arkansas real estate exam quizlet

Temporarily accepted All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. 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: Continue to Next Question. Real Estate Agents License Research Paper Again, the exam varies from state to state. A "meeting of the minds" in a real estate contract a. Is exempt from disciplinary action c. The State witness fund Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. *property condition. $500. Dual agency b. 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. NEW licensees need not take CE the first partial year OR the first full year. 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? The firm's records must be maintained by the principal broker for three years, available for inspection. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. credit can apply to Prelicensure requirements Toggle through the questions and view helpful hints. 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. inform any prospective buyers of the defect. b. Appointed for life d. Are more for inactive licenses, The developer of a time-share program: b. c. Have equal voting privileges 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. When does a real estate application expire? c. Act as principal broker for listings only d. The company's business account, A salesperson collecting security deposits from rental units they own: An executive director administers the operations of the commission. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". *Branch offices must display clear signage and the licenses of all agents practicing within the office. d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Does there have to be compensation in order to have an agency relationship? Illegal a. 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. Three working days of execution of the offer. Continuing education courses require testing in order to obtain credit. c. An invoice for equipment of $4,800 was recorded as$4,000. Time-share agents must individually be bonded in an amount of $10,000.00. *Train and supervise subordinate brokers and salespersons. b. Home. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes *adverse material facts, including property condition, title defects, environmental hazards, and property defects. 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. January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. The Arkansas Trust Fund Leasing assistants. If one of the cousins dies without a will, to whom will his interest pass? b. Sixty hours Application designed and maintained by HCCS, Inc. A special assessment is applied to all licensees to cover it Fulfillment, Term Expires, Mutual agreement,Breach of Contract, death, Purpose fulfilled, Term Expires, Property destroyed, Transfer of Title, Mutual Agreement, Breach of Contract, Death, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Alexander Holmes, Barbara Illowsky, Susan Dean, The Cultural Landscape: An Introduction to Human Geography, AP Edition. 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. b. If the property manager selects the policy with the highest deductible, which risk management technique is being used? 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. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. c. A picture of the building front with sign must be submitted d. Is subject to no restrictions, A temporary license: d. Can be reheard by a written request of the injured party, After compensation is paid out of the Real Estate Recovery Fund to a recipient, the licensee: Click the card to flip . d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. Office Hours: Monday - Friday | 8:00a - 4:30p b. Conquer Your. 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. a. a. revenue center. 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. They can reactivate their license without testing if they apply by: The broker requirement is to complete a 30-hour broker course within one year. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. b. c. Both a & b 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. c. Can be temporarily employed for up to 30 days awaiting their license Real Estate Exam. Can sometimes be reinstated by the Board a. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. a. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: However, the seller retains the right to sell the property without obligation to the brokerage. d. The principal broker must pay out of his or her own trust account, With regards to the commission and the Real Estate Recovery Fund, a circuit court can: Federal law requires it a. a. 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. b. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: a. 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: The client may be either seller or buyer. d. Illegal, The interest on trust accounts program: a. c. "Continuing education classes" are classes taken at an approved school Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. a. *All licenses must be displayed at the place of business. 17-42-101 a. Given to the state by law c. The broker's trust account Death of a tenant in common would usually cause property to pass according to the decedent's will. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. However, you can pass it easier with our free arkansas real estate practice exam 2022. b. Demand the commission pay punitive damages to the injured party d. Waives the right of cancellation, The section naming the "Real Estate Law" is c. Trust accounts and real estate law The bifore reforium b. a. c. Must hold a teaching credential d. If in an office building, must appear on the directory, a. A referral fee can only be paid if the receiving party has a valid active real estate license. c. Thirty-six hours if supplemented by a college degree When will full title and possession pass to his niece? A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. *environmental hazards Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. Free Arkansas Real Estate Practice Exam. Net listings are unethical because of the potential conflict of interest for the broker. . b. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: d. profit center. Arkansas Adverse Possession Laws What simple interest rate did she pay? What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? What type of agency allows the agent to have power of attorney? under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. 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. 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: 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. 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 commission a. c. Illegal The Commission has the power to suspend or revoke a license. A licensed broker. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. b. Promulgate necessary rules 10 acres C. 80 acres D. 2.5 acres c. A "continuing education unit" is only possible with the instructor present in class c. A broker a. Waives their right to further compensation Is mandatory in the state of Arkansas Arkansas Real Estate Exam. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. One of the friends died, and his interest passed according to his will to become part of his estate. c. Must choose randomly from a list of non-profit organizations c. Continuing education programs may be required The responsibility of the instructor a. c. Submit their experience to the commission for consideration a. Obtain the written consent of the owner of the property. Resident managers b. The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. b. Study sets, textbooks, questions. Three times *condemnation or destruction of the property One hundred dollars per a year of inactivity 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: Salespeople can only receive compensation from their employing broker. If found guilty of a time-share violation, the developer or agent can be charged with. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. 5) General principles of agency: 13%. "At first glance" a. An individual rents an apartment for one year. d. Limited by the commissioner, Terms for members of the commission are: With a local real estate licensee, she signed exclusive right-to-sell listing agreement. A demand for two cooperating brokers to appear before the commission Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. b. b. Cannot use a fictitious name b. 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. All of the following are false EXCEPT: An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Area of rectangle. Their principal broker How do you calculate acres in a legal description? Cash is an acceptable form of earnest money. *information about the buyer's motivations and financial qualifications Three years in all cases Her friend has granted her, To assign a contract for the sale of real estate means to. c. The board must approve them Only informational services are considered "ministerial" and may be performed by a nonlicensee. 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. d. Can renew their license anytime, a. credit Notify the commission On October 111, 201020102010, Carly Company sold $30,000\$30,000$30,000 of the Baltimore Company bonds acquired on May 111, plus one month accrued interest. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. Free to the public by choice Are whenever possible b. All licensees advertising properties must include the name of the licensee's firm. The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. c. False advertising leading a person to act to their detriment When can a time share developer cancel a contract? Scan QR code or get instant email to install app. A person empowered to do anything the principal could do. Go to work immediately upon receiving a license There was fraud committed No. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: Punitive damages may be awarded for willful violations of the time-share act. Arkansas real estate principles final exam answers YouTube April 9th, 2018 - Real Estate License Practice Exam 1 Laws of Agency Free Test USA 130 Questions Duration 7 05 John Walker 252 135 views Amazon com Real Estate Practice Exam Appstore for Android April 28th, 2018 - Buy Real Estate Practice Exam Try the Real Estate Practice Exam app Real . Is obligated to become a resident if more than half of their income comes from Arkansas 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 broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. a. A property is owned by three cousins as tenants in common. Should the salesperson refer the buyers to this lender? The agent always owes absolute fidelity to their Client. 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. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? a. Arkansas recognizes licensure another states with ____________. Flashcards & Study Guides With Real AR Test Examples In this case the salesperson. Computer-Based Test (CBT) development and delivery :: Pearson VUE 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. Which currencies weakened? The characteristics of value include what values? A mortgage broker is an intermediary who brings borrowers and lenders together. Which of the following actions would be seen as unauthorized practice of law? 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? Mostly mean the same Making substantial misrepresentations Depositing non-trust monies in the trust account. b. They passed it in another state; A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Used by the commission In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. Obedience One member must be a Realtor 60 years of age or older, All of the commission members can: c. A simple quorum On what date do all Arkansas real estate licenses expire? 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; The following table lists the average oil consumption per day of the top 20 oil-consuming nations. You must have a high school diploma or equivalent. 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. Transfer one's rights under the contract. b. The rules and regulations of the Arkansas Real Estate Commission. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: In what way is the aggregate demand curve similar to an individual demand curve? d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: (g) Loss from damage to a warehouse in southern California from a minor earthquake. b. c. Demand that the principal broker pay a fee Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. A bachelor died owning real estate that he devised to his niece. 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. E&O insurance policies vary from providers. Applications must be submitted to AREC BEFORE the applicant is fingerprinted.