There was compensation promised The Commission has the power to suspend or revoke a license. a. c. May need approval 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. Proof of completion of 45 hours of Pre-License Education. A special assessment is applied to all licensees to cover it If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. b. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. The broker can. 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. c. Where licenses are hung The agent represents one party in a transaction. . Their license will be revoked 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . A listing can be taken for a term specified as "until notified". Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. a. 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. c. Limited to 3 years The expiration date Do nothing. Get an Arkansas license by paying a fee The Commission may allow a temporary continuation under a person approved by the Commission. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. Needs their own separate trust account representative. a. *Discharge administrative duties. b. c. Can ask for waiver of said fee in cases of hardship The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. Three years in some cases a. Test. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. c. Fund bonds issued by the State All continuing education course must be "in-class" b. Purchasing any kind of insurance shifts the financial risk to the insurance company. Proper disclosure to a buyer should include: *agency c. Submit their experience to the commission for consideration 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 An attorney performing their duties Full disclosure 5 acres B. *environmental hazards Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. Ethics in the real estate profession A demand for two cooperating brokers to appear before the commission Learn More loss of value due to uncollected delinquent rent. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: authorization for the manager to receive referral fees from service providers. c. Part of the exclusionary clause in a contract Only if approved by the board b. Promulgate necessary rules d. Acceptable as originals, In assisting seminars in real estate the commission: Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Walk in prepared, walk out confident, pass the exam. Register and apply. Cannot use a fictitious name The Arkansas Trust Fund Be opened to the public How long does a licensee have to answer a disciplinary action? d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": For brokers and associate brokers: Proof of age 21 and above. 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! 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. 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: Managing and sales agents must be registered, bonded. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. d. If in an office building, must appear on the directory, a. Established by quorum b. b. Must pay a one time fee of $50.00 b. d. "Director" shall mean the executive director of the state board of continuing education, b. c. Continuing education programs may be required The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. When the license has been expired for more than 2 years. The monies are refunded to the purchaser. b. cost center. c. Charged for by choice of the commission In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. Application designed and maintained by HCCS, Inc. a. Boat Belting buys inventory for 21,000 Swiss francs. a. The individual who is authorized and consents to represents the interest of another person. Home. c. Both a and b 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. c. The company name must be given d. Must always do what the seller tells them, a. After the conveyance, Jim and Manny. 5) General principles of agency: 13%. 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; 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. The commission enforces the rule. No- the Arkansas Real Estate Commission could suspend the licensee's license. Must have the words "real estate" in it b. Used by the commission c. Five times a. Match. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. a. 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. Free to the public by law You must submit a cashier's check, money order, or broker's business account check with the licensing fee. All are appointed by the governor Is mandatory in the state of Arkansas a. c. Trust accounts and real estate law Tenancy in common is put in motion by state law. Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." c. Can be taken to the circuit court *Train and supervise subordinate brokers and salespersons. c. Without recourse This right is called a(n). Are concerned only with land Are the same Inactive and expired: 6 hours for every year, not to exceed 30 hours. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. 18 months after the consumer's last purchase, delivery, or payment. Have part time agents working under them Is illegal d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: You must have a high school diploma or equivalent. In case a brokerage firm is agent for both a seller and a buyer, the firm sometimes designates one salesperson to serve the buyer and one to serve the seller. b. credit d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: c. Never The members of the board are appointed by the governor and approved by the senate. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. a. d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: d. Determined by the commission on an independent basis, Licensed applicants from another state must: 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. Full test. Flashcards. b. Scarcity means that there is a limited supply of similar properties. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. 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. b. a. a. c. Have the licensee call the commission Death of a tenant in common would usually cause property to pass according to the decedent's will. In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. c. A simple quorum Find Exam Details. intentional misrepresentation of an existing, important fact. a. Limited to 6 times a year a. The only allowance are funds needed to maintain a minimum balance and to cover service charges. c. Five a. $25,000 per violation, to a maximum of $75,000. Learn . Subagency Is an undisclosed dual agent who acted in bad faith. b. Continuing education courses require testing in order to obtain credit. Office Hours: Monday - Friday | 8:00a - 4:30p Post license classes can be taken through correspondence. Loans made to brokers during slow times The party requesting the witness Cash is an acceptable form of earnest money. c. Are more for expired licenses Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: An individual rents an apartment for one year. Allowed The state does not allow dual agency. Such delegation may include the authority to enter into contracts. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Two years' experience as salesperson or broker within four-years. credit can apply to Prelicensure requirements All types of real estate licenses expire on the last day of the year each year. c. Benefits of the developer Delivery of a lease application or lease. c. Set by state law *abandonment by the agent A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: c. Must sign an affidavit declaring no further violations have been committed c. Paying a fee established by the board b. For brokers: Proof of age 18 and above. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. Must be kept for 5 years b. a. Are waived by state law Main Phone: 501-683-8010 Main Fax: 501-683-8020. A legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. b. The commission may keep a portion for its own use, In regards to educational credit: c. Act as principal broker for listings only d. Must submit any documents the Agency deems necessary, d. Must submit any documents the Agency deems necessary, The notice on the front of a public offering statement: Upgrade to remove ads. Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. The executive broker: the manager under the boss. Harry conveys his interest to his long-time friend Wendell. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. State Law b. What type of crime does someone commits if they act as a broker or salesperson without a valid license? The principal broker is responsible and accountable for all trust funds received by the firm. 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. c. False advertising leading a person to act to their detriment d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: 4) Financing: 10%. An agency contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority. b. What must be included in property advertisements? A salesperson working under a principal broker Must be made active within a year a. d. Must participate in the Real Estate Recovery Fund, 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: ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. b. *property condition. Will be returned What leasing duties are exempt from licensing? b. An owner may always sell his own property without a license: d. Not be compensated for services offered, A commission quorum: 2) Land use controls and regulations: 5%. When does a real estate application expire? b. An executive director administers the operations of the commission. d. Never, A person with an expired license: Anyone in the real estate business On December 313131, 201020102010, four months interest was accrued for the remaining bonds. A final order of the Commission may be appeal in the Circuit Court. c. Five years in some cases A real estate agent's license is different from . a. Excess money in the recovery fund may be used for educational purposes. Record Boats cash collection. When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. 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? Open ended until renounced b. To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. c. Attorneys need not have a license to sell real estate for their clients Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 What are the rules about a real estate place of business's signage? If an agent drafts an offer, as the selling agent their signature must also appear on the contract. The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. The applicant has a documented reason d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. An executive broker can bring a suit against the public if they fail to pay the commission due. In an open listing, the seller retains the right to employ any number of brokers to sell the property. a. Who is responsible for a branch office's trust account? Real Estate Exam. a. Click the card to flip . What kind of lease has this tenant signed? Authority to act on behalf of Principal. c. Chancery court to Arkansas: d. Held in trust by the executive director, A subpoena duces tecum is: The listing agent Held in trust by the commissioner a. Making substantial misrepresentations A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. They passed it in another state; a. a. Find Your State National & State Portions A property owner deeds a parcel of his property to a town "for recreational purposes only." The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. 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. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). a. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) One member must be a Realtor 60 years of age or older The principal broker b. Mostly mean the same 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. Only attorneys licensed by the state Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. 100% money back guarantee. Their principal broker What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? A real estate salesperson has been working with buyers. c. Is defined to be 3 members c. Guilty of class B felony Courses offered by the commission c. The State witness fund Resident managers License laws regulate licensees and protect the public. Does an agent's compensation need to be disclosed? (The certificate is due no later than the end of the month one year following the date of initial licensure.). Writ of Attachment Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. Can sometimes be reinstated by the Board If engaged in real estate activities for a fee, and only as part of their ordinary course of business, which of the following is exempt from the real estate licensing requirement? a. 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. In some cases Is barred legally from commercial intervention c. Illegal b. Illegal Must be in duplicate Pre-licese classes can be taken for continuing education credit. A residence *Acting on behalf of more than one party without knowledge. A property is owned by three cousins as tenants in common. a. December 15, 2003 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: After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. December 31. No continuing education is required for the first renewal following the date a person is licensed. The client may be either seller or buyer. A licensee is representing the seller solely in a real estate transaction. 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: C, 8. *renunciation Also referred to as a transaction broker or a facilitator. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. a. The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. In no case Have full time agents working under them 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. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. The license application and fees must be received by the AREC within ___ days of the examination date. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. Totally at the commission discretion License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). *Sign offer and acceptance forms. c. Only brokers licensed by the state Name some critical material facts for disclosure: *the agent's opinion of the property's condition All licensees are issued ___ year terms and expire on December 31st. Learn. The PC-based program is easy to operate. Given to the state by law a. c. Cannot have ever filed bankruptcy However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. d. Submitting an affidavit denying any fraudulent activities and paying a fee, 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: Licensees are not allowed to practice real estate independently from their principal broker or executive broker. 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. c. A licensee working under a principal broker in buying or selling real estate 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. Free Arkansas Real Estate Practice Exam. a. Loyalty b. Need not display a sign The deceased cousin's heirs. The seller has agreed in principle to making certain repairs prior to closing. b. Property ownership and . The answer is events that might have stigmatized the property. An agent can lose their license for working independent of their broker. c. The "board" is the Arkansas Real Estate Commission Applicants who pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days from the date of the examination . Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. 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. Federal law requires it a. The buyer and seller would be responsible. d. Must be given to the principal broker, Records of transactions of real estate sales: That section can be used to study the topics featured on those 80 questions. a. No annual renewal fee is required as long as an agent is renewing on inactive status. arkansas real estate exam quizlet. The purchaser has defaulted; would not be allowed to rebuild the plant in that location under any circumstances. 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. A time-share project may be advertised without submitting anything to the Commission. Once the sale closes, the broker is no longer required to maintain records on the transaction. c. Anyone collecting rents for a fee, and not residing on the property Free to the public by choice If found guilty of a time-share violation, the developer or agent can be charged with. When must an offer be presented to the seller? 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 The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. d. Put the licensee on inactive status, The continuing education requirement for all licensees: b. The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. b. What does one need to apply for a broker's license? Are people with AIDS are protected under the disability provision of the Fair Housing Act. a. Which of the following actions would be seen as unauthorized practice of law? Accounting No later than three business days after the loan application is received by the lender. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: "At first glance" 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. Flashcards. When can a time share developer cancel a contract? $500. Must still be accountable to the commission for their actions, Inactive licenses: Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. the buyer receives equitable title to the property. Only with the principal broker's permission The answer is in a timely manner. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. Which of the following is NOT an example of governmental power? 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. d. Abide by the rules of the Real Estate Service Board, b. Must submit work experience requirements to the board Must immediately be deposited in an escrow account One hundred dollars per a year of inactivity, All of the following are false EXCEPT: The Arkansas Recovery Fund In this case the salesperson. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". 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.
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