arkansas real estate exam quizlet

The responsibility of the instructor Boat Belting sells goods for 900,000 Mexican pesos. Pre-licese classes can be taken for continuing education credit. All licensees are issued ___ year terms and expire on December 31st. b. representative. . They can reactivate their license without testing if they apply by: Flashcards & Study Guides With Real AR Test Examples The broker has no grounds for a lien or for a suit. Have a sign stating thatchy are engaged in real estate Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. 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. c. A quorum Can be issued by the board in some cases They passed it in another state; Arkansas recognizes licensure another states with ____________. 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 Violation by the director of a corporation is subject to criminal prosecution It can be initially made orally. Skill b. a. Death of a tenant in common would usually cause property to pass according to the decedent's will. Cannot sell their own home If the property manager selects the policy with the highest deductible, which risk management technique is being used? In this position does the manager need a real estate license? a. All continuing education course must be "in-class" c. Attorneys need not have a license to sell real estate for their clients a. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. Appointed for life c. Must include the fact that they are an agent in selling their home c. "Continuing education classes" are classes taken at an approved school a. c. Only brokers licensed by the state The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: No. Multiply all denominators, divide that number into 640. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. b. b. a. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. c. Both the listing agent and the principal broker Who is responsible for a branch office's trust account? The property must be fully disclosed A mandatory suspension or revocation of the license The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. 86.5% of CompuCram users pass their licensing exam the first time! b. a. Both parties sign the sales contract. The agent represents one party in a transaction. Is exempt from the licensing requirements. c. Retracted annually b. Leasing assistants. c. The duty of the licensee So it would be: $200,000/$24,000 which = 8.33. Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. b. Statutory Laws a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell c. Six extra continuing education credits required Special, or limited, agency. Are different as to time requirements b. Transfer one's rights under the contract. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. a. 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: 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. Can choose not to participate in the Real Estate Recovery Fund Home. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. a. B. start your free assessment . *abandonment by the agent c. Fund bonds issued by the State d. Unlimited, A person may engage in the business of real estate while on inactive status: d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: c. Demand that the principal broker pay a fee A federal judge Flashcards. After the broker sells some of the lots, the landowner refuses to pay him a commission. If a specific time period for delivering earnest money is not specified in an offer to purchase real estate, how long after acceptance of the offer must earnest money be delivered to the firm and deposited into a trust account? a. Also referred to as a transaction broker or a facilitator. One hundred dollars per a year of inactivity c. A licensee working under a principal broker in buying or selling real estate A broker is required to display, at their place of business, the license of all agents in their firm. Must be made active within a year 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. A real estate salesperson has been working with buyers. c. The board must approve them A mortgage broker is an intermediary who brings borrowers and lenders together. 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. 5 acres B. Be opened to the public Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). Only if approved by the board The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker Free to the public by law a. Time-share agents must individually be bonded in an amount of $10,000.00. a. d. Abide by the rules of the Real Estate Service Board, b. d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Continuing education courses require testing in order to obtain credit. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. c. Charged for by choice of the commission C, 8. a. 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. However, the unlicensed party can face criminal charges. *Failure to account for moneys belonging to other parties. The bifore reforium Must be in duplicate c. Act as principal broker for listings only a. When the license has been expired for more than 2 years. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: Must hold an active real estate license c. To protect public health, safety and welfare b. 1 / 159. Trust funds must be deposited no later than 3 business days. The commission 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 real estate licensee is automatically suspended. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. a. 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. b. c. Excess distributed annually to members d. Require acceptance by the buyer, An "independent contractor" means: When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? 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. Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: Being convicted of any crime This study guide will cover offers and negotiation, interests and identities of contract parties, descriptions of real estate, property price and payment, contingencies and special terms of sale, settlement dates, and signatures. A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. a. What, if anything, should now be done? 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. Is held accountable for all expenditures Accept a rebate from a service provider. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. Every real estate transaction requires an agent to disclose whom they represent. Each agent is. Only the ______________ has authority to supervise others or designate others to supervise. What simple interest rate did she pay? c. The company name must be given Obtain the written consent of the owner of the property. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. A form of ownership that husbands and wives can choose or create by deciding to do so and declaring it as such in contracts and deeds. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: c. Continuing education programs may be required 18; relicensing educational courses; exam. Learn . d. Is voluntary, In determining recipients of the trust account program the commission: The answer is in a timely manner. Study Plan. 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? *Acting on behalf of more than one party without knowledge. a. Two years' experience as salesperson or broker within four-years. How will each error come to the bookkeepers attention, other than by chance discovery? According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 A licensee is supposed to notify the Commission if they should lose their pocket license card. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. one authorized by the principal to execute specific acts. *renunciation There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. Public offering statements must be provided to all purchasers of a time-share interval. d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: 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: Courses offered by the commission 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. would not be allowed to rebuild the plant in that location under any circumstances. If a person dies without a will, his share goes to his heirs, not to the other owners. Cannot collect a commission on their own home d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. When an actual introduction has taken place. a. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. 100% money back guarantee. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. When does the commission send renewal notices? During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. 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. a. Find Exam Details. *Disclosure in writing. The REALTORS association does not appoint the Arkansas Real Estate Commission members. 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. 3) Valuation and market analysis: 7%. A federal judge Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. a. d. By permission of the commission, Necessary items of a listing contract are: c. Both a and b A graduated rental agreement states specific rate increases over time. c. Be punished by all the power of a circuit court Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. The holder of an inactive license may not practice real estate as a salesperson b. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. All of the following are examples of a property managers duties EXCEPT. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. The buyer will have what type of estate upon closing? May ask for a hearing before the commission A property is owned by three cousins as tenants in common. Scan QR code or get instant email to install app. b. What type of agency allows the agent to have power of attorney? Offers received by selling agents must be presented to the listing firm by the close of the following business day. one who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind ie. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: c. The broker's trust account In what way is the aggregate demand curve similar to an individual demand curve? A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. 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 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. All security deposits for leases must be deposited in the trust account. d. Must be given to the principal broker, Records of transactions of real estate sales: Complete and pass the real estate examination. 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: under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. d. Is subject to no restrictions, A temporary license: The public demands it d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: d. profit center. b. Which currencies weakened? When can a time share developer cancel a contract? In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. b. b. The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. Find exam details and search for an available exam session date and time that meets your needs Go through a fingerprinting process. An executive broker can bring a suit against the public if they fail to pay the commission due. Learn More the seller finances the property and retains title until the final payment is made by the buyer. Avoid risk is the removal of risk, such as repair cracked sidewalks. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Only informational services are considered "ministerial" and may be performed by a nonlicensee. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. All of the following are false EXCEPT: You must be sponsored by a managing broker in order to practice. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. How are members of the Arkansas Real Estate Commission's board selected? Susan David is putting her two-bedroom, one-bathroom condo on the market. You must have a high school diploma or equivalent. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. Can work independently of an Arkansas principal broker in his or her own state c. Is granted upon submission of application Is subject to review by the Commission While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. There are a total of 180 questions on the Arkansas real estate exam. 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: All are appointed by the governor Can a licensee sell a house without going through the brokerage? Real Estate Agent License Practice Test. December 31. A principal broker is an individual who performs certain real estate services for another party for compensation. keep all information received confidential. a. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. a. d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Transferring risk is shifting risk to another party such as an insurance company. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). c. Is defined to be 3 members inform any prospective buyers of the defect. Must have the words "real estate" in it D, 7. The agent always owes absolute fidelity to their Client. To maintain an active license, an agent must complete six (6) hours of continuing education annually. credit c. Can ask for waiver of said fee in cases of hardship Most states administer the tests in two parts, and require that the candidate pass both. b. a. Resident managers 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 broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. What type of agency gives the agent certain tasks including the authority to enter into contracts? It gives the buyer full knowledge of all issues with the property. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Authority to act on behalf of Principal. Is exempt from taxes The client may be either seller or buyer. This right is known as an equitable right of redemption. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. d. The condition of the property, A Realtor is: a. Harry conveys his interest to his long-time friend Wendell. b. Sixty hours of classroom instruction 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: Her friend has granted her, To assign a contract for the sale of real estate means to. Illegal 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. Are the same c. Have equal voting privileges The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. In this position, the on-site manager is exempt from the licensing requirements. Is the lender of a mortgage the mortgagor or the mortgagee? a. Register and apply. Notify the commission Managing and sales agents must be registered, bonded. Who is exempt from Arkansas Real Estate licensing? d. A member of a trade organization, A broker also working as a full time personnel manager may: At this point, the buyer has what type of title to the property? Will be returned Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. Demand proof within 30 days State Law Limited to 6 times a year b. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. 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. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. b. Are waived by mutual consent Paying a commission or any valuable consideration "bird-dog fee" to any unlicensed person for acts or services performed is a violation and is punishable by suspension, revocation, or demotion of the licensee. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: State-specific practice tests are not available. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: