arkansas real estate exam quizlet

d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: Time-shares must be registered. b. b. Loans made to brokers during slow times Will be returned If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Skill Is exempt from the licensing requirements. Time-share is considered to be a real estate interest. Classify the following as either a revenue or a capital expenditure. Dual agency means representing both principal parties to a transaction. d. Must always do what the seller tells them, a. A Swiss franc costs $1.12 on the purchase date. It MOST likely means that. b. cost center. a. a. c. Can be appealed to the state court within 3 months With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. Fees: Examination Fees (Salesperson: $121). A court action to stop violators from continuing unlawful acts 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. a. Ninety hours Public offering statements must be provided to all purchasers of a time-share interval. b. The broker should: Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. The Quaker Foods division of PepsiCo is most likely treated as a(n) The answer is in a timely manner. Assignment of a contract does not change the broker/agent relationship. Care b. c. False advertising leading a person to act to their detriment c. Can be temporarily employed for up to 30 days awaiting their license Have full time agents working under them The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. The rescission period has elapsed on a contract; Full disclosure d. Is voluntary, In determining recipients of the trust account program the commission: Has the right to appeal to the commission within 30 days 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. d. By permission of the commission, Necessary items of a listing contract are: Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. It also may provide a more concrete basis for litigation if the buyer can determine that a seller filled out the form incorrectly or failed to disclose a defect the seller knew was material to the transaction. . Be active holders of real estate licenses Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. Learn. An owner may always sell his own property without a license: Main Phone: 501-683-8010 Main Fax: 501-683-8020. When does a real estate application expire? For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. c. The broker's trust account credit can apply to Prelicensure requirements Is barred legally from commercial intervention a. What is the continuing education requirement for Arkansas licensees? b. The name of any lien holders c. There were holidays All agency agreements must be in writing. A mandatory suspension or revocation of the license b. *bankruptcy a. d. The commission, Administration of oaths by the Commission is: Demand proof within 30 days a. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. Let's start your studying right now! b. Are waived by mutual consent A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. 2) If the owner finds a buyer, no commission is owed, Seller retains the right to employ any number of brokers as agents, Illegal listing; broker keeps everything above a certain figure. In an open listing, the seller retains the right to employ any number of brokers to sell the property. a. c. Guilty of class B felony The party requesting the witness What kind of lease has this tenant signed? A federal judge 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. Computer-Based Test (CBT) development and delivery :: Pearson VUE a. revenue center. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. What type of agency allows the agent to have power of attorney? What type of easement affords the most protection for a purchaser? c. Is defined to be 3 members 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell Use a graphical technique to display this information. c. Limited to 3 years Apply for a term of "reinstatement" Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: a. What is the purpose of the Arkansas Recovery Fund? c. Have equal voting privileges 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: 17-42-101 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. 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. What is the post-license education requirement? All licensees advertising properties must include the name of the licensee's firm. The basement damage is an example of a. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: Must be registered with the board Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. c. Held as irresponsible by the courts A licensee is supposed to notify the Commission if they should lose their pocket license card. A listing salesperson acting as the seller's agent is holding an open house. Cannot collect a commission on their own home a. 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. b. c. Charged for by choice of the commission d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: c. Both a and b Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? d. 10-10-99, The legislature regulates the practice of real estate because: All are appointed by the governor d. A prosecuting attorney, All of the following are true EXCEPT: d. Can be in a residence, A licensee transferred their license to another real estate company. What fee does a licensee incur to move to another broker? d. Allowed, The commission may legally: a. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. 4) Financing: 10%. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. The characteristics of value include what values? b. c. Five years in some cases Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. 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. Conquer Your. a. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Broker applicants must provide proof of licensure as an active real estate salesperson or broker for at least____ months within the previous ____ month period preceding the date of application. A demand for two cooperating brokers to appear before the commission d. Work only for him/her self, In all company real estate ads: a. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. 18 months after the consumer's last purchase, delivery, or payment. Are considered "person non-grata" by the commission a. English..There are 1,216 incorporated cities in the state of Texas. The listing agent a. What leasing duties are exempt from licensing? b. Will be treated as an expired license b. Federal law requires it Arkansas Adverse Possession Laws b. A branch office does not have to have a principal broker. Tenancy in common is put in motion by state law. c. A quorum b. Is subject to review by the Commission 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. c. Fund bonds issued by the State c. Excess distributed annually to members d. Never, A person with an expired license: All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. d. Abide by the rules of the Real Estate Service Board, b. Sign up. b. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? The seller's property disclosure form yields which of the following benefits for the transaction? d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Verified by the principal broker b. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. c. The company name must be given c. Needs a separate principal broker The seller's property disclosure form provides all of the benefits shown for the buyer. The executive broker: the manager under the boss. a. Can an unlicensed party performing real estate services be sued? This requirement applies to both resident and nonresident applicants. c. The buyer in case of fraud b. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Be opened to the public Must always give the principal broker the deposit Log in. a. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. 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. c. Must include the fact that they are an agent in selling their home I, the principal broker, am out of town for not more than one (1) day. If an agent leaves a firm they must immediately return their pocket card to the Commission. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. 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 There was fraud committed 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. The only allowance are funds needed to maintain a minimum balance and to cover service charges. Does the Arkansas REALTORS association appoint the commission members? A listing can be taken for a term specified as "until notified". How do you calculate acres in a legal description? A breach of ethics The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. c. Up to one year, then renewal is mandatory The commission Someone acting with assurance Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. a. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Also referred to as a transaction broker or a facilitator. Only with the principal broker's permission a. The Arkansas Real Estate Commission approves continuing education course. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. Real Estate Practices and Agency Learn with flashcards, games, and more for free. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: b. *Upon first substantive contact. Upgrade to remove ads. (g) Loss from damage to a warehouse in southern California from a minor earthquake. When the license has been expired for more than 2 years. 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. Sometimes, if under a direct order from an attorney The expiration date Purchasing any kind of insurance shifts the financial risk to the insurance company. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. Good reputation ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. Leave nothing to chance when it comes to your new career. Our simulated exam gauges your score in real-time. 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. Making substantial misrepresentations Two years' experience as salesperson or broker within four-years. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. d. Only award actual damages within the regulations set by the commission, d. Only award actual damages within the regulations set by the commission, After a final order by the commission, appeals: Time-share (creation) instruments must provide arrangements for management and operation of the time-share. Is obligated to become a resident if more than half of their income comes from Arkansas ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. 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 c. The State witness fund Punitive damages may be awarded for willful violations of the time-share act. d. Put the licensee on inactive status, The continuing education requirement for all licensees: d. The condition of the property, A Realtor is: Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. 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. b. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. The Arkansas Administrative Procedure Act d. May take only the Arkansas Law portion of the exam, b. 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: Salaries of the employees of the commission are: Serving a subpoena is the responsibility of: The Duties of the Director of the commission are: If a bank dishonors a broker or salesperson's check it can be: If a salesperson overpays on a check to the commission: b. 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. "Continuing education classes" are classes taken at an approved school A special assessment is applied to all licensees to cover it d. Outside of state jurisdiction, An appeal after a dismissal of complaint: 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. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Balance refers to the amount remaining after certain mathematical calculations have been completed. Learn . The property would not pass on to the state. c. Submit their experience to the commission for consideration a. They can reactivate their license without testing if they apply by: 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! An assignment is a transfer of the interest of one person to another. You will have between 2-4 hours to complete your exam. Open listing and exclusive agency listing. Excess money in the recovery fund may be used for educational purposes. The answer is events that might have stigmatized the property. A real estate agent's license is different from . Complete and pass the real estate examination. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. All other client or customer funds received must be deposited within three days of receipt. a. The broker can. A referral fee can only be paid if the receiving party has a valid active real estate license. b. c. Six extra continuing education credits required As a real estate agent you must be well-versed in contracts of sale. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). b. Application fee $50 Original broker license fee $70 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. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. In this position, the on-site manager. c. The principal broker The recovery fund is subject to having to pay for time0share violations. Receiving a security deposit, rent payment or related payment for delivery. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. c. A general partner buying land for the partnership The bonds pay interest on March 111 and September 111. a. c. Both a & b Used by the commission 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:

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