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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 broker must deposit earnest money within three (3) days of receipt. A business day includes Saturdays the lender is open for business. General agency. c. Must sign an affidavit declaring no further violations have been committed d. Require acceptance by the buyer, An "independent contractor" means: It gives the buyer full knowledge of all issues with the property. a. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT. Once the sale closes, the broker is no longer required to maintain records on the transaction. d. 10-10-99, The legislature regulates the practice of real estate because: For brokers: Proof of age 18 and above. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Real Estate Exam. c. Both a and b The name of any lien holders Real Estate Practices and Agency Learn with flashcards, games, and more for free. An agent can lose their license for working independent of their broker. The buyer and seller would be responsible. State Law Sometimes, if under a direct order from an attorney Flashcards & Study Guides With Real AR Test Examples Limited to 6 times a year Ethics in the real estate profession When can a time share developer cancel a contract? Is ignored because of the statute of frauds In most cases, the special agent may not bind the principal to a contract. Time-share is considered to be a real estate interest. b. 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: A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Net listings are unethical because of the potential conflict of interest for the broker. 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. Is barred legally from commercial intervention Each agent is. The bifore reforium A bachelor died owning real estate that he devised to his niece. Boat Belting sells goods for 900,000 Mexican pesos. No agency, or transaction brokerage. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. A mandatory suspension or revocation of the license According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? Disaster relief for real estate professionals Get an Arkansas license by paying a fee At first contact. 1,000 Real Estate Practice Test Questions Our real estate test prep comes with over 500 multiple choice practice real estate test questions, and 450 vocabulary test questions with detailed answer explanations. Don't rely on the outdated material on other real estate practice test sites. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. Offers received by selling agents must be presented to the listing firm by the close of the following business day. c. Five A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes 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. The seller's property disclosure form yields which of the following benefits for the transaction? c. The Administrative Real Estate Action Code A misdemeanor- Any time-share violation may be considered a misdemeanor. a. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: A federal judge Our simulated exam gauges your score in real-time. A. For brokers and associate brokers: Proof of age 21 and above. a. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. 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. 86.5% of CompuCram users pass their licensing exam the first time! b. inform any prospective buyers of the defect. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. The Quaker Foods division of PepsiCo is most likely treated as a(n) Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. The Arkansas Real Estate Commission approves continuing education course. Universal agency. Competition is the interaction of supply and demand causing prices for property to rise or fall. c. Never State-specific practice tests are not available. a. c. Act as principal broker for listings only The rules have the same force and effect as the law. d. Must wait 10 days for a character check and verification, b. b. a. revenue center. b. a. Application designed and maintained by HCCS, Inc. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. Can advise, but not conduct classes If one of the cousins dies without a will, to whom will his interest pass? Have full time agents working under them Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? 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. b. Property manager. d. Failure to disclose to all parties in a transaction, A revoked license: c. Cannot have ever filed bankruptcy Must always give the principal broker the deposit d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: d. A "point of departure" in negotiations, a. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. How long does a broker keep the firm's records? Are concerned only with land 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? c. Without recourse Balance refers to the amount remaining after certain mathematical calculations have been completed. 2) Land use controls and regulations: 5%. 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. If found guilty of a time-share violation, the developer or agent can be charged with. a. b. Sixty hours a. Leasing assistants. Federal law requires it In this arrangement. Who is exempt from Arkansas Real Estate licensing? Study sets, textbooks, questions. D, 7. The price must be given All of the following are examples of a property managers duties EXCEPT. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? c. The State witness fund Full test. The answer is all records in connection to real estate transactions. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! c. Is subject to revocation of their Arkansas license for violations in their own state 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: In this case the salesperson. A federal judge c. Part of the exclusionary clause in a contract 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: c. A broker b. A house has outdated electric and plumbing. *Disclosure in writing. Can the owner of a lifehold estate convey title via a will to their heirs? b. Transfer one's rights under the contract. *environmental hazards In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? a. The commission need not pay a. 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 executive broker runs and owns the main office The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. An associate broker may have salespeople working under them all parties to the contract exchange binding promises. The broker can. You will have between 2-4 hours to complete your exam. b. a. 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. d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Can a landlord charge an extra deposit for a service animal? b. d. December 15, 2004, To reinstate an expired license: Learn. All security deposits for leases must be deposited in the trust account. *breach Who is responsible for a branch office's trust account? a. b. All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. b. How long does a licensee have to answer a disciplinary action? Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. A Swiss franc costs $1.12 on the purchase date. Are considered "person non-grata" by the commission An executive director administers the operations of the commission. A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. b. cost center. What type of crime does someone commits if they act as a broker or salesperson without a valid license? A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. You have nothing to lose except stress on exam day! Their license will be revoked 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. Are different as to time requirements A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes, A license to practice real estate is needed for all of the following except: The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. b. c. To other agents only Loans made to brokers during slow times What leasing duties are exempt from licensing? E&O insurance policies vary from providers. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. Term. 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. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. Be active holders of real estate licenses 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. The principal broker is generally responsible for all business conducted by the firm. Her friend has granted her, To assign a contract for the sale of real estate means to. b. b. c. Their rights under habeous corpus However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. Exaggerated or superlative comments or opinions. Obedience The Commission may allow a temporary continuation under a person approved by the Commission. This applies to client-seller AND a client-buyer. 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 . The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Open ended until renounced An agency relationship created by oral or written agreement between principal and the agent. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. Allowed For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. 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. d. Abide by the rules of the Real Estate Service Board, b. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. d. May not teach both continuing education and basic real estate to the same people, b. *Written disclosure before contracting. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: 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? In these two scenarios, which currencies strengthened? Application fee $50 Original broker license fee $70 b. Dual agency means representing both principal parties to a transaction. Flashcards. A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. The commission may keep a portion for its own use, In regards to educational credit: 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 What is the maximum amount the Commission may pay from the Recovery Fund? *Failure to account for moneys belonging to other parties. 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: Can a licensee sell a house without going through the brokerage? c. Need contractual consent to be valid a. You must be sponsored by a managing broker in order to practice. Which of the following is NOT an example of governmental power? To activate an inactive license requires a fee 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. d. May be asked to only pay $10.00, If the amount in the Real Estate Recovery Fund is less than the amount needed for compensation: The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker Always requires a fee to be paid to the commission c. 01-01-01 A listing salesperson acting as the seller's agent is holding an open house. a. Can choose not to participate in the Real Estate Recovery Fund Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: (g) Loss from damage to a warehouse in southern California from a minor earthquake. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. The broker has no grounds for a lien or for a suit. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. c. Be punished by all the power of a circuit court c. Trust accounts and real estate law Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: All licensees advertising properties must include the name of the licensee's firm. a. There is a 5-day grace period Anyone in the real estate business Diligence Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. The Governor All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. The foreign-exchange rate for a peso is $0.094 on the date of sale. a. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: However, you can pass it easier with our free arkansas real estate practice exam 2022. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: The broker requirement is to complete a 30-hour broker course within one year. an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. State Law c. Revoke the violated;s license b. Transferring risk is shifting risk to another party such as an insurance company. The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. Trust funds must be deposited no later than 3 business days. 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. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: b. After the broker sells some of the lots, the landowner refuses to pay him a commission. No annual renewal fee is required as long as an agent is renewing on inactive status. Can sometimes be reinstated by the Board Assignment of a contract does not change the broker/agent relationship. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. 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. Study Plan. b. Time-shares must be registered. Determined by the commission annually The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. Real Estate Practices and Agency Learn with flashcards, games, and more for free. What does one need to apply for a broker's license? Upgrade to remove ads. Agent represents Buyer and Seller; common to use separate agents within same brokerage. The testing fee is paid to the Commission along with the application. Must disclose any knowledge of property repairs needed You must have a high school diploma or equivalent. c. Where licenses are hung As such, they are highly discouraged and typically place the licensee in a position of increased liability. b. Does the Arkansas REALTORS association appoint the commission members? 3) Valuation and market analysis: 7%. Avoid risk is the removal of risk, such as repair cracked sidewalks. All licensees are issued ___ year terms and expire on December 31st. Pearson VUE works with each state real estate commission who use the Real Estate Examination Program (REP) to provide a Candidate Handbook for each state that includes general information regarding the exam, testing process, and license requirements and eligibility. b. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. c. Can be taken to the circuit court a. Home. 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. c. Is held accountable for all expenditures Held in trust by the commissioner b. Will be treated as an expired license $500. Need not display a sign 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. 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 request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. a. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. Must be made active within a year Base x height. b. Fines not exceeding $10,000 for each offense a. $25,000 per violation, to a maximum of $75,000. b. a. In a coop sale, the earnest money is held by the selling company. Pre-licese classes can be taken for continuing education credit. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. A buyer makes an offer on a seller's house, and the seller accepts. d. profit center. When can a new applicant begin practicing real estate? If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. 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: One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. The term Realtor refers to any agent holding a valid real estate license.
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