A listing salesperson acting as the seller's agent is holding an open house. d. "Director" shall mean the executive director of the state board of continuing education, b. d. If in an office building, must appear on the directory, a. Any appeal of a ruling must be filed within 15 days from the ruling date. Need not display a sign b. 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: Arkansas Real Estate License Exam Prep - Books Arkansas Real Estate Exam Prep - Real Estate Prep Guide Obedience PSI Online - One stop Solution for Test Takers ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. 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: Home. a. The associate broker: a broker who just sells and lists. A special assessment is applied to all licensees to cover it c. Five times The principal broker is generally responsible for all business conducted by the firm. a. Application fee $50 Original broker license fee $70 real estate exam Flashcards - Cram.com Will be returned The owner couldn't afford the repairs, so he constructed a false floor over the entire basement and installed carpet over the floor to conceal the damage. Blog Home Uncategorized arkansas real estate exam quizlet. When must the agent disclose his or her agency relationship to the prospective buyer? a. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 This right is called a(n). 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. A federal judge a. credit Click the card to flip Flashcards Learn Test Match Created by cjtrackie Once the sale closes, the broker is no longer required to maintain records on the transaction. a. A state judge How are members of the Arkansas Real Estate Commission's board selected? *information about the buyer's motivations and financial qualifications Only if approved by the board Which of the following is NOT an example of governmental power? The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. Conquer Your. Salespeople can only receive compensation from their employing broker. Equitable right of redemption. Given to the state by law When must an expired licensee go through the full process of school again? Dual agency means representing both principal parties to a transaction. *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. b. Sixty hours of classroom instruction Balance refers to the amount remaining after certain mathematical calculations have been completed. The price must be given 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. c. Continuing education programs may be required Are whenever possible b. c. Must be retained until closing A branch office does not have to have a principal broker. All parties or their agents *property condition. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Learn . One member must be a Realtor 60 years of age or older, All of the commission members can: a. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. c. Is 3 hours for full time agents closing more than 25 sales b. The testing fee is paid to the Commission along with the application. c. December 31, 2003 b. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. 4) Financing: 10%. 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: a. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. c. Illegal To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. Delivery of a lease application or lease. Must submit work experience requirements to the board b. Can an agent make their own price for a listing? For help with the state portion you're in the right place! c. Must hold a teaching credential Is an undisclosed dual agent who acted in bad faith. 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: The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. Harry conveys his interest to his long-time friend Wendell. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. PASS YOUR REAL ESTATE TEST! - Real Estate Practice Test Acting under the direct written instructions. 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. A woman has permission from her friend to hike on his property during the autumn months. Three years in all cases The characteristics of value include what values? c. The broker's trust account The property must be fully disclosed Licensees are not allowed to practice real estate independently from their principal broker or executive broker. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. What fee does a licensee incur to move to another broker? Never, except if ordered by a broker Is illegal Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. a. a. b. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Find Exam Details. D, 7. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. Submitting proof of active status with a principal broker d. Is subject to no restrictions, A temporary license: c. A "continuing education unit" is only possible with the instructor present in class 2023 - BT Management, Inc. All rights reserved. The Commission may allow a temporary continuation under a person approved by the Commission. c. Thirty-six hours if supplemented by a college degree 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. c. If they desire A licensee is representing the buyer solely in a real estate transaction. a. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. Log in. A buyer and a seller sign a contract for the sale of real property. Only informational services are considered "ministerial" and may be performed by a nonlicensee. c. Can be filed by the defendant within 90 days The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. Authority to act on behalf of Principal. d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: d. An auctioneer dealing with no more than 4 properties a year, d. An auctioneer dealing with no more than 4 properties a year, Anyone dealing in real estate without a license and not being exempt is: The applicant has a documented reason b. b. b. Our simulated exam gauges your score in real-time. The tests include questions on general real estate topics. d. The principal broker must approve of their transfer, c. The commission needs to be notified of the transfer, A licensee tells their principal broker that they lost their pocket card. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. a. 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. 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. Is exempt from the licensing requirements. How do you calculate acres in a legal description? Controlling risk is preparing before something occurs, such as putting CO monitors in all units. Arkansas Real Estate Test Flashcards | Quizlet However, the seller retains the right to sell the property without obligation to the brokerage. d. The Real Estate Code of Conduct, b. c. Paying a fee established by the board ie. Boat Belting buys inventory for 21,000 Swiss francs. c. Anyone collecting rents for a fee, and not residing on the property 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. 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: When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. They only count for 1/2 of the requirement When must an offer be presented to the seller? Should the salesperson refer the buyers to this lender? *abandonment by the agent Scan QR code or get instant email to install app. d. Voted upon every 4 years by members of the local board, a. b. a. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. Someone acting with assurance a. b. a. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Federal law requires it b. Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. 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? Is barred legally from commercial intervention d. Never, A person with an expired license: The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. c. The buyer in case of fraud c. Five All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. a broker independently setting a company commission schedule. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. b. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Register and apply. c. Is subject to revocation of their Arkansas license for violations in their own state b. c. Are illegal in Arkansas When a licensed salesperson sells their own home what must be included in advertising? Computer-Based Test (CBT) development and delivery :: Pearson VUE A licensee must disclose information involving any known facts about a property that would affect its value or desirability. b. cost center. c. Attorneys need not have a license to sell real estate for their clients Must immediately be deposited into the company's business account c. Must sign an affidavit declaring no further violations have been committed A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. a. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: $25,000 per violation, to a maximum of $75,000. A property owner deeds a parcel of his property to a town "for recreational purposes only." A guest slips on an icy apartment building stair and is hospitalized. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: 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 Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! Real Estate Sales Exam Prep | CompuCram Practice Exams & Tests Anyone in the real estate business What type of agency gives the agent certain tasks including the authority to enter into contracts? d. Must pay the recipient punitive damages, b. You will have between 2-4 hours to complete your exam. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: c. May need approval b. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. a. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. a. 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. Limited by the commissioner, Terms for members of the commission are: When does a real estate application expire? Confidentiality All are appointed by the governor b. c. The board must approve them However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. keep all information received confidential. A broker must deposit earnest money within three (3) days of receipt. This applies to client-seller AND a client-buyer. No agency, or transaction brokerage. The Arkansas Administrative Procedure Act d. Acceptable as originals, In assisting seminars in real estate the commission: 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: Applications must be submitted to AREC BEFORE the applicant is fingerprinted. a. Prelicensure courses can apply to C.E. Office Hours: Monday - Friday | 8:00a - 4:30p A college course of at least 3 semester hours offered in real estate What type of easement affords the most protection for a purchaser? c. To other agents only Are waived by mutual consent What is the maximum amount the Commission may pay from the Recovery Fund? Is basing a listing on a net price ethical or unethical? to Arkansas: b. The commission It gives the buyer full knowledge of all issues with the property. c. Part of the exclusionary clause in a contract The name of any lien holders Can work independently of an Arkansas principal broker in his or her own state d. Is voluntary, In determining recipients of the trust account program the commission: An individual rents an apartment for one year. The passing grade for such section is no lower; a. d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test Leasing assistants. The listing agent a. An agent can lose their license for working independent of their broker. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: d. The company's business account, A salesperson collecting security deposits from rental units they own: Cash is an acceptable form of earnest money. It really depends on the type of license you would like to have. The seller has agreed in principle to making certain repairs prior to closing. c. Must have their own "bond of assurance" The foreign-exchange rate for a peso is $0.094 on the date of sale. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. They may need to pay additional fees The recovery fund is subject to having to pay for time0share violations. A person empowered to do anything the principal could do. Does there have to be compensation in order to have an agency relationship? Three years in some cases Must have the words "real estate" in it The rules have the same force and effect as the law. It MOST likely means that. Must disclose any knowledge of property repairs needed Full disclosure Verified by the principal broker In these two scenarios, which currencies strengthened? When the license has been expired for more than 2 years. In writing before contract. New Applicant - Arkansas Real Estate Commission a. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. The rules and regulations of the Arkansas Real Estate Commission.
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