The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. Held in trust by the commissioner Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo Index. credit What effect does the sale have on the lease? The commission enforces the rule. The Arkansas Real Estate Commission approves continuing education course. d. "Director" shall mean the executive director of the state board of continuing education, b. No. Acting under the direct written instructions. a. E&O insurance policies vary from providers. They passed it in another state; In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. Records may be kept electronically. a. Revoke their license b. Where records are kept Flashcards. b. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: The characteristics of value include what values? 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. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. The executive broker: the manager under the boss. c. Six extra continuing education credits required 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. 30+ Free Arkansas Real Estate Practice Exam Questions (February 2023) Main Phone: 501-683-8010 Main Fax: 501-683-8020. b. Death of a tenant in common would usually cause property to pass according to the decedent's will. 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: Arkansas Real Estate License Exam Prep - Books When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. One member must be a Realtor 60 years of age or older, All of the commission members can: All continuing education course must be "in-class" Are different as to time requirements There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. a. The Commission may allow a temporary continuation under a person approved by the Commission. c. A broker a. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. Arkansas Real Estate Exam. Once the sale closes, the broker is no longer required to maintain records on the transaction. Needs their own separate trust account What are critical regulations regarding time shares in Arkansas? The party requesting the witness The principal broker An individual rents an apartment for one year. ____ 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. Expires at the end of 30 days, Signs require all of the following EXCEPT: December 31. A "meeting of the minds" in a real estate contract It can be initially made orally. c. Is automatically canceled d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: Can have their license suspended until they pay the commission Only four such transfers are allowed per a year arkansas real estate exam quizlet d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: 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. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. If a person dies without a will, his share goes to his heirs, not to the other owners. Is subject to review by the Commission, Penalties for violations include: When does a licensee have to file an appeal of ruling? a. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Arkansas Real Estate Exam. a. State Law b. It MOST likely means that. Must disclose any knowledge of property repairs needed, Money received by a salesperson: b. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. It also may provide a more concrete basis for litigation if the buyer can determine that a seller filled out the form incorrectly or failed to disclose a defect the seller knew was material to the transaction. c. Only brokers licensed by the state What are the rules about a real estate place of business's signage? Can advise, but not conduct classes As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. Competition is the interaction of supply and demand causing prices for property to rise or fall. A broker tells her that he can sell the lots. b. In this case the salesperson. 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: credit can apply to Prelicensure requirements A state judge c. Held as irresponsible by the courts Only the ______________ has authority to supervise others or designate others to supervise. Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. b. All licensees advertising properties must include the name of the licensee's firm. a. Ninety hours a. The answer is all records in connection to real estate transactions. In writing before contract. a. revenue center. A specific disclosure required by Arkansas regulation is that of the agent's compensation. d. Can renew their license anytime, a. Dual agency c. Be punished by all the power of a circuit court The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. a. Unless a novation has occurred by a new lease contract being signed between the landlord and the assignee, the original tenant is primarily responsible for rental payments to the landlord. 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. 1 / 159. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. Is concerned with the profit margin of the company In some cases When does the commission send renewal notices? b. Real Estate License Practice Test - Brokerage Responsibility and Agency Must still be accountable to the commission for their actions, Inactive licenses: A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. c. December 31, 2003 However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. What is the best way to study for the Real Estate Licensing Exam? Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? Go to work immediately d. Determined by the commission on an independent basis, Licensed applicants from another state must: Can a landlord charge an extra deposit for a service animal? The real estate licensee is automatically suspended. a. Waives their right to further compensation b. c. 01-01-01 Have part time agents working under them Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. d. The commission, Administration of oaths by the Commission is: c. Is no longer considered liable in lawsuits Must immediately be deposited into the company's business account When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. 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. a. You must be sponsored by a managing broker in order to practice. c. A conflict of interest NEW licensees need not take CE the first partial year OR the first full year. a. c. Demand that the principal broker pay a fee c. Excess distributed annually to members How much experience does a realtor need to be a broker? a. Zoning and Planning October 12, 2020 License laws regulate licensees and protect the public. How are members of the Arkansas Real Estate Commission's board selected? 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: In most cases, the special agent may not bind the principal to a contract. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. General agency. New Applicant - Arkansas Real Estate Commission However, the unlicensed party can face criminal charges. Is barred legally from commercial intervention 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: Home. c. Submit their experience to the commission for consideration Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: When must the agent disclose his or her agency relationship to the prospective buyer? c. Set by state law When must the agent disclose his or her agency relationship to the seller or the agent of the seller? Go through a fingerprinting process. Inactive and expired: 6 hours for every year, not to exceed 30 hours. d. The condition of the property, A Realtor is: 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: d. None of the above, In real estate: As such, they are highly discouraged and typically place the licensee in a position of increased liability. d. Two of the members are nit required to be nominated by the commission, a. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. *Failure to account for moneys belonging to other parties. On what date do all Arkansas real estate licenses expire? c. If they desire b. Get an Arkansas license by paying a fee b. State Law The rules have the same force and effect as the law. 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. Time-shares must be registered. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: In an open listing, the seller retains the right to employ any number of brokers to sell the property. A referral fee can only be paid if the receiving party has a valid active real estate license. c. To other agents only Can choose not to participate in the Real Estate Recovery Fund The associate broker: a broker who just sells and lists. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. Time-share agents must individually be bonded in an amount of $10,000.00. 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. b. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. 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. 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: Is not covered by the Real Estate Recovery Fund However, the original tenant remains primarily responsible for rental payments. Study sets, textbooks, questions. c. A quorum c. Proof of current continuing education requirements may need to be submitted Receiving a security deposit, rent payment or related payment for delivery. The practice tests coincide with the current, general test outline. b. A broker whose license has expired for no more than 60 days b. C.E. Established by quorum Skill The process by which the new contract replaces the old one is called. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). It really depends on the type of license you would like to have. Federal agency or state government officer or employee PDF Real Estate Principles Final Exam - gitlab.dstv.com The Arkansas Real Estate Commission A guest slips on an icy apartment building stair and is hospitalized. Multiply all denominators, divide that number into 640. b. December 31, 2004 100% money back guarantee. Testimony in a hearing is under oath and is recorded. b. Need not disclose One hundred dollars per a year of inactivity Balance refers to the amount remaining after certain mathematical calculations have been completed. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT.
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