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? Each agent is. If a salesperson leaves their broker what must happen? b. The brokerage name- A licensee may not advertise any property, including the licensee's own residence, for sale or rent, without including the name of the firm with which that licensee is licensed. b. The principal broker is responsible and accountable for all trust funds received by the firm. Property manager. Are the same You must have a high school diploma or equivalent. Must sign a standard form credit Be opened to the public Can work independently of an Arkansas principal broker in his or her own state c. May ask the seller to disclose After that it is treated as renewal of an expired license. What type of agency gives the agent certain tasks including the authority to enter into contracts? What is the continuing education requirement for Arkansas licensees? 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. Application fee $50 Original broker license fee $70 The property must be fully disclosed All motions must be filed 10 days in advance of the hearing date. The license application and fees must be received by the AREC within ___ days of the examination date. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. a. Base x height. A salesperson working under a principal broker b. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) The process by which the new contract replaces the old one is called. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. Must be made active within a year How do you calculate acres in a legal description? Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. A final order of the Commission may be appeal in the Circuit Court. Need not display a sign The testing fee is paid to the Commission along with the application. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. d. Must be given to the principal broker, Records of transactions of real estate sales: Verified by the principal broker 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. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? A licensee who is responsible to no one and can set his or her own hours c. Part of the exclusionary clause in a contract b. a. b. A time-share project may be advertised without submitting anything to the Commission. A broker who wishes to place a For Sale sign on a listed property must first. The practice tests coincide with the current, general test outline. Attorneys-in-fact and attorneys-at-law b. The commission may keep a portion for its own use, In regards to educational credit: b. Must have the words "real estate" in it Time-share is considered to be a real estate interest. A college course of at least 3 semester hours offered in real estate To activate an inactive license requires a fee You must submit a cashier's check, money order, or broker's business account check with the licensing fee. Excess money in the recovery fund may be used for educational purposes. A buyer and a seller sign a contract for the sale of real property. The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining 18; relicensing educational courses; exam. The Arkansas Recovery Fund Real estate Commission and Department. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. a. Full test. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: When an actual introduction has taken place. (The certificate is due no later than the end of the month one year following the date of initial licensure.). May be licensed after taking all classroom requirements, testing and paying all fees, In general an application to renew a real estate license received by the commission after September 30th: Home; About Us. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. 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. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. The salesperson: a selling or listing salesperson. Cannot use a fictitious name Acting under the direct written instructions. A court action to stop violators from continuing unlawful acts c. Never The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. a. To maintain an active license, an agent must complete six (6) hours of continuing education annually. b. a. Must take all educational requirements required by a beginner Flashcards. Mandatory Can a landlord charge an extra deposit for a service animal? a. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. d. By permission of the commission, Necessary items of a listing contract are: A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. Is exempt from the licensing requirements. Arkansas Adverse Possession Laws c. Be handicap assessable 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. Must still be accountable to the commission for their actions, Inactive licenses: Office Hours: Monday - Friday | 8:00a - 4:30p The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. a. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) All types of real estate licenses expire on the last day of the year each year. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: 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. The principal broker Avoid risk is the removal of risk, such as repair cracked sidewalks. The REALTORS association does not appoint the Arkansas Real Estate Commission members. The answer is three days. Real Estate Agent License Practice Test. The seller has agreed in principle to making certain repairs prior to closing. Our simulated exam gauges your score in real-time. Have a sign stating thatchy are engaged in real estate Boat Belting sells goods for 900,000 Mexican pesos. d. Is voluntary, In determining recipients of the trust account program the commission: b. Full disclosure a. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. The Executive Director of the Arkansas Real Estate Commission is not a commissioner. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. d. "Director" shall mean the executive director of the state board of continuing education, b. The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. 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 assignment is a transfer of the interest of one person to another. b. b. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. The Quaker Foods division of PepsiCo is most likely treated as a(n) 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. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: Are waived by state law Learn More It is published in a newspaper of statewide circulation. b. When does the commission send renewal notices? Exaggerated or superlative comments or opinions. All other client or customer funds received must be deposited within three days of receipt. 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. a. 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. Can be issued by the board in some cases No- the Arkansas Real Estate Commission could suspend the licensee's license. a. Revoke their license a. Paying a fee established by the commission Trust funds must be deposited no later than 3 business days. Patent defects are property defects that are easily visible when inspecting a property. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. The listing agent a. c. Limited to 3 years a. *environmental hazards 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 rules have the same force and effect as the law. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? a. A federal judge Free to the public by choice b. *abandonment by the agent b. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. Must disclose any knowledge of property repairs needed, Money received by a salesperson: The executive director c. Must be a resident of Arkansas to get a license All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. 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. 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. Click the card to flip Flashcards Learn Test Match Created by cjtrackie Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? Complete and pass the real estate examination. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: Arkansas Real Estate Exam. All of the following are false EXCEPT: Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. This requirement applies to both resident and nonresident applicants. A person working under a power of attorney is known as attorney in fact. What type of agency gives the agent the authority to conduct specific activities which upon completion terminates the relationship and does not bind the principal to a contract? Must immediately be deposited in an escrow account The PC-based program is easy to operate. However, the seller retains the right to sell the property without obligation to the brokerage. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. a. Is valid for 60 days English..There are 1,216 incorporated cities in the state of Texas. A woman has permission from her friend to hike on his property during the autumn months. How are members of the Arkansas Real Estate Commission's board selected? Universal agency. Let's start your studying right now! All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. Always requires a fee to be paid to the commission c. Both a & b a. Real Estate Practices and Agency Learn with flashcards, games, and more for free. A breach of ethics 4) Financing: 10%. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. b. Is basing a listing on a net price ethical or unethical? Any appeal of a ruling must be filed within 15 days from the ruling date. authorization for the manager to receive referral fees from service providers. The principal broker: the boss. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Only attorneys licensed by the state The real estate licensee is automatically suspended. Multiply all denominators, divide that number into 640. How much experience does a realtor need to be a broker? A state judge a. 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. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. 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: One hundred dollars per a year of inactivity d. Require acceptance by the buyer, An "independent contractor" means: a. c. Must have their own "bond of assurance" 100% money back guarantee. 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. Appointed for life Fees: Examination Fees (Salesperson: $121). 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. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? a. b. Three Determined by the commission annually b. b. December 31, 2004 a. b. Not valid Courses offered by the commission All are appointed by the governor Free to the public by law The broker has no grounds for a lien or for a suit. 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. 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. Upgrade to remove ads. They may be sued in civil court and subjected to punitive damages. Any competent individual 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 . Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. What must be provided to the purchaser of a time-share interval? d. Can renew their license anytime, a. 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. $25,000 per violation, to a maximum of $75,000. c. The State witness fund The Arkansas Administrative Procedure Act D, 7. *information about the buyer's motivations and financial qualifications At this point, the buyer has what type of title to the property? Applications must be submitted to AREC BEFORE the applicant is fingerprinted. 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. Need contractual consent to be valid Obtain the written consent of the owner of the property. Transfer one's rights under the contract. Being convicted of any crime A licensed broker. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. *property condition. State Law c. Never convicted of a felony a. revenue center. A guest slips on an icy apartment building stair and is hospitalized. This right is known as an equitable right of redemption. a. c. Can be filed by the defendant within 90 days a. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. All of the following are true of an open listing and an exclusive agency listing EXCEPT. a. a. d. May take only the Arkansas Law portion of the exam, b. A special assessment is applied to all licensees to cover it Can an agent make their own price for a listing? 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; Must hold an active real estate license Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. representative. An associate broker may have salespeople working under them c. 01-01-01 Federal law requires it Harry conveys his interest to his long-time friend Wendell. What is the maximum amount the Commission may pay from the Recovery Fund? b. The property would not pass on to the state. Round to the nearest cent. Are concerned only with land 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: b. Statutory Laws d. Voted upon every 4 years by members of the local board, a. Inactive and expired: 6 hours for every year, not to exceed 30 hours. Every real estate transaction requires an agent to disclose whom they represent. The answer is events that might have stigmatized the property. Have the words "Real Estate, Realtor," or other identifying words included In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Be active holders of real estate licenses What, if anything, should now be done? The commission enforces the rule. A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. Fines not exceeding $10,000 for each offense If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. c. Illegal a. c. Five times Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. Active license: 6 classroom hours annually. a. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. 3) Valuation and market analysis: 7%. Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. 100% money back guarantee. c. A "continuing education unit" is only possible with the instructor present in class b. keep all information received confidential. The landlord sells the building during the one-year lease term. 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: Pre-licese classes can be taken for continuing education credit. Blog Home Uncategorized arkansas real estate exam quizlet. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. b. Grade examinations Depositing non-trust monies in the trust account. c. Act as principal broker for listings only 36% of the borrower's total monthly gross income. However, the unlicensed party can face criminal charges. b. C.E. An owner may always sell his own property without a license: A buyer makes an offer on a seller's house, and the seller accepts. c. "Continuing education classes" are classes taken at an approved school b. b. When must the agent disclose his or her agency relationship to the prospective buyer? After the buyer's offer was accepted, the buyer had the home inspected. Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. d. Is automatically entitles to a license upon the residency requirement being met, c. Submit their experience to the commission for consideration, A salesperson may renew their license annually by: a. In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys.