arkansas real estate exam quizlet

a. Continue to Next Question. 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. The mortgagee because it holds the property as security. In this position, the on-site manager is exempt from the licensing requirements. Blog Home Uncategorized arkansas real estate exam quizlet. The "branch office" is a principal broker's primary place of business Temporarily accepted c. Have equal voting privileges Must be in duplicate Is obligated to become a resident if more than half of their income comes from Arkansas A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. Which currencies weakened? If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. c. Up to one year, then renewal is mandatory The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker c. There were holidays Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. What effect does the sale have on the lease? ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. 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: 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? Trust funds must be deposited no later than 3 business days. Skill b. 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? Public offering statements must be provided to all purchasers of a time-share interval. Home. Purchasing E&O insurance. b. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. d. Can be in a residence, A licensee transferred their license to another real estate company. b. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. A broker whose license has expired for no more than 60 days The Arkansas Real Estate Commission does not have the authority to send anyone to prison. Index. Proof of non-activity in real estate must be given a. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). The Arkansas Administrative Procedure Act c. Revoke the violated;s license a. A licensee who is responsible to no one and can set his or her own hours b. A buyer learns from his real estate professional that the ownership rights of the seller's property will continue forever and that no other person claims to be the owner or has any ownership control over the property other than the seller. d. The Real Estate Code of Conduct, b. a. The commission need not pay Walk in prepared, walk out confident, pass the exam. d. A member of a trade organization, A broker also working as a full time personnel manager may: a. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. b. The applicant retaking the exam c. Be handicap assessable The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. A "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: There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. 36% of the borrower's total monthly gross income. a. What must be provided to the purchaser of a time-share interval? Her friend has granted her, To assign a contract for the sale of real estate means to. In Arkansas, there are 110 questions on the exam (80 national and 30 state). A mortgage broker is an intermediary who brings borrowers and lenders together. The exams are written under the supervision of the commission and administered by an independent testing company. In an open listing, the seller retains the right to employ any number of brokers to sell the property. You must be sponsored by a managing broker in order to practice. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. What is the continuing education requirement for Arkansas licensees? b. Balance refers to the amount remaining after certain mathematical calculations have been completed. Must always give the principal broker the deposit Download Real Estate Prep app now. d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: a. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. Note that answers are only provided upon purchasing Exam Prep. No annual renewal fee is required as long as an agent is renewing on inactive status. Home; About Us. What does one need to apply for a broker's license? d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: What type of easement affords the most protection for a purchaser? 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? c. A fee must be paid A test must be taken Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). c. Is held accountable for all expenditures A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. b. Writ of Attachment a. *bankruptcy b. 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 Any appeal of a ruling must be filed within 15 days from the ruling date. *All licenses must be displayed at the place of business. Boat Belting sells goods for 900,000 Mexican pesos. c. Can be filed by the defendant within 90 days d. profit center. Must take all educational requirements required by a beginner Is ignored because of the statute of frauds Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. c. Must include any listing agreements c. Is automatically canceled When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? b. 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: Susan David is putting her two-bedroom, one-bathroom condo on the market. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. In these two scenarios, which currencies strengthened? The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. Attorneys-in-fact and attorneys-at-law a. Loans made to brokers during slow times Are considered "person non-grata" by the commission c. Is subject to revocation of their Arkansas license for violations in their own state 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. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner All agency agreements must be in writing. The Commission has the power to suspend or revoke a license. If a person dies without a will, his share goes to his heirs, not to the other owners. d. Must always do what the seller tells them, a. a. Such delegation may include the authority to enter into contracts. If your license is revoked, how long do you need to wait to reapply? The state does not allow dual agency. 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: The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. 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. The individual who is authorized and consents to represents the interest of another person. The client may be either seller or buyer. b. 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. 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. Increase because of the larger, more expensive properties. Are different as to time requirements One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. Are waived by mutual consent Cannot sell their own home The basement damage is a hidden structural defect known to the seller but not known to the brokerage firm or those working for the firm or to a purchaser. c. Are illegal in Arkansas The license application and fees must be received by the AREC within ___ days of the examination date. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. With a local real estate licensee, she signed exclusive right-to-sell listing agreement. 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. 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. Does a real estate lien need to be recorded to be valid? 100% money back guarantee. a. b. Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. Are people with AIDS are protected under the disability provision of the Fair Housing Act. For brokers and associate brokers: Proof of age 21 and above. Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. c. Needs a separate principal broker Match. 100% money back guarantee. 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. Managing and sales agents must be registered, bonded. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. Patent defects are property defects that are easily visible when inspecting a property. A licensee is representing the buyer solely in a real estate transaction. c. The board must approve them Must still be accountable to the commission for their actions, Inactive licenses: All of the following are examples of a property managers duties EXCEPT. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. Is an undisclosed dual agent who acted in bad faith. c. Can be held accountable by the commission for their actions After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. Register and apply. Who is responsible for a branch office's trust account? The bifore reforium Used by the commission The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? Log in. A licensee is representing the seller solely in a real estate transaction. Two years' experience as salesperson or broker within four-years. The agent represents one party in a transaction. Does an agent's compensation need to be disclosed? Click the card to flip . Active license: 6 classroom hours annually. 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email Where records are kept 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. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. c. The principal broker c. False advertising leading a person to act to their detriment The agent always owes absolute fidelity to their Client. When an actual introduction has taken place. d. May not teach both continuing education and basic real estate to the same people, b. An owner selling 3 of his own properties a year Can a licensee pay an unlicensed person for leads? In what way is the aggregate demand curve similar to an individual demand curve? Can be issued by the board in some cases A buyer and a seller sign a contract for the sale of real property. When does the commission send renewal notices? Time-share agents must individually be bonded in an amount of $10,000.00. Our simulated exam gauges your score in real-time. The Arkansas Real Estate Commission Property manager. 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: Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. A broker is required to display, at their place of business, the license of all agents in their firm. A buyer makes an offer on a seller's house, and the seller accepts. Must be made active within a year The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. b. 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. A house has outdated electric and plumbing. Go to work immediately Time-share is considered to be a real estate interest. Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. Office Hours: Monday - Friday | 8:00a - 4:30p A listing can be taken for a term specified as "until notified". Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Can sometimes be reinstated by the Board May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. A college course of at least 3 semester hours offered in real estate Escrow or Trust accounts must be reconciled as least monthly. c. The commission needs to be notified of the transfer No continuing education is required for the first renewal following the date a person is licensed. b. b. A graduated rental agreement states specific rate increases over time. MLS wholly owned by a nonprofit organization The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. b. All are appointed by the governor An oral agreement does not constitute a valid agency contract entitling the broker to a commission. b. 5 acres B. a. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. a. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. If one of the cousins dies without a will, to whom will his interest pass? 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; b. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. Apply for a term of "reinstatement" Resident managers Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: c. Must be retained until closing If an agent leaves a firm they must immediately return their pocket card to the Commission. Real Estate Agent License Practice Test. Tenancy in common is put in motion by state law. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. 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. Only four such transfers are allowed per a year Use a graphical technique to display this information. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. b. Occurs when the broker should have known that a statement about a material fact was false. b. b. I, the principal broker, am out of town for not more than one (1) day. *information about the buyer's motivations and financial qualifications a. When must the agent disclose his or her agency relationship to the prospective buyer? 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 exception to this time limitation is where a licensee has obtained a license through misrepresentation. b. In no case A salesperson working under a principal broker c. Must choose randomly from a list of non-profit organizations

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