a. 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. 5 acres. I, the principal broker, am out of town for not more than one (1) day. a. Prelicensure courses can apply to C.E. d. The condition of the property, A Realtor is: A broker who wishes to place a For Sale sign on a listed property must first. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. When an agent elects to go to work for another firm, they may take their listings with them. a. A federal judge d. May take only the Arkansas Law portion of the exam, b. *property condition. The rescission period has elapsed on a contract; Accounting *Branch offices must display clear signage and the licenses of all agents practicing within the office. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. b. The broker should: The characteristics of value include what values? c. Five The Arkansas Real Estate Commission approves continuing education course. a. d. Abide by the rules of the Real Estate Service Board, b. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Is established by a majority Allowed b. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. Log in. a. One of the friends died, and his interest passed according to his will to become part of his estate. d. Is subject to retroactive disciplinary action by the commission, 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. C, 8. 3) Valuation and market analysis: 7%. How long does a licensee have to answer a disciplinary action? The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. 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: 17-40-101 Must still be accountable to the commission for their actions As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. Who is exempt from Arkansas Real Estate licensing? Cannot collect a commission on their own home c. To other agents only c. Demand that the principal broker pay a fee Good reputation License renewal requests must be sent in by December 1st of each year. d. A "point of departure" in negotiations, a. 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. c. Held as irresponsible by the courts a. b. It can be initially made orally. b. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. b. Punitive damages may be awarded for willful violations of the time-share act. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: Application designed and maintained by HCCS, Inc. A house has outdated electric and plumbing. After the conveyance, Jim and Manny. What occurs if the principal broker leaves the firm or dies? MLS employees have to have a real estate license. c. Never Open ended until renounced 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 . a. a. d. Illegal, The interest on trust accounts program: Continuing education courses require testing in order to obtain credit. would not be allowed to rebuild the plant in that location under any circumstances. c. Must sign an affidavit declaring no further violations have been committed d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: c. Are illegal in Arkansas An agent can lose their license for working independent of their broker. As such, they are highly discouraged and typically place the licensee in a position of increased liability. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Both parties sign the sales contract. Salespeople can only receive compensation from their employing broker. When must motions be filed in relation to a licensee investigation? c. Benefits of the developer The Executive Director of the Arkansas Real Estate Commission is not a commissioner. A person must hold a real estate license of sometime to legally own a real estate company. a broker independently setting a company commission schedule. 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. 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: Learn More Subagency 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. Only informational services are considered "ministerial" and may be performed by a nonlicensee. The answer is in a timely manner. a. Terms in this set (350) principal broker Limited to 6 times a year Submitting proof of active status with a principal broker *breach B. start your free assessment . b. b. c. Is defined to be 3 members Needs their own separate trust account c. Both a and b The Arkansas Real Estate Commission c. Five times The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. Immediately make a photocopy of their license and have them carry it 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. Must be in at least 8 point type Camp Real Estate School - now a part of Arkansas Real Estate School | Website: Class Type: | Salesperson Pre-License | Salesperson Post-License | Broker Pre-License | Broker Post-License | Continuing Education | Online Education | Address: 11220 N. Rodney Parham, Ste. Does a real estate lien need to be recorded to be valid? a. a. b. Exhibiting poor judgement Can sometimes be reinstated by the Board Are concerned only with land Not valid The principal broker is responsible and accountable for all trust funds received by the firm. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. Paying a fee established by the commission The party requesting the witness Confidentiality In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? Any licensee denying access to those records is in violation of the license law and regulations. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: A court action to stop violators from continuing unlawful acts b. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. A. Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. A residence Must immediately be deposited into the company's business account a. c. Where licenses are hung A final order of the Commission may be appeal in the Circuit Court. All parties or their agents Requires consent of all licensed brokers Leasing assistants. keep all information received confidential. If your license is suspended or revoked how does AREC let the public know? "At first glance" Both parties sign the sales contract. Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. There are a total of 180 questions on the Arkansas real estate exam. Applies to everyone with no exceptions d. Determined by the commission on an independent basis, Licensed applicants from another state must: Can a licensed salesperson sell their own home? a. Susan David is putting her two-bedroom, one-bathroom condo on the market. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? Click the card to flip . 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: c. Funding of research projects in real estate Must be made active within a year a. In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. c. Both a & b Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? a. In most cases, the special agent may not bind the principal to a contract. b. December 31, 2004 Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. c. Must hold a teaching credential 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. How long does a broker keep the firm's records? The seller takes back a purchase money mortgage from the buyer for the remaining 10%. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: 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. 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: Reasons an agency relationship may terminate without successful completion *death or incapacity of either party 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 Is not possible under state rules The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Who is the fiduciary in a real estate agency situation? The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. a. At first contact. The deceased cousin's heirs. Property manager. a. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo As a real estate agent you must be well-versed in contracts of sale. Have full time agents working under them Post license classes can be taken through correspondence. Boat Belting sells goods for 900,000 Mexican pesos. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). What are the rules about a real estate place of business's signage? b. b. a. 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. An associate broker may have salespeople working under them All agency agreements must be in writing. d. Failure to disclose to all parties in a transaction, A revoked license: You will have between 2-4 hours to complete your exam. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. An owner selling 3 of his own properties a year A listing salesperson acting as the seller's agent is holding an open house. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: All are appointed by the governor Her friend has granted her, To assign a contract for the sale of real estate means to. Writ of Attachment Get an Arkansas license by paying a fee b. The applicant retaking the exam Find exam details and search for an available exam session date and time that meets your needs Someone acting with assurance Sometimes, if under a direct order from an attorney Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Resident managers When do real estate license applications expire? State-specific practice tests are not available. 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: The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. a. b. 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. In this problem, multiply all denominators: 2 4 4 4 = 128. a. December 15, 2003 What kind of lease has this tenant signed? a. 36% of the borrower's total monthly gross income. For brokers: Proof of age 18 and above. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: How do you calculate acres in a legal description? When will full title and possession pass to his niece? Diligence 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! c. The buyer in case of fraud b. Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: c. investment center. c. A general partner buying land for the partnership In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. Go to work immediately upon receiving a license a. c. A simple quorum b. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. b. An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Can an unlicensed party performing real estate services be sued? Must always give the principal broker the deposit 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: Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. a. d. If in an office building, must appear on the directory, a. a. c. Can be appealed to the state court within 3 months 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 . The original tenant. a. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. b. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! Loans made to brokers during slow times However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. The executive broker: the manager under the boss. The answer is all records in connection to real estate transactions. How would an applicant be exempt for the GENERAL portion of the real estate exam? Occurs when the broker should have known that a statement about a material fact was false. 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: Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. What fee does a licensee incur to move to another broker? c. Revoke the violated;s license 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. d. None of the above, In real estate: One hundred dollars per a year of inactivity, All of the following are false EXCEPT: c. A quorum All other client or customer funds received must be deposited within three days of receipt. 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. So it would be: $200,000/$24,000 which = 8.33. c. Need contractual consent to be valid the buyer receives equitable title to the property. 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. May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . At this point, the buyer has what type of title to the property? A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: Must sign a standard form You must have a high school diploma or equivalent. They may take their own listings with them Illegal A licensee is representing the buyer solely in a real estate transaction. 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. Is 3 hours for full time agents closing more than 25 sales *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. Full disclosure c. Is required The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. Used by the State b. cost center. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: The purchaser has defaulted; an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. 86.5% of CompuCram users pass their licensing exam the first time! 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. Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. No annual renewal fee is required as long as an agent is renewing on inactive status. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. Study sets, textbooks, questions. The Arkansas Administrative Procedure Act An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: The bifore reforium Must disclose any knowledge of property repairs needed All of the following are false EXCEPT: The principal broker: the boss. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Obtain the written consent of the owner of the property. Must submit work experience requirements to the board Is an undisclosed dual agent who acted in bad faith. *Photographs of the signage must be furnished to the Commission for its records. Are waived by mutual consent Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. Apply for a term of "reinstatement" Mandatory Who has the responsibility to train subordinate licensees? d. Never, A person with an expired license: . 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. 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: The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. 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? Managing and sales agents must be registered, bonded. Application fee $50 Original broker license fee $70 Harry conveys his interest to his long-time friend Wendell. Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. They may need to pay additional fees The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. What must be included in property advertisements? A real estate salesperson has been working with buyers. loss of value due to uncollected delinquent rent. b. A mortgage broker is an intermediary who brings borrowers and lenders together. c. Have the licensee call the commission d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: b. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. Is basing a listing on a net price ethical or unethical? The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. 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. c. The signature of the lien holder With a local real estate licensee, she signed exclusive right-to-sell listing agreement. b. After that it is treated as renewal of an expired license. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. c. Part of the exclusionary clause in a contract Term. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. b. A "meeting of the minds" in a real estate contract A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. b. C.E. Can a licensee pay an unlicensed person for leads? A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. d. Is voluntary, In determining recipients of the trust account program the commission: A person who is indigent may not be relieved from paying the filing fees in an appeal. Trust funds must be deposited no later than 3 business days. 10 acres C. 80 acres D. 2.5 acres 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. b. The brokerage name- A licensee may not advertise any property, including the licensee's own residence, for sale or rent, without including the name of the firm with which that licensee is licensed. Pre-licese classes can be taken for continuing education credit. a. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. The testing fee is paid to the Commission along with the application. a. Offers received by selling agents must be presented to the listing firm by the close of the following business day. All of our 1,000 Arkansas real estate practice exam questions are similar to the ones you will find on the actual Arkansas real estate exam, and are written by a Licensed Real Estate Instructor.
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