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the seller finances the property and retains title until the final payment is made by the buyer. c. Never Zoning and Planning October 12, 2020 Dual agency means representing both principal parties to a transaction. 100% money back guarantee. This requirement applies to both resident and nonresident applicants. Ethics in the real estate profession a. CONSUMER PROTECTIONS DIMINISH WITH UNLICENSED PERSONS - Arkansas Real Tips On Taking A Pearson Vue Real Estate Exam | The CE Shop c. Guilty of class B felony The Governor The real estate licensee is automatically suspended. a. b. c. A conflict of interest For help with the state portion you're in the right place! When the state or local government restricts the amount of rent a landlord can charge, All of the following are characteristics of value EXCEPT, A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. b. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. The listing agent b. Allowed a. a. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. b. a. Sometimes, if under a direct order from an attorney 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: a. The applicant has a documented reason PASS YOUR REAL ESTATE TEST! - Real Estate Practice Test b. They only count for 1/2 of the requirement When can a new applicant begin practicing real estate? b. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. *All licenses must be displayed at the place of business. 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. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. Someone acting with assurance a. Arkansas recognizes licensure another states with ____________. An executive broker runs and owns the main office Scan QR code or get instant email to install app. Public offering statements must be provided to all purchasers of a time-share interval. 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. A final order of the Commission may be appeal in the Circuit Court. c. Attorneys need not have a license to sell real estate for their clients Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. The seller has agreed in principle to making certain repairs prior to closing. Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards d. May take only the Arkansas Law portion of the exam, b. Applies to everyone with no exceptions Disbursement from the trust account may only be made when: 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. (g) Loss from damage to a warehouse in southern California from a minor earthquake. Arkansas Real Estate Test Prep - State Test Only - CompuCram In writing before contract. Definition. Care A bachelor died owning real estate that he devised to his niece. a. The salesperson: a selling or listing salesperson. b. Only if approved by the board Cannot sell their own home The rules have the same force and effect as the law. A salesperson working under a principal broker 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: b. Can have their license suspended until they pay the commission a. Go through a fingerprinting process. a. 2023 - BT Management, Inc. All rights reserved. A misdemeanor- Any time-share violation may be considered a misdemeanor. However, you can pass it easier with our free arkansas real estate practice exam 2022. b. C.E. A special assessment is applied to all licensees to cover it What are the rules about a real estate place of business's signage? What occurs if the principal broker leaves the firm or dies? d. The Commission itself, The number of meetings of the commission is: 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. A real estate brokerage firm used a third-party email service to send an unsolicited email to announce a reduced price on a listed property. b. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. A photograph of the company yard signs must be on file at he Commission at all times. Arkansas Real Estate Exam Flashcards | Quizlet In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. b. b. In an open listing, the seller retains the right to employ any number of brokers to sell the property. 18; relicensing educational courses; exam. What is the maximum amount the Commission may pay from the Recovery Fund? a. Resident managers *revocation of the agent's license. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. In this position, the on-site manager. b. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: A breach of ethics 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. 36% of the borrower's total monthly gross income. Established by quorum A property owner deeds a parcel of his property to a town "for recreational purposes only." b. 1 / 159. Main Phone: 501-683-8010 Main Fax: 501-683-8020. NEW licensees need not take CE the first partial year OR the first full year. a. If found guilty of a time-share violation, the developer or agent can be charged with. For brokers and associate brokers: Proof of age 21 and above. Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. 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. c. "Continuing education classes" are classes taken at an approved school Post license classes can be taken through correspondence. The Arkansas Real Estate Commission approves continuing education course. Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. Be excused by waiver of the commission However, the unlicensed party can face criminal charges. b. 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. c. Must be a resident of Arkansas to get a license Arkansas Real Estate Exam Flashcards | Quizlet Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). b. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Real Estate Practices and Agency Learn with flashcards, games, and more for free. Georgia Real Estate License and Exam Info - PrepAgent.com The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. December 31. A listing can be taken for a term specified as "until notified". 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. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? Proof of non-activity in real estate must be given 100+ Free Real Estate Practice Exam Questions (February 2023) Arkansas Real Estate License Exam Prep - Books 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: b. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. 5) General principles of agency: 13%. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Inactive and expired: 6 hours for every year, not to exceed 30 hours. Being convicted of any crime Flashcards & Study Guides With Real AR Test Examples authorization for the manager to receive referral fees from service providers. Authority to act on behalf of Principal. b. How will each error come to the bookkeepers attention, other than by chance discovery? Illegal Learn More y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) c. Have the licensee call the commission Home. 5 acres. d. A "point of departure" in negotiations, a. Must still be accountable to the commission for their actions 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 This right is known as an equitable right of redemption. Is valid for 60 days b. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: c. Can be taken to the circuit court c. Thirty-six hours if supplemented by a college degree The Arkansas Real Estate Commission The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. A woman has permission from her friend to hike on his property during the autumn months. 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. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? An owner may always sell his own property without a license: d. Waives the right of cancellation, The section naming the "Real Estate Law" is Both parties sign the sales contract. An attorney performing their duties d. The Real Estate Code of Conduct, b. Must hold an active real estate license b. Get an Arkansas license by paying a fee The expiration date One member must be a Realtor 60 years of age or older, All of the commission members can: What is the post-license education requirement? They may be sued in civil court and subjected to punitive damages. How long does a licensee have to answer a disciplinary action? d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: b. a. The principal broker: the boss. 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. When does a licensee have to file an appeal of ruling? d. Two of the members are nit required to be nominated by the commission, a. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Education Providers - Arkansas Real Estate Commission The broker can. Any appeal of a ruling must be filed within 15 days from the ruling date. a. b. Illegal a. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. Be active holders of real estate licenses Real Estate Sales Exam Prep | CompuCram Practice Exams & Tests Arkansas Real Estate State Exam Prep Flashcards | Quizlet A writ of appeal granted by the State A residence Study Plan. Must sign a standard form 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. . They can reactivate their license without testing if they apply by: Arkansas Real Estate Commission Arkansas Department of Labor and Licensing 612 South Summit Street Little Rock, AR 72201-4740 Phone (501) 683-8010 Website www.arec.arkansas.gov EXAMINATION . The buyer and seller would be responsible. Have full time agents working under them 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: Click the card to flip . a. December 15, 2003 The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. A specific disclosure required by Arkansas regulation is that of the agent's compensation. Arkansas Real Estate Exam. 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. 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. b. December 31, 2004 Download Real Estate Prep app now. 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. b. 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. Our simulated exam gauges your score in real-time. a. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. c. Five *Acting on behalf of more than one party without knowledge. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Real Estate Agent License Practice Test (2022 Current) - Tests.com a. Net listings are unethical because of the potential conflict of interest for the broker. c. The State witness fund Are different as to time requirements Must disclose any knowledge of property repairs needed, Money received by a salesperson: No- the Arkansas Real Estate Commission could suspend the licensee's license. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. Property ownership and . a. Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Find Your State National & State Portions License renewal requests must be sent in by December 1st of each year. *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: For brokers: Proof of age 18 and above. A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." Don't rely on the outdated material on other real estate practice test sites. 4) Financing: 10%. c. Submit their experience to the commission for consideration c. Is required Computer-Based Test (CBT) development and delivery :: Pearson VUE Transfer one's rights under the contract. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. Only the ______________ has authority to supervise others or designate others to supervise. d. Can renew their license anytime, a. 2) If the owner finds a buyer, no commission is owed, Seller retains the right to employ any number of brokers as agents, Illegal listing; broker keeps everything above a certain figure. In some cases b. Sixty hours credit a. Promulgate desirable rules Arkansas Real Estate Test Flashcards | Quizlet Complete and pass the real estate examination. 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. Can an unlicensed party performing real estate services be sued? 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. How are members of the Arkansas Real Estate Commission's board selected? Is barred legally from commercial intervention d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: It MOST likely means that. 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: would not be allowed to rebuild the plant in that location under any circumstances. c. Have equal voting privileges Complete and pass the real estate broker examination. d. Put the licensee on inactive status, The continuing education requirement for all licensees: 17-40-101 Third party who is not principal but entitled to fairness and honesty. The examinee is licensed in another state at the time. Frequently Asked Questions - Arkansas Real Estate Commission Three working days of execution of the offer. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: The party requesting the witness The Arkansas Administrative Procedure Act a. Not valid Who has the responsibility to train subordinate licensees? Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. Punitive damages may be awarded for willful violations of the time-share act. d. December 15, 2004, To reinstate an expired license: A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. d. Are more for inactive licenses, The developer of a time-share program: c. Are more for expired licenses c. Must include any listing agreements Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: What effect does the sale have on the lease? A listing salesperson acting as the seller's agent is holding an open house. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: 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. Must still be accountable to the commission for their actions, Inactive licenses: Arkansas Real Estate Exam Flashcards | Quizlet Arkansas Real Estate Exam 3.5 (2 reviews) Term 1 / 100 Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? Which of the following is NOT an example of governmental power? Can be waived by the principal broker's request c. Is free to promote and conduct seminars b. What fee does a licensee incur to move to another broker? representative. b. a. Can choose not to participate in the Real Estate Recovery Fund The state does not allow dual agency. *Written disclosure before contracting. One who is "on their own" in buying or selling real estate State Law c. The broker's trust account Occurs when the broker should have known that a statement about a material fact was false. Flashcards. Free Arkansas Real Estate Practice Exam 2023 b. Statutory Laws b. Time-share agents must individually be bonded in an amount of $10,000.00. b. b. License laws regulate licensees and protect the public. All other client or customer funds received must be deposited within three days of receipt. Must be made active within a year A person who received the email chose to opt-out from receiving additional emails from the licensee. *Upon first substantive contact. c. Must sign an affidavit declaring no further violations have been committed A principal broker is an individual who performs certain real estate services for another party for compensation. All parties or their agents Click the card to flip Flashcards Learn Test Match Created by cjtrackie b. A broker must deposit earnest money within three (3) days of receipt. No annual renewal fee is required as long as an agent is renewing on inactive status. Also referred to as a transaction broker or a facilitator. Name some critical material facts for disclosure: *the agent's opinion of the property's condition b. Exaggerated or superlative comments or opinions. Property manager. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. b. On what date do all Arkansas real estate licenses expire? Violation by the director of a corporation is subject to criminal prosecution The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. b. All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. To activate an inactive license requires a fee Multiply all denominators, divide that number into 640. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. d. A member of a trade organization, A broker also working as a full time personnel manager may: a. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. What is on the real estate exam? d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. What leasing duties are exempt from licensing? Be placed on a window ledge, easily viewed from the street, A branch office is NOT: 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. In this problem, multiply all denominators: 2 4 4 4 = 128. d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: Index. Can work independently of an Arkansas principal broker in his or her own state a. a. Limited to 6 times a year 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. You will have between 2-4 hours to complete your exam. Have the words "Real Estate, Realtor," or other identifying words included Is an undisclosed dual agent who acted in bad faith. Use a graphical technique to display this information. Must immediately be deposited into the company's business account To maintain an active license, an agent must complete six (6) hours of continuing education annually. Must be shredded upon closing a. a. A house has outdated electric and plumbing. Needs fewer than 3 members on the company's board of directors Receiving a security deposit, rent payment or related payment for delivery. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. d. Require acceptance by the buyer, An "independent contractor" means: Appointed by the governor. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. However, the seller retains the right to sell the property without obligation to the brokerage. c. December 31, 2003 What simple interest rate did she pay? The salesperson knows a lender that pays agents a fee for referring purchasers to them.