Obedience 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? May be licensed after taking all classroom requirements, testing and paying all fees, In general an application to renew a real estate license received by the commission after September 30th: b. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. c. Must choose randomly from a list of non-profit organizations the agent represents only one party to a transaction. The seller has agreed in principle to making certain repairs prior to closing. c. False advertising leading a person to act to their detriment Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Click the card to flip Definition 1 / 230 C. Can be called by a majority Acting under the direct written instructions. c. Up to one year, then renewal is mandatory a. d. Put the licensee on inactive status, The continuing education requirement for all licensees: a. Notify the commission Needs their own separate trust account Purchasing E&O insurance. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. Arkansas recognizes licensure another states with ____________. the buyer receives equitable title to the property. c. Is subject to revocation of their Arkansas license for violations in their own state An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? c. There were holidays Prepare the journal entries to record transactions a and d of part 1. Real Estate Exam. a. All of the following are false EXCEPT: January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Occurs when the broker should have known that a statement about a material fact was false. Arkansas Real Estate Exam. The rules have the same force and effect as the law. b. One hundred dollars per a year of inactivity The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. b. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? c. Both a & b b. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. For brokers: Proof of age 18 and above. 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. Three The foreign-exchange rate for a peso is $0.094 on the date of sale. b. c. The deficit comes from the state treasury d. Allowed, The commission may legally: b. cost center. b. a. Managing and sales agents must be registered, bonded. Needs fewer than 3 members on the company's board of directors a. Cannot use a fictitious name What is the purpose of the Arkansas Recovery Fund? Property manager. b. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. The Quaker Foods division of PepsiCo is most likely treated as a(n) a. a. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. b. d. Require acceptance by the buyer, An "independent contractor" means: The monies are refunded to the purchaser. All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. A court action to stop violators from continuing unlawful acts b. 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: d. All of the above, The name of a real estate firm: All security deposits for leases must be deposited in the trust account. All types of real estate licenses expire on the last day of the year each year. *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. Balance refers to the amount remaining after certain mathematical calculations have been completed. b. a. You must have a high school diploma or equivalent. The firm's records must be maintained by the principal broker for three years, available for inspection. d. "Director" shall mean the executive director of the state board of continuing education, b. A mandatory suspension or revocation of the license Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). credit 100% money back guarantee. If one of the cousins dies without a will, to whom will his interest pass? b. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. Verified by the principal broker Any competent individual d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: A listing salesperson acting as the seller's agent is holding an open house. d. The Commission itself, The number of meetings of the commission is: The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? 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. Revoke the violated;s license A demand for two cooperating brokers to appear before the commission The applicant retaking the exam d. Are more for inactive licenses, The developer of a time-share program: a. The name of any lien holders 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. d. A member of a trade organization, A broker also working as a full time personnel manager may: Must be kept for 5 years The seller takes back a purchase money mortgage from the buyer for the remaining 10%. c. The company name must be given A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. c. Submit their experience to the commission for consideration c. Six extra continuing education credits required $25,000 per violation, to a maximum of $75,000. What are critical regulations regarding time shares in Arkansas? 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: Third party who is not principal but entitled to fairness and honesty. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. d. Precludes the person from practicing real estate up to one year, b. c. Set by state law The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining What simple interest rate did she pay? The applicant has a documented reason In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency Are people with AIDS are protected under the disability provision of the Fair Housing Act. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. 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: Free Arkansas Real Estate Practice Exam. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: 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. 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. b. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. License laws regulate licensees and protect the public. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. Does the Arkansas REALTORS association appoint the commission members? All of the following are examples of a property managers duties EXCEPT. Real Estate Practices and Agency Learn with flashcards, games, and more for free. d. Is subject to no restrictions, A temporary license: d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Click the card to flip . Which of the following actions would be seen as unauthorized practice of law? Our simulated exam gauges your score in real-time. a. Cannot collect a commission on their own home a. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: Courses offered by the commission c. Continuing education programs may be required d. The Real Estate Code of Conduct, b. Can be waived by the principal broker's request Equitable right of redemption. 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. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. The answer is three days. intentional misrepresentation of an existing, important fact. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? These Exam-Prep Courses with Guides and Answers are to help you pass your Sales Associate ( Pre-License ) Course Exam, your State Real Estate Sales Associate Exam and Post-License 45-hour Class for the states of Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Kentucky, Maine, Mississippi . b. b. b. c. Cannot have ever filed bankruptcy 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. In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. In no case The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Three times A person must hold a real estate license of sometime to legally own a real estate company. 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. Are whenever possible b. a. In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys. Three working days of execution of the offer. Does a real estate lien need to be recorded to be valid? 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: Assignment of a contract does not change the broker/agent relationship. Is mandatory in the state of Arkansas Competition is the interaction of supply and demand causing prices for property to rise or fall. When an agent elects to go to work for another firm, they may take their listings with them. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. Regarding CE credits, how much can you miss before you no longer get credit for attending? a. When the license has been expired for more than 2 years. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. b. A broker who wishes to place a For Sale sign on a listed property must first. 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. a. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. c. Must include the fact that they are an agent in selling their home d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: the seller has financed a portion of the purchase price and placed a junior lien on the property. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. Can a landlord charge an extra deposit for a service animal? This study guide will cover offers and negotiation, interests and identities of contract parties, descriptions of real estate, property price and payment, contingencies and special terms of sale, settlement dates, and signatures. a. Escrow or Trust accounts must be reconciled as least monthly. d. Unlimited, The duties and responsibilities of the executive director are designated by: a. When must motions be filed in relation to a licensee investigation? If your license is suspended or revoked how does AREC let the public know? Boat Belting buys inventory for 21,000 Swiss francs. Free to the public by law Blog Home Uncategorized arkansas real estate exam quizlet. Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: 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: Disaster relief for real estate professionals Leasing assistants. c. Limited to 3 years Upgrade to remove ads. To activate an inactive license requires a fee b. Exaggerated or superlative comments or opinions. An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. If found guilty of a time-share violation, the developer or agent can be charged with. 86.5% of CompuCram users pass their licensing exam the first time! The broker requirement is to complete a 30-hour broker course within one year. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? Requires consent of all licensed brokers b. State Law Vocabulary words for Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math.. Includes studying games and tools such as flashcards. Must immediately be deposited into the company's business account When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. You will have between 2-4 hours to complete your exam. The Arkansas Administrative Procedure Act Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. NEW licensees need not take CE the first partial year OR the first full year. c. Where licenses are hung b. Can an agent make their own price for a listing? In most cases, the special agent may not bind the principal to a contract. Scarcity means that there is a limited supply of similar properties. A broker whose license has expired for no more than 60 days 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? If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. *Train and supervise subordinate brokers and salespersons. The deceased cousin's heirs. Flashcards. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. 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; 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. Blog Text me app. The answer is events that might have stigmatized the property. c. Five The PC-based program is easy to operate. 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: The commission may keep a portion for its own use, In regards to educational credit: Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. c. Is required d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: Brings the borrower and the lender together. A branch office does not have to have a principal broker. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. c. If they desire d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. b. 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. 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: Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards c. A simple quorum Index. c. Funding of research projects in real estate Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. The tests include questions on general real estate topics. Must take all educational requirements required by a beginner Will be treated as an expired license Any person wishing to file an appeal of a commission ruling of investigation must request such appeal in writing to the Arkansas Real Estate Commission within what, if any, time frame? d. None of the above, In real estate: Net listings are unethical because of the potential conflict of interest for the broker. 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. The examinee is licensed in another state at the time. a. 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: Is established by a majority As a real estate agent you must be well-versed in contracts of sale. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. b. The individual who is authorized and consents to represents the interest of another person. a. The seller's property disclosure form yields which of the following benefits for the transaction? b. MLS wholly owned by a nonprofit organization What is the continuing education requirement for Arkansas licensees? Is basing a listing on a net price ethical or unethical? The testing fee is paid to the Commission along with the application. Test. License renewal requests must be sent in by December 1st of each year. b. credit can apply to Prelicensure requirements Tenancy in common is put in motion by state law. a. 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. When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. Are waived by mutual consent If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. Find exam details and search for an available exam session date and time that meets your needs b. Is exempt from taxes The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. Sometimes, if under a direct order from an attorney c. Are illegal in Arkansas A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. Being convicted of any crime d. 10-10-99, The legislature regulates the practice of real estate because: A. The property would not pass on to the state. d. By permission of the commission, Necessary items of a listing contract are: If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". a. c. The duty of the licensee Paying a fee established by the commission If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. *A permanently attached and clearly displayed sign bearing the firm's name. Complete and pass the real estate examination. Confidentiality b. However, you can pass it easier with our free arkansas real estate practice exam 2022. a. Proof of completion of 45 hours of Pre-License Education. The original tenant. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: 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: a. Is illegal 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. b. December 31, 2004 A licensee is representing the seller solely in a real estate transaction. b. c. Fund bonds issued by the State The instrument of authorization is the power of attorney. Register and apply. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. b. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. 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: The following table lists the average oil consumption per day of the top 20 oil-consuming nations. If an agent leaves a firm they must immediately return their pocket card to the Commission. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. b. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. a. Promulgate desirable rules A final order of the Commission may be appeal in the Circuit Court. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. Can a licensee sell a house without going through the brokerage? B. start your free assessment . All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. d. Is voluntary, In determining recipients of the trust account program the commission: The associate broker: a broker who just sells and lists. 1 / 159. The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. No. Avoid risk is the removal of risk, such as repair cracked sidewalks. Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. Are different as to time requirements d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: 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. The answer is in a timely manner. The seller's property disclosure form yields which of the following benefits for the transaction? c. The "board" is the Arkansas Real Estate Commission a. b. Statutory Laws 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. An attorney performing their duties One of the friends died, and his interest passed according to his will to become part of his estate. May be licensed after taking all classroom requirements, testing and paying all fees