Arkansas Real Estate License Exam Prep - Books c. Must be retained until closing Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. Real Estate Exam Prep - PrepAgent.com b. Appointed for life b. This applies to client-seller AND a client-buyer. A final order of the Commission may be appeal in the Circuit Court. a. b. 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. d. Is subject to no restrictions, A temporary license: The Quaker Foods division of PepsiCo is most likely treated as a(n) _____ of these must be at least 60 years of age and represents the elderly. a. A property owner deeds a parcel of his property to a town "for recreational purposes only." Arkansas Real Estate Test Flashcards | Quizlet representative. a. Prelicensure courses can apply to C.E. a. 50+ Real Estate Math Questions & Cheat Sheet (February 2023) a. Must have the words "real estate" in it All security deposits for leases must be deposited in the trust account. Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. b. an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. All of the following are examples of a property managers duties EXCEPT. Public offering statements must be provided to all purchasers of a time-share interval. Leave nothing to chance when it comes to your new career. d. A demand of payment from the commission, If a licensee does not renew their license by September 30th all of the following may apply EXCEPT: The characteristics of value include what values? d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. d. Never, A person with an expired license: The expiration date d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: a. Disaster relief for real estate professionals Free Arkansas Real Estate Practice Exam 2023 b. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Who is exempt from Arkansas Real Estate licensing? Arkansas recognizes licensure another states with ____________. Flashcards. c. Act as principal broker for listings only Are people with AIDS are protected under the disability provision of the Fair Housing Act. Designated executive branch broker. In an exclusive right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. What is the continuing education requirement for Arkansas licensees? b. May be licensed after taking all classroom requirements, testing and paying all fees Accounting The Commission meets on a regular schedule one time per month. The public demands it Her friend has granted her, To assign a contract for the sale of real estate means to. In what way is the aggregate demand curve similar to an individual demand curve? In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. The examinee is licensed in another state at the time. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. Arkansas Real Estate Exam Flashcards | Quizlet Are waived by state law c. Is held accountable for all expenditures What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? A property manager is offered a choice of three insurance policies with different deductibles. b. The only allowance are funds needed to maintain a minimum balance and to cover service charges. c. Revoke the violated;s license d. Only award actual damages within the regulations set by the commission, d. Only award actual damages within the regulations set by the commission, After a final order by the commission, appeals: Arizona Practice Real Estate Exam Questions - The CE Shop When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Obtain the written consent of the owner of the property. 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. What leasing duties are exempt from licensing? d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: A "meeting of the minds" in a real estate contract The real estate licensee is automatically suspended. c. There were holidays Find Exam Details. They passed it in another state; What is on the real estate exam? The property must be fully disclosed b. What are critical regulations regarding time shares in Arkansas? Third party who is not principal but entitled to fairness and honesty. Arkansas Real Estate Exam Flashcards | Quizlet A principal broker is an individual who performs certain real estate services for another party for compensation. Mandatory Have a sign stating thatchy are engaged in real estate The buyer will have what type of estate upon closing? 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. Free Real Estate License Exam Practice Test (2023) - Union Test Prep 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. The original tenant. Is basing a listing on a net price ethical or unethical? Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. c. Charged for by choice of the commission b. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. December 31. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! a. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: a. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. 5) General principles of agency: 13%. 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. 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. One who is "on their own" in buying or selling real estate Can an agent make their own price for a listing? 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. State-specific practice tests are not available. *abandonment by the agent Needs their own separate trust account Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. There is a 5-day grace period d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: Depositing non-trust monies in the trust account. Can be issued by the board in some cases Be active holders of real estate licenses All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. Both parties sign the sales contract. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. This right is known as an equitable right of redemption. *revocation of the agent's license. b. the seller has financed a portion of the purchase price and placed a junior lien on the property. d. All of the above, A licensed real estate agent: A person must hold a real estate license of sometime to legally own a real estate company. c. Can be filed by the defendant within 90 days Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. When must an expired licensee go through the full process of school again? d. Acceptable as originals, In assisting seminars in real estate the commission: the seller finances the property and retains title until the final payment is made by the buyer. After the broker sells some of the lots, the landowner refuses to pay him a commission. Applies to everyone with no exceptions a. d. The Real Estate Code of Conduct, b. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. No agency, or transaction brokerage. Offers received by selling agents must be presented to the listing firm by the close of the following business day. b. Someone acting with assurance Receiving a security deposit, rent payment or related payment for delivery. Harry conveys his interest to his long-time friend Wendell. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Pick Your State - Real Estate Prep Guide d. "Director" shall mean the executive director of the state board of continuing education, b. A court action to stop violators from continuing unlawful acts The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: Can choose not to participate in the Real Estate Recovery Fund c. Fund bonds issued by the State a. a. 17-40-101 A cooperating broker The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. 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: Must always give the principal broker the deposit The deceased cousin's heirs. c. The buyer in case of fraud a. Arkansas Real Estate Test Prep - State Test Only - CompuCram Arkansas Real Estate Exam flashcards - whyfund.net As of 2013, 246 cities have a population of 10,000 or more, 68 boast populations of at least 50,000 and 35 have at least 100,000 residents. Continuing education will be required of a person seeking to reactive an inactive license. They may need to pay additional fees 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. Must sign a standard form d. Work only for him/her self, In all company real estate ads: Is an undisclosed dual agent who acted in bad faith. a. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: The Executive Director of the Arkansas Real Estate Commission is not a commissioner. c. Illegal 17-42-101 Anyone in the real estate business Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. Find exam details and search for an available exam session date and time that meets your needs RealEstateExamAnswers.com - Study guides and Answers to Real Estate When an actual introduction has taken place. a. Promulgate desirable rules In some cases a. Three working days of execution of the offer. a. a. Ninety hours 1 / 159. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. a. Their license will be revoked Must disclose any knowledge of property repairs needed, Money received by a salesperson: Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. Georgia Real Estate License and Exam Info - PrepAgent.com Reasons an agency relationship may terminate without successful completion *death or incapacity of either party Accept a rebate from a service provider. A federal judge A buyer and a seller sign a contract for the sale of real property. Which currencies weakened? d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: Avoid risk is the removal of risk, such as repair cracked sidewalks. The exams are written under the supervision of the commission and administered by an independent testing company. The seller has agreed in principle to making certain repairs prior to closing. 100% money back guarantee. b. Assess exemplary damages a. a broker independently setting a company commission schedule. a. The "branch office" is a principal broker's primary place of business 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. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 So it would be: $200,000/$24,000 which = 8.33. 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. An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? On what date do all Arkansas real estate licenses expire? c. May need approval b. A mortgage broker is an intermediary who brings borrowers and lenders together. Only with the principal broker's permission When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. 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: b. As a real estate agent you must be well-versed in contracts of sale. The seller's property disclosure form yields which of the following benefits for the transaction? 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. Loans made to brokers during slow times The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. No. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. a. revenue center. d. Abide by the rules of the Real Estate Service Board, b. 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. It is timed, although the length varies from state to state. If an agent's license is revoked, the agent may be eligible to reapply for a new license within one (1) year from the date of revocation. Property manager. Is exempt from disciplinary action *Accepting compensation from anyone other than the principal broker. (g) Loss from damage to a warehouse in southern California from a minor earthquake. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Real Estate Agent License Practice Test. d. May take only the Arkansas Law portion of the exam, b. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. b. *A permanently attached and clearly displayed sign bearing the firm's name. Broker applicants must provide proof of licensure as an active real estate salesperson or broker for at least____ months within the previous ____ month period preceding the date of application. Held in trust by the commissioner The answer is all records in connection to real estate transactions. Arkansas Real Estate Exam Flashcards | Quizlet y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. A real estate auctioneer must immediately, prior to opening the bidding, disclose the terms and conditions of the action and whether the seller or auctioneer may bid.
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