arkansas real estate exam quizlet

Is illegal c. There were holidays The purchaser has defaulted; 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. After that it is treated as renewal of an expired license. The Arkansas Recovery Fund The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. The bonds pay interest on March 111 and September 111. a. d. Not be compensated for services offered, A commission quorum: Making substantial misrepresentations The Quaker Foods division of PepsiCo is most likely treated as a(n) A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. Are waived by state law Are people with AIDS are protected under the disability provision of the Fair Housing Act. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. NEW licensees need not take CE the first partial year OR the first full year. 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. True of False, A smaller home is surrounded by larger, more expensive homes. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. a. The salesperson: a selling or listing salesperson. Three years in some cases Study Plan. Members of the public may have access to the MLS, but not to all of the features and content. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. Such delegation may include the authority to enter into contracts. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: d. All of the above, A licensed real estate agent: b. b. 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: c. Is granted upon submission of application *Discharge administrative duties. What is the maximum amount the Commission may pay from the Recovery Fund? c. Demand that the principal broker pay a fee a. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: What, if anything, should now be done? The Executive Director of the Arkansas Real Estate Commission is not a commissioner. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: c. Dictated by the governor What type of easement affords the most protection for a purchaser? 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. December 31, 2003 For help with the state portion you're in the right place! c. Both a & b Are different as to time requirements b. Competition is the interaction of supply and demand causing prices for property to rise or fall. c. Held as irresponsible by the courts In a coop sale, the earnest money is held by the selling company. b. Four The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. Let's start your studying right now! Who is exempt from Arkansas Real Estate licensing? The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. The instrument of authorization is the power of attorney. c. 01-01-01 Be active holders of real estate licenses The agent always owes absolute fidelity to their Client. 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. A real estate agent's license is different from . Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. 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. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. Record Boats cash collection. This applies to client-seller AND a client-buyer. b. c. The commissioner b. Salesmanship for buyer's agents 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. One who is "on their own" in buying or selling real estate Be placed on a window ledge, easily viewed from the street, A branch office is NOT: The "Commission" is the State Board of Private Career Education After the buyer's offer was accepted, the buyer had the home inspected. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. The rules and regulations of the Arkansas Real Estate Commission. credit Is basing a listing on a net price ethical or unethical? a. December 15, 2003 The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. The practice tests coincide with the current, general test outline. b. The principal broker is responsible and accountable for all trust funds received by the firm. 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. What kind of lease has this tenant signed? Cannot sell their own home One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. c. The duty of the licensee No agency, or transaction brokerage. A licensed broker. The exams are written under the supervision of the commission and administered by an independent testing company. *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. The commission need not pay What is the purpose of the Arkansas Recovery Fund? *Accepting compensation from anyone other than the principal broker. They may need to pay additional fees Click the card to flip Flashcards Learn Test Match Created by cjtrackie Must be made active within a year The principal broker: the boss. Does an agent's compensation need to be disclosed? Confidentiality d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: c. Must include any listing agreements When must the agent disclose his or her agency relationship to the seller or the agent of the seller? a. a. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. c. Up to one year, then renewal is mandatory Classify the following as either a revenue or a capital expenditure. c. If they desire 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. c. Are more for expired licenses Managing and sales agents must be registered, bonded. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. c. Excess distributed annually to members When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: Offers received by selling agents must be presented to the listing firm by the close of the following business day. a. A person empowered to do anything the principal could do. What must be included in property advertisements? 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. d. Require acceptance by the buyer, An "independent contractor" means: b. It can be initially made orally. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Learn More What does one need to apply for a broker's license? the agent represents only one party to a transaction. c. Set by state law Occurs when the broker should have known that a statement about a material fact was false. A licensee who is responsible to no one and can set his or her own hours a. All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. b. When must an offer be presented to the seller? *Disclosure in writing. The PC-based program is easy to operate. a. Apply for a term of "reinstatement" What type of agency allows the agent to have power of attorney? Free Arkansas Real Estate Practice Exam. The value of the smaller home will most likely. d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": A mandatory suspension or revocation of the license d. Voted upon every 4 years by members of the local board, a. b. A misdemeanor- Any time-share violation may be considered a misdemeanor. d. Is subject to no restrictions, A temporary license: A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. b. A broker must deposit earnest money within three (3) days of receipt. Are waived by mutual consent d. The condition of the property, A Realtor is: a. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! 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. d. Abide by the rules of the Real Estate Service Board, b. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: The party requesting the witness c. Is subject to revocation of their Arkansas license for violations in their own state 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." Does there have to be compensation in order to have an agency relationship? Cannot collect a commission on their own home Property manager. No- the Arkansas Real Estate Commission could suspend the licensee's license. The name of any lien holders (The certificate is due no later than the end of the month one year following the date of initial licensure.). Certain states also have a period of time after a foreclosure sale in which the borrower in default may redeem the property if the borrower pays the court; the right to redeem the property within the period is called a statutory right of redemption. Features of Arkansas Real Estate License Exam Prep (AR-RELEP):National Principles & Law Key Point Review (60 pages)Real Estate Math Key Formula Review & Practice (17 pages)Arkansas-Specific Laws and Practices (28 pages)National Practice Tests (500 questions)Arkansas Practice Tests (100 questions)Arkansas Sample Exam (100 questions)We know the real estate licensing exam can be tough, and very . Have a sign stating thatchy are engaged in real estate The recovery fund is subject to having to pay for time0share violations. What is the continuing education requirement for Arkansas licensees? All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. After the broker sells some of the lots, the landowner refuses to pay him a commission. For brokers and associate brokers: Proof of age 21 and above. b. d. Never, A person with an expired license: Has the right to appeal to the commission within 30 days c. The State witness fund to Arkansas: Complete and pass the real estate examination. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. Requires consent of all licensed brokers Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. One member must be a Realtor 60 years of age or older d. Neither a or b, In a court of law, copies made of original documents held by the commission are: For help with the national portion we have our national real estate practice quiz. b. a. MLS wholly owned by a nonprofit organization The principal broker The original tenant. When a licensed salesperson sells their own home what must be included in advertising? b. c. A simple quorum 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. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. b. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. A test must be taken The property must be fully disclosed c. Be handicap assessable Demand proof within 30 days The Arkansas Real Estate Commission An owner wants to erect a nine-foot-high revolving sign on the roof of his store. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. A property owner deeds a parcel of his property to a town "for recreational purposes only." The "branch office" is a principal broker's primary place of business *Failure to account for moneys belonging to other parties. a. How are disciplinary actions against licensees initiated? Free to the public by choice b. a. The basement damage is an example of a. the seller finances the property and retains title until the final payment is made by the buyer. c. Be punished by all the power of a circuit court The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. I, the principal broker, am out of town for not more than one (1) day. a. Are concerned only with land What type of agency gives the agent certain tasks including the authority to enter into contracts? Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. The applicant retaking the exam Upgrade to remove ads. a. d. There are no statute of limitations in any case, The section dealing with correct proceedings in cases of hearings or denials of licenses is known as: Conquer Your. 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 bachelor died owning real estate that he devised to his niece. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: The price must be given a. 17-40-101 Continuing education courses require testing in order to obtain credit. c. Can ask for waiver of said fee in cases of hardship *A permanently attached and clearly displayed sign bearing the firm's name. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Can work independently of an Arkansas principal broker in his or her own state Determined by the commission annually the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. Who is the fiduciary in a real estate agency situation? a. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. When can a new applicant begin practicing real estate? Escrow or Trust accounts must be reconciled as least monthly. The salesperson knows a lender that pays agents a fee for referring purchasers to them. If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. authorization for the manager to receive referral fees from service providers. Full disclosure Learn . c. Needs a separate principal broker 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?

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