arkansas real estate exam quizlet arkansas real estate exam quizlet

After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. a. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. c. Is free to promote and conduct seminars If found guilty of a time-share violation, the developer or agent can be charged with. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: Fees: Examination Fees (Salesperson: $121). b. Three years in some cases Free to the public by law b. What is the post-license education requirement? d. The company's business account, A salesperson collecting security deposits from rental units they own: Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. c. The signature of the lien holder A listing can be taken for a term specified as "until notified". 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. The deed conveys to the town, As mandated by federal do-not-call legislation, real estate licensees may call consumers with whom they have established a business relationship up to. Three years in all cases b. Classify the following as either a revenue or a capital expenditure. Subagency When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. Always requires a fee to be paid to the commission A real estate salesperson has been working with buyers. A real estate agent's license is different from . Can choose not to participate in the Real Estate Recovery Fund Should the salesperson refer the buyers to this lender? A federal judge Temporarily accepted c. Attorneys need not have a license to sell real estate for their clients Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. Which of the following actions would be seen as unauthorized practice of law? a. January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Illegal b. A house has outdated electric and plumbing. b. 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. Toggle through the questions and view helpful hints. 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. c. The commissioner c. Guilty of class B felony The following table lists the average oil consumption per day of the top 20 oil-consuming nations. Special, or limited, agency. What is the purpose of the Arkansas Recovery Fund? This right is known as an equitable right of redemption. 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: a. d. Is subject to retroactive disciplinary action by the commission, a. Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. a. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. 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? Transferring risk is shifting risk to another party such as an insurance company. The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker All security deposits for leases must be deposited in the trust account. a. Prelicensure courses can apply to C.E. Can the owner of a lifehold estate convey title via a will to their heirs? Are the same d. The commission, Administration of oaths by the Commission is: a. c. Thirty-six hours if supplemented by a college degree 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. c. Excess distributed annually to members *breach After the broker sells some of the lots, the landowner refuses to pay him a commission. Anyone in the real estate business Obtain the written consent of the owner of the property. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. a. Ninety hours a. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. The firm's records must be maintained by the principal broker for three years, available for inspection. Must be kept for 5 years A property owner deeds a parcel of his property to a town "for recreational purposes only." b. Statutory Laws A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. What is the continuing education requirement for Arkansas licensees? a. Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. Click the card to flip . They only count for 1/2 of the requirement License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). b. Sixty hours of classroom instruction Can an agent make their own price for a listing? a. d. Can be in a residence, A licensee transferred their license to another real estate company. What must be included in property advertisements? Full test. The original tenant. The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. c. Can be appealed to the state court within 3 months A guest slips on an icy apartment building stair and is hospitalized. 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. The term Realtor refers to any agent holding a valid real estate license. b. Must disclose any knowledge of property repairs needed Violation by the director of a corporation is subject to criminal prosecution Active license: 6 classroom hours annually. b. The broker should: The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . The only allowance are funds needed to maintain a minimum balance and to cover service charges. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. a. the seller has financed a portion of the purchase price and placed a junior lien on the property. 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 principal broker must then, within 7 days, notify and surrender the license and card to the Commission. Must have the words "real estate" in it The principal broker: the boss. b. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. a. The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. The party requesting the witness An agent can lose their license for working independent of their broker. In an open listing, the seller retains the right to employ any number of brokers to sell the property. a. Free to the public by choice d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: All licensees advertising properties must include the name of the licensee's firm. c. "Continuing education classes" are classes taken at an approved school loss of value due to uncollected delinquent rent. a. 18 months after the consumer's last purchase, delivery, or payment. 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. 60 classroom hours in real estate within 36 months. *Photographs of the signage must be furnished to the Commission for its records. Find Your State National & State Portions c. The board must approve them Their license will be revoked a. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Continuing education courses require testing in order to obtain credit. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. b. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: c. A fee must be paid A buyer makes an offer on a seller's house, and the seller accepts. 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. Can be waived by the principal broker's request The buyer and seller would be responsible. In most cases, the special agent may not bind the principal to a contract. If the buyer defaults, this means the seller, The clause in a contract that makes timely performance a condition of the contract is called, All of the following provisions would typically be included in a property management agreement EXCEPT. Most states administer the tests in two parts, and require that the candidate pass both. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? 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. The PC-based program is easy to operate. inform any prospective buyers of the defect. A property manager is offered a choice of three insurance policies with different deductibles. The bonds pay interest on March 111 and September 111. c. A quorum Does the Arkansas REALTORS association appoint the commission members? *Acting on behalf of more than one party without knowledge. a. a. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: (The certificate is due no later than the end of the month one year following the date of initial licensure.). d. The Real Estate Code of Conduct, b. All of the following are true of an open listing and an exclusive agency listing EXCEPT. d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: MLS wholly owned by a nonprofit organization 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 "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. b. Promulgate necessary rules Be excused by waiver of the commission The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. Base x height. This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. Camp Real Estate School - now a part of Arkansas Real Estate School | Website: Class Type: | Salesperson Pre-License | Salesperson Post-License | Broker Pre-License | Broker Post-License | Continuing Education | Online Education | Address: 11220 N. Rodney Parham, Ste. How would an applicant be exempt for the GENERAL portion of the real estate exam? a. d. The condition of the property, A Realtor is: In these two scenarios, which currencies strengthened? 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. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. c. Is no longer considered liable in lawsuits A graduated rental agreement states specific rate increases over time. all parties to the contract exchange binding promises. c. Must choose randomly from a list of non-profit organizations d. A prosecuting attorney, All of the following are true EXCEPT: 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? Universal agency. If one of the cousins dies without a will, to whom will his interest pass? 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. 10 acres C. 80 acres D. 2.5 acres True of False, A smaller home is surrounded by larger, more expensive homes. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. c. The commission needs to be notified of the transfer 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. 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. authorization for the manager to receive referral fees from service providers. d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: a. What, if anything, should now be done? The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Scarcity means that there is a limited supply of similar properties. Need not display a sign How are disciplinary actions against licensees initiated? A person must hold a real estate license of sometime to legally own a real estate company. Must disclose any knowledge of property repairs needed, Money received by a salesperson: a. Waives their right to further compensation c. A picture of the building front with sign must be submitted *All licenses must be displayed at the place of business. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. a. Anyone buying or selling real estate An oral agreement does not constitute a valid agency contract entitling the broker to a commission. 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 permanently attached and clearly displayed sign bearing the firm's name. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! d. The Commission itself, The number of meetings of the commission is: 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? Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. A licensee is supposed to notify the Commission if they should lose their pocket license card. The agent always owes absolute fidelity to their Client. Need not disclose When must an offer be presented to the seller? 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: Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. Cannot sell their own home The process by which the new contract replaces the old one is called. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. Learn . b. b. Exhibiting poor judgement credit A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. If your license is suspended or revoked how does AREC let the public know? When must the agent disclose his or her agency relationship to the prospective buyer? Can advise, but not conduct classes c. Both a & b A business day includes Saturdays the lender is open for business. *Discharge administrative duties. Fines not exceeding $10,000 for each offense 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: 3) Valuation and market analysis: 7%. Free Arkansas Real Estate Practice Exam. a. When does a licensee have a legitimate claim to a referral fee? The principal broker is generally responsible for all business conducted by the firm. 1 / 159. a. revenue center. The recovery fund is subject to having to pay for time0share violations. c. Is automatically canceled B. start your free assessment . Test. b. a. b. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Is exempt from disciplinary action How will each error come to the bookkeepers attention, other than by chance discovery? d. Must be given to the principal broker, Records of transactions of real estate sales: c. May need approval The Arkansas Real Estate Commission does not have the authority to send anyone to prison. b. c. The Administrative Real Estate Action Code Determined by the commission annually b. b. "At first glance" Are different as to time requirements c. Continuing education programs may be required b. All continuing education course must be "in-class" Is valid for 60 days c. If they desire A specific disclosure required by Arkansas regulation is that of the agent's compensation. Attorneys-in-fact and attorneys-at-law Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. With a local real estate licensee, she signed exclusive right-to-sell listing agreement. a. 18; relicensing educational courses; exam. A licensee is representing the buyer solely in a real estate transaction. d. 10-10-99, The legislature regulates the practice of real estate because: What can a principal broker delegate to an executive broker? Federal agency or state government officer or employee a. b. Sixty hours c. Trust accounts and real estate law $500. b. Resident managers The broker can. c. Can be held accountable by the commission for their actions Must still be accountable to the commission for their actions, Inactive licenses: c. The buyer in case of fraud However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. In a coop sale, the earnest money is held by the selling company. c. May ask the seller to disclose In this arrangement. Submitting proof of active status with a principal broker Paying a fee established by the commission Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Fulfillment, Term Expires, Mutual agreement,Breach of Contract, death, Purpose fulfilled, Term Expires, Property destroyed, Transfer of Title, Mutual Agreement, Breach of Contract, Death, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Alexander Holmes, Barbara Illowsky, Susan Dean, The Cultural Landscape: An Introduction to Human Geography, AP Edition. An associate broker may have salespeople working under them d. Failure to disclose to all parties in a transaction, A revoked license: The seller's property disclosure form yields which of the following benefits for the transaction? Post license classes can be taken through correspondence. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. c. Illegal Appointed by the governor. A time-share project may be advertised without submitting anything to the Commission. a. Exaggerated or superlative comments or opinions. Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. A special assessment is applied to all licensees to cover it Sign up. a. They may need to pay additional fees 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: If an agent drafts an offer, as the selling agent their signature must also appear on the contract. 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. Can a licensee pay an unlicensed person for leads? What type of easement affords the most protection for a purchaser? 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: Ethics in the real estate profession d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Skill d. Two of the members are nit required to be nominated by the commission, a. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: *Sign offer and acceptance forms. c. Fund bonds issued by the State Time-shares must be registered. 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: No. A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. a. 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. a. b. What type of agency allows the agent to have power of attorney?