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Special, or limited, agency. If your license is suspended or revoked how does AREC let the public know? Ace these, and you know you're ready to grab your real estate license ! C, 8. *Discharge administrative duties. The purchaser has defaulted; The practice tests coincide with the current, general test outline. Any person wishing to file an appeal of a commission ruling of investigation must request such appeal in writing to the Arkansas Real Estate Commission within what, if any, time frame? b. A person working under a power of attorney is known as attorney in fact. a. Real Estate Exam Prep - PrepAgent.com *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. c. Must hold a teaching credential a. revenue center. 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? Who is responsible? 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? c. Charged for by choice of the commission Free to the public by choice Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. d. Must wait 10 days for a character check and verification, b. Property ownership and . *adverse material facts, including property condition, title defects, environmental hazards, and property defects. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. d. Abide by the rules of the Real Estate Service Board, b. c. The company name must be given c. Trust accounts and real estate law Arkansas Property and Real Estate Laws - FindLaw All licensees advertising properties must include the name of the licensee's firm. $500. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. b. An executive broker runs and owns the main office c. The deficit comes from the state treasury Should the salesperson refer the buyers to this lender? 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. Diligence Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. b. Each agent is. a. The applicant retaking the exam 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. A listing can be taken for a term specified as "until notified". What is the post-license education requirement? At first contact. An agent can lose their license for working independent of their broker. Can a licensee sell a house without going through the brokerage? Only attorneys licensed by the state c. The principal broker a. The foreign-exchange rate for a peso is $0.094 on the date of sale. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. Does a real estate lien need to be recorded to be valid? Post license classes can be taken through correspondence. 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. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. Find exam details and search for an available exam session date and time that meets your needs c. Can be temporarily employed for up to 30 days awaiting their license a. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". b. b. However, the original tenant remains primarily responsible for rental payments. 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: No. A mandatory suspension or revocation of the license In what way is the aggregate demand curve similar to an individual demand curve? A licensee who is responsible to no one and can set his or her own hours A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. 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. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. A person must hold a real estate license of sometime to legally own a real estate company. Only with the principal broker's permission b. Can be waived by the principal broker's request 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 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: The members of the board are appointed by the governor and approved by the senate. Free to the public by law Immediately make a photocopy of their license and have them carry it d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? 2023 - BT Management, Inc. All rights reserved. Home. A breach of ethics 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: Time-share agents must individually be bonded in an amount of $10,000.00. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. d. Require acceptance by the buyer, An "independent contractor" means: The exams are written under the supervision of the commission and administered by an independent testing company. 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. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. b. cost center. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: Avoid risk is the removal of risk, such as repair cracked sidewalks. a. b. 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. 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. 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. Find Your State National & State Portions What is the purpose of the Arkansas Recovery Fund? A real estate salesperson has been working with buyers. b. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. Members of the public may have access to the MLS, but not to all of the features and content. An assignment is a transfer of the interest of one person to another. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: 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. a. An agency relationship created by oral or written agreement between principal and the agent. When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. c. Be punished by all the power of a circuit court Requires consent of all licensed brokers The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. One member must be a Realtor 60 years of age or older The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. There was fraud committed PSI Online - One stop Solution for Test Takers The answer is three days. Proof of non-activity in real estate must be given A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. The value of the smaller home will most likely. Illegal 3) Valuation and market analysis: 7%. b. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: "At first glance" a. Inactive and expired: 6 hours for every year, not to exceed 30 hours. d. Determined by the commission on an independent basis, Licensed applicants from another state must: d. Unlimited, A person may engage in the business of real estate while on inactive status: Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. *property condition. d. Must participate in the Real Estate Recovery Fund, b. 100% FREE Real Estate Practice Exam [Updated 2023] The principal broker Balance refers to the amount remaining after certain mathematical calculations have been completed. c. Five times Must always give the principal broker the deposit I, the principal broker, am out of town for not more than one (1) day. Receiving a security deposit, rent payment or related payment for delivery. a. c. Must include the fact that they are an agent in selling their home Free Arkansas Real Estate Practice Exam. 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. c. Needs a separate principal broker 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. Which currencies weakened? It gives the buyer full knowledge of all issues with the property. Is ignored because of the statute of frauds Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Are the same Have part time agents working under them 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. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. Must be shredded upon closing How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? Must pay a one time fee of $50.00 Can sometimes be reinstated by the Board a. The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. c. Five 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. A licensee is representing the buyer solely in a real estate transaction. The seller has agreed in principle to making certain repairs prior to closing. a. b. Find Exam Details. c. A picture of the building front with sign must be submitted One hundred dollars per a year of inactivity c. Must have their own "bond of assurance" The clause in a mortgage or deed of trust which gives a lender the right to demand the entire loan balance to be due upon the buyer's default is. 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. Transferring risk is shifting risk to another party such as an insurance company. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: When will full title and possession pass to his niece? When does a licensee have to file an appeal of ruling? When does a real estate application expire? *renunciation Study sets, textbooks, questions. 2) Land use controls and regulations: 5%. In most cases, the special agent may not bind the principal to a contract. b. December 31, 2004 d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? The rescission period has elapsed on a 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. c. The signature of the lien holder Must immediately be deposited into the company's business account However, the unlicensed party can face criminal charges. *revocation of the agent's license. No- the Arkansas Real Estate Commission could suspend the licensee's license. A woman has permission from her friend to hike on his property during the autumn months. It is timed, although the length varies from state to state. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. What, if anything, should now be done? Brings the borrower and the lender together. *bankruptcy b. b. Promulgate necessary rules 4) Financing: 10%. a. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Is not covered by the Real Estate Recovery Fund 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. c. Held as irresponsible by the courts The "branch office" is a principal broker's primary place of business May ask for a hearing before the commission A court action to stop violators from continuing unlawful acts c. Is required The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. b. If a salesperson leaves their broker what must happen? 17-42-101 c. If they desire A property manager is offered a choice of three insurance policies with different deductibles. Demand the commission pay punitive damages to the injured party Does the Arkansas REALTORS association appoint the commission members? The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. a. Writ of Attachment Federal agency or state government officer or employee ie. a. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. The buyer and seller would be responsible. Real Estate Exam. Three years in all cases Arkansas Real Estate Exam flashcards - whyfund.net What occurs if the principal broker leaves the firm or dies? c. Be handicap assessable Both parties sign the sales contract. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 Three times A real estate agent's license is different from . Can an unlicensed party performing real estate services be sued? b. Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. c. Need contractual consent to be valid Must still be accountable to the commission for their actions, Inactive licenses: A guest slips on an icy apartment building stair and is hospitalized. a. a. 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 tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. Must sign a standard form The REALTORS association does not appoint the Arkansas Real Estate Commission members. In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale.