes only." The testing fee is paid to the Commission along with the application. 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 seller finances the property and retains title until the final payment is made by the buyer. Licensees are not allowed to practice real estate independently from their principal broker or executive broker. a. Real Estate Agent License Practice Test (2022 Current) - Tests.com b. The individual who is authorized and consents to represents the interest of another person. When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. In most cases, the special agent may not bind the principal to a contract. 4) Financing: 10%. Arkansas Real Estate Exam flashcards - whyfund.net Our simulated exam gauges your score in real-time. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: inform any prospective buyers of the defect. a. Time-share agents must individually be bonded in an amount of $10,000.00. Go to work immediately b. b. A "meeting of the minds" in a real estate contract d. Is subject to retroactive disciplinary action by the commission, 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. Ace these, and you know you're ready to grab your real estate license ! A licensee must disclose information involving any known facts about a property that would affect its value or desirability. b. Promulgate necessary rules Care Harry conveys his interest to his long-time friend Wendell. 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. Transfer one's rights under the contract. Three years in some cases The seller takes back a purchase money mortgage from the buyer for the remaining 10%. How do you calculate acres in a legal description? 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. MLS wholly owned by a nonprofit organization The exams are written under the supervision of the commission and administered by an independent testing company. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. d. The condition of the property, A Realtor is: Controlling risk is preparing before something occurs, such as putting CO monitors in all units. d. Must always do what the seller tells them, a. Only $35.99/year. *Discharge administrative duties. d. Is voluntary, In determining recipients of the trust account program the commission: New Applicant - Arkansas Real Estate Commission Third party who is not principal but entitled to fairness and honesty. Death of a tenant in common would usually cause property to pass according to the decedent's will. ExamSmart | Free Trial Arkansas Real Estate Exam Flashcards | Quizlet 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. The commission A mandatory suspension or revocation of the license b. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. Only if approved by the board A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. The applicant has a documented reason b. cost center. 50+ Real Estate Math Questions & Cheat Sheet (February 2023) As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. Illegal 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 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. 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. 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. A broker is required to display, at their place of business, the license of all agents in their firm. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. c. investment center. Can choose not to participate in the Real Estate Recovery Fund Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. The characteristics of value include what values? If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. At first contact. Free to the public by law A listing salesperson acting as the seller's agent is holding an open house. c. Guilty of class B felony When must the agent disclose his or her agency relationship to the prospective buyer? Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. What does one need to apply for a broker's license? c. Five d. 10-10-99, The legislature regulates the practice of real estate because: c. Their rights under habeous corpus Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. 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: When must the agent disclose his or her agency relationship to the seller or the agent of the seller? d. Precludes the person from practicing real estate up to one year, b. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. c. The deficit comes from the state treasury Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo a. Arkansas Real Estate Exam Flashcards | Quizlet This requirement applies to both resident and nonresident applicants. c. Must be a resident of Arkansas to get a license b. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. December 31. The bonds pay interest on March 111 and September 111. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) A house has outdated electric and plumbing. Be placed on a window ledge, easily viewed from the street The holder of an inactive license may not practice real estate as a salesperson c. Never convicted of a felony All other client or customer funds received must be deposited within three days of receipt. 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. c. May ask the seller to disclose Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. When does the commission send renewal notices? b. 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. 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. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. a. Members of the public may have access to the MLS, but not to all of the features and content. Can a licensee sell a house without going through the brokerage? d. None of the above, In real estate: As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. a. Totally at the commission discretion Who is the fiduciary in a real estate agency situation? c. Can be held accountable by the commission for their actions When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. Authority to act on behalf of Principal. Can an unlicensed party performing real estate services be sued? b. PASS YOUR REAL ESTATE TEST! - Real Estate Practice Test Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. 1 / 159. b. Can sometimes be reinstated by the Board All licensees are issued ___ year terms and expire on December 31st. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. The seller's property disclosure form provides all of the benefits shown for the buyer. If one of the cousins dies without a will, to whom will his interest pass? 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 *A permanently attached and clearly displayed sign bearing the firm's name. Note that answers are only provided upon purchasing Exam Prep. c. Proof of current continuing education requirements may need to be submitted 36% of the borrower's total monthly gross income. The principal broker is generally responsible for all business conducted by the firm. Is ignored because of the statute of frauds d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: Dual agency means representing both principal parties to a transaction. The name of any lien holders A mortgage broker is an intermediary who brings borrowers and lenders together. What is the purpose of the Arkansas Recovery Fund? An executive broker runs and owns the main office d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: c. Is subject to revocation of their Arkansas license for violations in their own state Test. An executive director administers the operations of the commission. The PC-based program is easy to operate. 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. If the property manager selects the policy with the highest deductible, which risk management technique is being used? c. Anyone collecting rents for a fee, and not residing on the property would not be allowed to rebuild the plant in that location under any circumstances. Complete and pass the real estate broker examination. A referral fee can only be paid if the receiving party has a valid active real estate license. b. c. Limited to 3 years ExamSmart | The best way to practice online for your real estate exam test Single agency 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.
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