Arkansas recognizes licensure another states with ____________. Purchasing any kind of insurance shifts the financial risk to the insurance company. 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: The party requesting the witness Flashcards & Study Guides With Real AR Test Examples a. In Arkansas, there are 110 questions on the exam (80 national and 30 state). 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. Must be registered with the board credit Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. Log in. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: b. A person who is indigent may not be relieved from paying the filing fees in an appeal. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: *Sign offer and acceptance forms. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. c. The board must approve them b. a. Leave nothing to chance when it comes to your new career. 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. The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. 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. Continue to Next Question. c. Will be revoked c. Courses offered by real estate schools licensed by the board You must be sponsored by a managing broker in order to practice. The applicant retaking the exam 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. Dual agency means representing both principal parties to a transaction. The Arkansas Real Estate Commission approves continuing education course. A woman has permission from her friend to hike on his property during the autumn months. a. revenue center. 2023 - BT Management, Inc. All rights reserved. b. Sixty hours of classroom instruction In an agency relationship, a principal hires an agent as a fiduciary to perform a desired service on the principal's behalf. b. c. Must be retained until closing b. How are members of the Arkansas Real Estate Commission's board selected? Should the salesperson refer the buyers to this lender? c. December 31, 2003 Can a licensed salesperson sell their own home? In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Who has the responsibility to train subordinate licensees? Boat Belting sells goods for 900,000 Mexican pesos. 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. c. Funding of research projects in real estate A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. Receiving a security deposit, rent payment or related payment for delivery. A listing can be taken for a term specified as "until notified". What type of agency gives the agent certain tasks including the authority to enter into contracts? Learn More d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: b. One member must be a Realtor 60 years of age or older "At first glance" 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. b. Sixty hours They may need to pay additional fees The commission may keep a portion for its own use, In regards to educational credit: b. Once the sale closes, the broker is no longer required to maintain records on the transaction. Does a real estate lien need to be recorded to be valid? A bachelor died owning real estate that he devised to his niece. 18; relicensing educational courses; exam. a. What leasing duties are exempt from licensing? d. Is subject to retroactive disciplinary action by the commission, a. Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. The practice tests coincide with the current, general test outline. Third party who is not principal but entitled to fairness and honesty. NEW licensees need not take CE the first partial year OR the first full year. They may take their own listings with them Can advise, but not conduct classes Go through a fingerprinting process. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. 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. Get an Arkansas license by paying a fee On December 313131, 201020102010, four months interest was accrued for the remaining bonds. a. c. The company name must be given If an agent drafts an offer, as the selling agent their signature must also appear on the contract. The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. Home. A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. A property manager is offered a choice of three insurance policies with different deductibles. How long does a broker keep the firm's records? An owner wants to erect a nine-foot-high revolving sign on the roof of his store. Does the Arkansas REALTORS association appoint the commission members? The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. The foreign-exchange rate for a peso is $0.094 on the date of sale. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! 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: c. Must be a resident of Arkansas to get a license c. Trust accounts and real estate law Appointed for life You have nothing to lose except stress on exam day! a. the buyer receives equitable title to the property. b. A business day includes Saturdays the lender is open for business. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. Which of the following actions would be seen as unauthorized practice of law? How long does a licensee have to answer a disciplinary action? A residence a. Special, or limited, agency. Proof of completion of 45 hours of Pre-License Education. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. The Arkansas Administrative Procedure Act The seller takes back a purchase money mortgage from the buyer for the remaining 10%. *Failure to account for moneys belonging to other parties. Is the lender of a mortgage the mortgagor or the mortgagee? a. c. Where licenses are hung Patent defects are property defects that are easily visible when inspecting a property. b. In this position, the on-site manager. Both parties sign the sales contract. Mandatory It MOST likely means that. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. d. Allowed, The commission may legally: 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. All parties or their agents c. Never Prepare the journal entries to record transactions a and d of part 1. After the broker sells some of the lots, the landowner refuses to pay him a commission. 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. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. c. The Administrative Real Estate Action Code Can be issued by the board in some cases The applicant has a documented reason The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. b. Computer-Based Test (CBT) development and delivery :: Pearson VUE During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. b. Can a licensee sell a house without going through the brokerage? b. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. c. Is defined to be 3 members c. There were holidays 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. Is concerned with the profit margin of the company c. Must choose randomly from a list of non-profit organizations d. Voted upon every 4 years by members of the local board, a. c. The commissioner c. Limited to 3 years Escrow or Trust accounts must be reconciled as least monthly. True of False, A smaller home is surrounded by larger, more expensive homes. 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 . b. c. Illegal Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Members of the public may have access to the MLS, but not to all of the features and content. Someone acting with assurance A test must be taken d. "Director" shall mean the executive director of the state board of continuing education, b. A referral fee can only be paid if the receiving party has a valid active real estate license. 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 *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. Under the principle of conformity progression shows the value of a modest, less expensive home will increase if it is located among larger, fancier, more expensive properties. a. Promulgate desirable rules Can choose not to participate in the Real Estate Recovery Fund It is published in a newspaper of statewide circulation. 1 / 159. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. c. Is subject to revocation of their Arkansas license for violations in their own state Main Phone: 501-683-8010 Main Fax: 501-683-8020. Application designed and maintained by HCCS, Inc. Diligence d. Cannot advertise their own home, c. Must include the fact that they are an agent in selling their home, If not disclosed by the seller, an agent working for the seller: Property ownership and . b. Is illegal d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: c. A general partner buying land for the partnership The rules have the same force and effect as the law. a. a. Appointed by the governor. d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? b. Balance refers to the amount remaining after certain mathematical calculations have been completed. d. Executive brokers are responsible only to the Arkansas Real Estate Commission, d. Executive brokers are responsible only to the Arkansas Real Estate Commission, An injunction is: How will each error come to the bookkeepers attention, other than by chance discovery? The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. Needs fewer than 3 members on the company's board of directors c. Dictated by the governor c. Must have their own "bond of assurance" For help with the state portion you're in the right place! What effect does the sale have on the lease? c. May ask the seller to disclose Camp Real Estate School - now a part of Arkansas Real Estate School | Website: Class Type: | Salesperson Pre-License | Salesperson Post-License | Broker Pre-License | Broker Post-License | Continuing Education | Online Education | Address: 11220 N. Rodney Parham, Ste. When do real estate license applications expire? Care 86.5% of CompuCram users pass their licensing exam the first time! d. Charge for by dictate of the Governor, c. Charged for by choice of the commission, Fees, fines, and penalties collected by the commission are: Can work independently of an Arkansas principal broker in his or her own state Proof of non-activity in real estate must be given c. May need approval The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. c. The commission needs to be notified of the transfer Are people with AIDS are protected under the disability provision of the Fair Housing Act. Designated executive branch broker. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. Single agency Must have the words "real estate" in it a. d. Can be in a residence, A licensee transferred their license to another real estate company. Must always give the principal broker the deposit AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. A state judge b. c. Up to one year, then renewal is mandatory The executive director Resident managers What is the maximum amount the Commission may pay from the Recovery Fund? Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). At this point, the buyer has what type of title to the property? The state does not allow dual agency. 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. What are critical regulations regarding time shares in Arkansas? Blog Text me app. The testing fee is paid to the Commission along with the application. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Upgrade to remove ads. The firm's records must be maintained by the principal broker for three years, available for inspection. _____ of these must be at least 60 years of age and represents the elderly. d. May not teach both continuing education and basic real estate to the same people, b. The Commission has the power to suspend or revoke a license. A special assessment is applied to all licensees to cover it A graduated rental agreement states specific rate increases over time. A photograph of the company yard signs must be on file at he Commission at all times. Be excused by waiver of the commission The seller's property disclosure form yields which of the following benefits for the transaction? As a real estate agent you must be well-versed in contracts of sale. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. a. Cannot use a fictitious name Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. Is exempt from the licensing requirements. *Discharge administrative duties. Open listing and exclusive agency listing. The client may be either seller or buyer. Accept a rebate from a service provider. a. b. Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. a. b. a. Is basing a listing on a net price ethical or unethical? What fee does a licensee incur to move to another broker? Apply for a term of "reinstatement" Terms in this set (350) principal broker Demand proof within 30 days Post license classes can be taken through correspondence. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. a. Cannot sell their own home all parties to the contract exchange binding promises. Obedience Is established by a majority How are disciplinary actions against licensees initiated? The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. *information about the buyer's motivations and financial qualifications However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. c. Fund bonds issued by the State b. a. In some cases What, if anything, should now be done? The broker can. 100% money back guarantee. The answer is three days. 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. Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. a. Notify the commission d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: At this point, the buyer has what type of title to the property? What must be provided to the purchaser of a time-share interval? a. The principal broker Applications must be submitted to AREC BEFORE the applicant is fingerprinted. Never, except if ordered by a broker *bankruptcy All security deposits for leases must be deposited in the trust account. No later than three business days after the loan application is received by the lender. The principal broker is responsible and accountable for all trust funds received by the firm. 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." Must still be accountable to the commission for their actions Subagency A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. b. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. 60 classroom hours in real estate within 36 months. Can a landlord charge an extra deposit for a service animal? The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. What is the best way to study for the Real Estate Licensing Exam? b. The listing agent Sometimes, if under a direct order from an attorney Three times Must sign a standard form If a person dies without a will, his share goes to his heirs, not to the other owners. Our simulated exam gauges your score in real-time. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. Three c. Be punished by all the power of a circuit court c. Submit their experience to the commission for consideration a. Ninety hours a. Prelicensure courses can apply to C.E. Does there have to be compensation in order to have an agency relationship? a. A broker is required to display, at their place of business, the license of all agents in their firm. *A permanently attached and clearly displayed sign bearing the firm's name. Public offering statements must be provided to all purchasers of a time-share interval. According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? b. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes 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. As such, they are highly discouraged and typically place the licensee in a position of increased liability. Licensees are not allowed to practice real estate independently from their principal broker or executive broker. a. All motions must be filed 10 days in advance of the hearing date. Is exempt from disciplinary action An attorney performing their duties c. Continuing education programs may be required There are a total of 180 questions on the Arkansas real estate exam. A licensee is representing the seller solely in a real estate transaction. An associate broker may have salespeople working under them a. a. 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; c. Paying a fee established by the board When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. After the conveyance, Jim and Manny. a. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. There is a 5-day grace period A writ of appeal granted by the State c. A conflict of interest There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. cost center. a. c. A quorum d. May take only the Arkansas Law portion of the exam, b. c. Can be temporarily employed for up to 30 days awaiting their license Confidentiality The Arkansas Recovery Fund Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. b. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. Learn. Exaggerated or superlative comments or opinions. Time-shares must be registered. In this position does the manager need a real estate license? d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. Held in trust by the commissioner Three working days of execution of the offer. a. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? All licensees advertising properties must include the name of the licensee's firm. a. Can be waived by the principal broker's request *Accepting compensation from anyone other than the principal broker. Which of the following is NOT an example of governmental power? State Law b. 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. Ethics in the real estate profession Is obligated to become a resident if more than half of their income comes from Arkansas Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. All of the following are false EXCEPT: d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: b. All other client or customer funds received must be deposited within three days of receipt. The buyer and seller would be responsible. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. 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. b. 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 . Purchasing E&O insurance. representative. a. Delivery of a lease application or lease. a. That section can be used to study the topics featured on those 80 questions. However, the unlicensed party can face criminal charges. If found guilty of a time-share violation, the developer or agent can be charged with. an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. Her friend has granted her, To assign a contract for the sale of real estate means to. Anyone in the real estate business b. Not valid A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. b. Grade examinations Has the right to appeal to the commission within 30 days Prominently displayed in the broker's principal place of business. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. Transfer one's rights under the contract. Register and apply. b. Proper disclosure to a buyer should include: *agency a. 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. 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? The seller's property disclosure form yields which of the following benefits for the transaction? The rules and regulations of the Arkansas Real Estate Commission. One member must be a Realtor 60 years of age or older, All of the commission members can: d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: *environmental hazards Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above.