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The Arkansas Recovery Fund a. A Swiss franc costs $1.12 on the purchase date. a. Authority to act on behalf of Principal. Purchasing E&O insurance. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). 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: Time-shares must be registered. Offers received by selling agents must be presented to the listing firm by the close of the following business day. 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. Not valid (The certificate is due no later than the end of the month one year following the date of initial licensure.). Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: What type of crime does someone commits if they act as a broker or salesperson without a valid license? a. In this case the salesperson. *Accepting compensation from anyone other than the principal broker. d. profit center. Leave nothing to chance when it comes to your new career. b. 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. a. c. Benefits of the developer Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. b. a. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. b. Is concerned with the profit margin of the company Have part time agents working under them A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. One member must be a Realtor 60 years of age or older, All of the commission members can: a. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. 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. 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. c. Only brokers licensed by the state Main Phone: 501-683-8010 Main Fax: 501-683-8020. c. Both a & b d. By permission of the commission, Necessary items of a listing contract are: Time-share (creation) instruments must provide arrangements for management and operation of the time-share. What are critical regulations regarding time shares in Arkansas? 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. Need not display a sign a. A guest slips on an icy apartment building stair and is hospitalized. c. Never convicted of a felony Sign up. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. c. investment center. All of the following are examples of a property managers duties EXCEPT. b. A real estate salesperson has been working with buyers. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? a. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Arkansas Lease and Rental Agreement Laws Basics of Arkansas statutes governing the legal relationship between landlords and tenants, including maximum security deposit allowed by law, time limits for returning deposits, and anti-discrimination laws. Free to the public by law 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. An executive director administers the operations of the commission. Temporarily accepted Punitive damages may be awarded for willful violations of the time-share act. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. Is valid for 60 days a. Applies to everyone with no exceptions State-specific practice tests are not available. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. Find Your State National & State Portions c. Is defined to be 3 members b. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. Get your certificate now! Cannot use a fictitious name Learn. An assignment is a transfer of the interest of one person to another. A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. 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? d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: c. Courses offered by real estate schools licensed by the board 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email c. The Administrative Real Estate Action Code Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. To activate an inactive license requires a fee While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. 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. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. b. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. Held in trust by the commissioner a. a. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: Inactive and expired: 6 hours for every year, not to exceed 30 hours. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. c. A general partner buying land for the partnership That section can be used to study the topics featured on those 80 questions. 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. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Base x height. The public demands it Free to the public by choice You must submit a cashier's check, money order, or broker's business account check with the licensing fee. 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: b. All types of real estate licenses expire on the last day of the year each year. Full test. b. a. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. The principal broker: the boss. The broker can. The answer is all records in connection to real estate transactions. This applies to client-seller AND a client-buyer. Can be waived by the principal broker's request 3) Valuation and market analysis: 7%. When does a licensee have to file an appeal of ruling? The Governor Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Members of the public may have access to the MLS, but not to all of the features and content. b. b. c. At least one represents consumers Ethics in the real estate profession b. 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. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. c. The buyer in case of fraud 17-40-101 Anyone buying or selling real estate One hundred dollars per a year of inactivity No agency, or transaction brokerage. 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. 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. How are disciplinary actions against licensees initiated? An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? c. Where licenses are hung A state judge d. None of the above, In real estate: Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. The individual who is authorized and consents to represents the interest of another person. . c. Chancery court b. Salesmanship for buyer's agents A mandatory suspension or revocation of the license Continue to Next Question. Prepare the journal entries to record transactions a and d of part 1. The salesperson knows a lender that pays agents a fee for referring purchasers to them. Click the card to flip . d. All of the above, A licensed real estate agent: Pre-licese classes can be taken for continuing education credit. 10 acres C. 80 acres D. 2.5 acres a. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. b. a. Given to the state by law Real Estate Practices and Agency Learn with flashcards, games, and more for free. the agent represents only one party to a transaction. Go to work immediately Net listings are unethical because of the potential conflict of interest for the broker. The agent represents one party in a transaction. The foreign-exchange rate for a peso is $0.094 on the date of sale. Proof of non-activity in real estate must be given A licensee who is responsible to no one and can set his or her own hours a. Transferring risk is shifting risk to another party such as an insurance company. Most states administer the tests in two parts, and require that the candidate pass both. Excess money in the recovery fund may be used for educational purposes. 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. Property ownership and . Dual agency Never, except if ordered by a broker d. Acceptable as originals, In assisting seminars in real estate the commission: Cannot sell their own home Main Phone: 501-683-8010 Main Fax: 501-683-8020. Real estate Commission and Department. In this problem, multiply all denominators: 2 4 4 4 = 128. The broker should: 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: On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. c. Needs a separate principal broker The rules have the same force and effect as the law. d. Must always do what the seller tells them, a. Established by quorum The agent always owes absolute fidelity to their Client. 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: A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. $25,000 per violation, to a maximum of $75,000. d. The condition of the property, A Realtor is: a. d. The Commission itself, The number of meetings of the commission is: a. Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. 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! d. Neither a or b, In a court of law, copies made of original documents held by the commission are: c. Anyone collecting rents for a fee, and not residing on the property 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. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. would not be allowed to rebuild the plant in that location under any circumstances. Writ of Attachment c. Must be retained until closing d. Abide by the rules of the Real Estate Service Board, b. b. a. Federal law requires it Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep d. December 15, 2004, To reinstate an expired license: The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. 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 . d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: 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. All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. An owner may always sell his own property without a license: Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Demand proof within 30 days a. In writing before contract. a. a. a. What is the best way to study for the Real Estate Licensing Exam? The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. a. What does one need to apply for a broker's license? b. Warehousing refers to the process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. _____ of these must be at least 60 years of age and represents the elderly. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: How are members of the Arkansas Real Estate Commission's board selected? representative. Home; About Us. 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. d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: b. Obtain the written consent of the owner of the property. All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. *Sign offer and acceptance forms. a. The only allowance are funds needed to maintain a minimum balance and to cover service charges. b. 1,000 Real Estate Practice Test Questions Our real estate test prep comes with over 500 multiple choice practice real estate test questions, and 450 vocabulary test questions with detailed answer explanations. 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: a. 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. Once the sale closes, the broker is no longer required to maintain records on the transaction. c. Trust accounts and real estate law The recovery fund is subject to having to pay for time0share violations. As such, they are highly discouraged and typically place the licensee in a position of increased liability. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. Can have their license suspended until they pay the commission b. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. c. December 31, 2003 What fee does a licensee incur to move to another broker? b. Which of the following actions would be seen as unauthorized practice of law? c. Is granted upon submission of application Diligence 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. They do include screening tenants, handling rents and deposits, and negotiating leases. Agent represents Buyer and Seller; common to use separate agents within same brokerage. The original tenant. Must disclose any knowledge of property repairs needed, Money received by a salesperson: If a salesperson leaves their broker what must happen? Who is responsible? If your license is revoked, how long do you need to wait to reapply? A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. a. 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 . A time-share project may be advertised without submitting anything to the Commission. A special assessment is applied to all licensees to cover it After the conveyance, Jim and Manny. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner Regarding CE credits, how much can you miss before you no longer get credit for attending? Which currencies weakened? The "warehousing" occurs when individual loans are bundled, often with a common element such as the size of the mortgage or credit worthiness of the borrowers, and sold as a single unit. Fees: Examination Fees (Salesperson: $121). 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. Match. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. Can work independently of an Arkansas principal broker in his or her own state Property management duties do not include accepting rebates from a service provider. What is the maximum amount the Commission may pay from the Recovery Fund? a. revenue center. In an open listing, the seller retains the right to employ any number of brokers to sell the property. Prominently displayed in the broker's principal place of business. A cooperating broker c. The company name must be given all parties to the contract exchange binding promises. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? Purchasing any kind of insurance shifts the financial risk to the insurance company. Subagency c. Five years in some cases The broker has no grounds for a lien or for a suit. The salesperson and the seller's agent should have disclosed her agency relationship, not shared the seller's confidential information and cannot represent the buyer in the purchase of the property since dual agency is not allowed in the state. Skill With a local real estate licensee, she signed exclusive right-to-sell listing agreement. b. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. a. A mortgage broker is an intermediary who brings borrowers and lenders together. The principal broker A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. c. Part of the exclusionary clause in a contract The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. At first contact. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? c. The board must approve them The holder of an inactive license may not practice real estate as a salesperson The monies are refunded to the purchaser. c. The duty of the licensee The seller's property disclosure form yields which of the following benefits for the transaction? If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. c. If they desire d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Both parties sign the sales contract. Must be made active within a year However, the unlicensed party can face criminal charges. Depositing non-trust monies in the trust account. 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 a. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: What must be included in property advertisements? *information about the buyer's motivations and financial qualifications b. 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. Exaggerated or superlative comments or opinions. b. C.E. In this position, the on-site manager. Only informational services are considered "ministerial" and may be performed by a nonlicensee. 86.5% of CompuCram users pass their licensing exam the first time! The associate broker: a broker who just sells and lists. A person working under a power of attorney is known as attorney in fact. If engaged in real estate activities for a fee, and only as part of their ordinary course of business, which of the following is exempt from the real estate licensing requirement? Office Hours: Monday - Friday | 8:00a - 4:30p a. Can an unlicensed party performing real estate services be sued? d. A member of a trade organization, A broker also working as a full time personnel manager may: 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. c. A "continuing education unit" is only possible with the instructor present in class This right is called a(n). A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. Are waived by mutual consent B. start your free assessment . Is subject to review by the Commission . c. Five times In some cases Someone acting with assurance b. Grade examinations A writ of appeal granted by the State d. Failure to disclose to all parties in a transaction, A revoked license: b. 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. Are concerned only with land Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. d. "Director" shall mean the executive director of the state board of continuing education, b. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: a. c. Paying a fee established by the board Verified by the principal broker A specific disclosure required by Arkansas regulation is that of the agent's compensation. All security deposits for leases must be deposited in the trust account. d. Must pay the recipient punitive damages, b. Go to work immediately upon receiving a license Calendar of Events; Commission; Contact AREC; News; . Ace these, and you know you're ready to grab your real estate license ! c. To protect public health, safety and welfare \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Limited to 6 times a year c. A conflict of interest Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: 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. c. Limited to 3 years a. The Arkansas Administrative Procedure Act c. Are more for expired licenses Appointed for life d. The Real Estate Code of Conduct, b. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. Accept a rebate from a service provider. Cash is an acceptable form of earnest money. 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: b. *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. 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 a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise.