arkansas real estate exam quizlet

c. Anyone collecting rents for a fee, and not residing on the property a. Does an agent's compensation need to be disclosed? Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. Also referred to as a transaction broker or a facilitator. The Commission has the power to suspend or revoke a license. 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. 100+ Free Real Estate Practice Exam Questions (February 2023) However, the original tenant remains primarily responsible for rental payments. b. real estate exam Flashcards - Cram.com Transfer one's rights under the contract. The expiration date to Arkansas: Skill . The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. In some cases 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: The term Realtor refers to any agent holding a valid real estate license. d. The Real Estate Code of Conduct, b. b. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. 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: b. Records may be kept electronically. Be placed on a window ledge, easily viewed from the street Have the words "Real Estate, Realtor," or other identifying words included c. The Administrative Real Estate Action Code If a salesperson leaves their broker what must happen? You must have a high school diploma or equivalent. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. The examinee is licensed in another state at the time. Three Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. c. Is subject to revocation of their Arkansas license for violations in their own state Arkansas Real Estate State Exam Prep Flashcards | Quizlet Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. Attorneys-in-fact and attorneys-at-law Illegal The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. B. start your free assessment . Can choose not to participate in the Real Estate Recovery Fund Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. Is not possible under state rules A licensee is supposed to notify the Commission if they should lose their pocket license card. b. ExamSmart | The best way to practice online for your real estate exam test In this position, the on-site manager. Courses offered by the commission a. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Tenancy in common is put in motion by state law. All agency agreements must be in writing. Continue to Next Question. If the property manager selects the policy with the highest deductible, which risk management technique is being used? Is barred legally from commercial intervention A "meeting of the minds" in a real estate contract $500. Net listings are unethical because of the potential conflict of interest for the broker. 18 months after the consumer's last purchase, delivery, or payment. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? For help with the national portion we have our national real estate practice quiz. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) Learn . the buyer receives equitable title to the property. Their license will be revoked After the buyer's offer was accepted, the buyer had the home inspected. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. c. Can ask for waiver of said fee in cases of hardship 30+ Free Arkansas Real Estate Practice Exam Questions (February 2023) Totally at the commission discretion All of the following are false EXCEPT: If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". 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. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! *Upon first substantive contact. When does a licensee have to file an appeal of ruling? Determined by the commission annually b. a. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: Does a real estate lien need to be recorded to be valid? d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: All security deposits for leases must be deposited in the trust account. *bankruptcy 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. Real Estate Exam Prep - PrepAgent.com One hundred dollars per a year of inactivity, All of the following are false EXCEPT: What effect does the sale have on the lease? c. The "board" is the Arkansas Real Estate Commission Three times The testing fee is paid to the Commission along with the application. Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test a. 100% money back guarantee. What occurs if the principal broker leaves the firm or dies? a. a. Three years in all cases a. Which of the following actions would be seen as unauthorized practice of law? 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: A federal judge Frequently Asked Questions - Arkansas Real Estate Commission c. Is defined to be 3 members Complete and pass the real estate broker examination. In this position, the on-site manager is exempt from the licensing requirements. one authorized by the principal to execute specific acts. The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. Each agent is. Main Phone: 501-683-8010 Main Fax: 501-683-8020. When the license has been expired for more than 2 years. Real Estate License Exam - Union Test Prep a. How are disciplinary actions against licensees initiated? b. a. Revoke their license The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. 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. *condemnation or destruction of the property d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: Must submit the signatures of three people who vouch for his integrity Match. The commission enforces the rule. d. Can renew their license anytime, a. 17-40-101 In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. Dual agency means representing both principal parties to a transaction. D, 7. A landowner subdivides her acreage and offers the lots for sale. d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. It gives the buyer full knowledge of all issues with the property. How much experience does a realtor need to be a broker? b. a. All licensees are issued ___ year terms and expire on December 31st. c. Can be temporarily employed for up to 30 days awaiting their license a. c. Is required Licensees are not allowed to practice real estate independently from their principal broker or executive broker. Established by quorum What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? When the state or local government restricts the amount of rent a landlord can charge, All of the following are characteristics of value EXCEPT, A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. A mandatory suspension or revocation of the license b. Property management duties do not include accepting rebates from a service provider. A residence c. Demand that the principal broker pay a fee There are a total of 180 questions on the Arkansas real estate exam. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. The principal broker cannot be held liable in any form if an agent under them sends to the Commission a check that is not honored. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? a. a. b. License renewal requests must be sent in by December 1st of each year. A broker tells her that he can sell the lots. b. 4) Financing: 10%. Conquer Your. Disbursement from the trust account may only be made when: a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell Where records are kept Salespeople can only receive compensation from their employing broker. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Must sign a standard form The firm's records must be maintained by the principal broker for three years, available for inspection. Office Hours: Monday - Friday | 8:00a - 4:30p Blog Text me app. a. The agent always owes absolute fidelity to their Client. Only with the principal broker's permission The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Go to work immediately Real Estate Agent License Practice Test (2022 Current) - Tests.com 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. 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? Who is the fiduciary in a real estate agency situation? Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Log in. The rules have the same force and effect as the law. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. Need not disclose d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: d. Not be compensated for services offered, A commission quorum: It gives the buyer full knowledge of all issues with the property. A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. b. d. None of the above, In real estate: b. Multiply all denominators, divide that number into 640. a. c. Is held accountable for all expenditures Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. b. Real Estate Agent License Practice Test. When an agent elects to go to work for another firm, they may take their listings with them. 5) General principles of agency: 13%. Use a graphical technique to display this information. b. When an actual introduction has taken place. The commission b. a. 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. b. b. The Arkansas Real Estate Commission When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. c. A picture of the building front with sign must be submitted No continuing education is required for the first renewal following the date a person is licensed. c. The broker's trust account This applies to client-seller AND a client-buyer. Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. When can a new applicant begin practicing real estate? a. For help with the state portion you're in the right place! Download Real Estate Prep app now. d. The condition of the property, A Realtor is: You must be sponsored by a managing broker in order to practice. The executive director A buyer and a seller sign a contract for the sale of real property. Don't rely on the outdated material on other real estate practice test sites. The Arkansas Trust Fund Will be returned Needs fewer than 3 members on the company's board of directors When does a licensee have a legitimate claim to a referral fee? Main Phone: 501-683-8010 Main Fax: 501-683-8020. Who is exempt from Arkansas Real Estate licensing? Arkansas Adverse Possession Laws *revocation of the agent's license. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Real Estate Sales Exam Prep | CompuCram Practice Exams & Tests d. A "point of departure" in negotiations, a. They only count for 1/2 of the requirement Submitting proof of active status with a principal broker A special assessment is applied to all licensees to cover it Ethics in the real estate profession Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. 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. When does the commission send renewal notices? a. b. c. Never convicted of a felony c. May need approval If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. How long does a licensee have to answer a disciplinary action? b. . Does there have to be compensation in order to have an agency relationship? Arkansas Real Estate Commission Arkansas Department of Labor and Licensing 612 South Summit Street Little Rock, AR 72201-4740 Phone (501) 683-8010 Website www.arec.arkansas.gov EXAMINATION . b. 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. Apply for a term of "reinstatement" A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. Have full time agents working under them Arkansas real estate principles final exam answers YouTube April 9th, 2018 - Real Estate License Practice Exam 1 Laws of Agency Free Test USA 130 Questions Duration 7 05 John Walker 252 135 views Amazon com Real Estate Practice Exam Appstore for Android April 28th, 2018 - Buy Real Estate Practice Exam Try the Real Estate Practice Exam app Real . d. Precludes the person from practicing real estate up to one year, b. a. The commission need not pay d. Require acceptance by the buyer, An "independent contractor" means: c. Limited to 3 years a. b. Someone acting with assurance b. a. 2023 - BT Management, Inc. All rights reserved. Firehunt lodge arkansas - vti.levante-online.de In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Is basing a listing on a net price ethical or unethical? a. The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. That section can be used to study the topics featured on those 80 questions. Must have the words "real estate" in it 10 acres C. 80 acres D. 2.5 acres The price must be given In this position does the manager need a real estate license? a. Promulgate desirable rules b. d. Unlimited, The duties and responsibilities of the executive director are designated by: b. d. A member of a trade organization, A broker also working as a full time personnel manager may: A state judge Have part time agents working under them What, if anything, should now be done? c. Must have their own "bond of assurance" Index. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. Any competent individual In an open listing, the seller retains the right to employ any number of brokers to sell the property. State Law The rescission period has elapsed on a contract; A person working under a power of attorney is known as attorney in fact. Only informational services are considered "ministerial" and may be performed by a nonlicensee. a. May ask for a hearing before the commission c. There were holidays We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. Go to work immediately upon receiving a license 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. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: b. Accounting A real estate agent's license is different from . Which currencies weakened? b. Arkansas Real Estate Exam Flashcards | Quizlet c. A quorum Care No. The Governor Real Estate Practices and Agency Learn with flashcards, games, and more for free. 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? A Swiss franc costs $1.12 on the purchase date. The property would not pass on to the state. d. Never, A person with an expired license: 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. I, the principal broker, am out of town for not more than one (1) day. Mostly mean the same In most cases, the special agent may not bind the principal to a contract. d. May take only the Arkansas Law portion of the exam, b. 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. c. False advertising leading a person to act to their detriment 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: New Jersey Real Estate License and Exam Info - PrepAgent.com The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. ie. One who is "on their own" in buying or selling real estate Occurs when the broker should have known that a statement about a material fact was false. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. An agent can lose their license for working independent of their broker. Given to the state by law a. a. The foreign-exchange rate for a peso is $0.094 on the date of sale. Arkansas Real Estate Exam Flashcards | Quizlet You must submit a cashier's check, money order, or broker's business account check with the licensing fee. RealEstateExamAnswers.com - Study guides and Answers to Real Estate 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. What type of agency allows the agent to have power of attorney? c. Five A property is owned by three cousins as tenants in common. credit Arkansas recognizes licensure another states with ____________. Arkansas Real Estate Test Flashcards | Quizlet The answer is all records in connection to real estate transactions. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: the seller has financed a portion of the purchase price and placed a junior lien on the property. Continuing education will be required of a person seeking to reactive an inactive license. Arkansas Real Estate Test Prep - State Test Only - CompuCram d. The principal broker must pay out of his or her own trust account, With regards to the commission and the Real Estate Recovery Fund, a circuit court can: c. Must include the fact that they are an agent in selling their home Are waived by state law b. Offers received by selling agents must be presented to the listing firm by the close of the following business day. C, 8. c. Needs a separate principal broker A referral fee can only be paid if the receiving party has a valid active real estate license. a. b. Sixty hours of classroom instruction A broker whose license has expired for no more than 60 days 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: You must have a high school diploma or equivalent. Real Estate Agents License Research Paper Again, the exam varies from state to state. The basement damage is an example of a. a. Free Arkansas Real Estate Practice Exam 2023 Study sets, textbooks, questions. What is the purpose of the Arkansas Recovery Fund? b. Click the card to flip Flashcards Learn Test Match Created by cjtrackie The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. An executive broker runs and owns the main office b. Application fee $50 Original broker license fee $70 c. Both a & b A buyer makes an offer on a seller's house, and the seller accepts. In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. Can sometimes be reinstated by the Board License laws regulate licensees and protect the public. Exam Information - Arkansas Real Estate Commission 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. d. 10-10-99, The legislature regulates the practice of real estate because: b. b. 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. Always requires a fee to be paid to the commission However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. Subagency d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: Public offering statements must be provided to all purchasers of a time-share interval. Managing and sales agents must be registered, bonded. An assignment is a transfer of the interest of one person to another. Open ended until renounced c. December 31, 2003 2) Land use controls and regulations: 5%. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. Only attorneys licensed by the state c. Funding of research projects in real estate All parties or their agents A person who is indigent may not be relieved from paying the filing fees in an appeal. Is concerned with the profit margin of the company a. The mortgagee because it holds the property as security. The individual who is authorized and consents to represents the interest of another person. Demand proof within 30 days Must immediately be deposited in an escrow account an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. a. 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. Is the lender of a mortgage the mortgagor or the mortgagee? 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: Open listing and exclusive agency listing. c. Thirty-six hours if supplemented by a college degree Third party who is not principal but entitled to fairness and honesty. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. Must disclose any knowledge of property repairs needed, Money received by a salesperson: Property ownership and . d. Held in trust by the executive director, A subpoena duces tecum is: Sign up. The Commission may allow a temporary continuation under a person approved by the Commission. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? authorization for the manager to receive referral fees from service providers. 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.