b. Have the words "Real Estate, Realtor," or other identifying words included A test must be taken Does the Arkansas REALTORS association appoint the commission members? Three times Conquer Your. a. a. The deceased cousin's heirs. The topics on the test include: Duties and Powers of Real Estate Licensing Requirements Statutory Requirements Governing the Activity of Licensees Miscellaneous Statutes Agency Relationships and Disclosures Can you take the Arkansas real estate exam online? Must submit the signatures of three people who vouch for his integrity Used by the commission Does a real estate lien need to be recorded to be valid? The Commission has the power to suspend or revoke a license. Download Real Estate Prep app now. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: c. Be punished by all the power of a circuit court Fees: Examination Fees (Salesperson: $121). c. The Administrative Real Estate Action Code In this position, the on-site manager. a. d. Allowed, The commission may legally: The applicant has a documented reason Calendar of Events; Commission; Contact AREC; News; . 30+ Free Arkansas Real Estate Practice Exam Questions (February 2023) 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. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. The principal broker is generally responsible for all business conducted by the firm. b. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. What must be included in property advertisements? 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. It can be initially made orally. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. a. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: The executive director c. May need approval c. Submit their experience to the commission for consideration The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. Which currencies weakened? They may take their own listings with them In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Acting under the direct written instructions. Arkansas Real Estate Exam Flashcards | Quizlet The commission enforces the rule. Is barred legally from commercial intervention Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. a. b. The Quaker Foods division of PepsiCo is most likely treated as a(n) Only with the principal broker's permission Can an agent make their own price for a listing? Four d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: They may need to pay additional fees Continuing education will be required of a person seeking to reactive an inactive license. What is on the real estate exam? 5 acres B. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. b. Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. This right is known as an equitable right of redemption. Have part time agents working under them The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Applicants who pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days from the date of the examination . Open listing and exclusive agency listing. a. Only the ______________ has authority to supervise others or designate others to supervise. One who is "on their own" in buying or selling real estate The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. In some cases a. b. When do real estate license applications expire? The salesperson knows a lender that pays agents a fee for referring purchasers to them. Classify the following as either a revenue or a capital expenditure. 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. Real Estate License Practice Test - Brokerage Responsibility and Agency To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. The examinee is licensed in another state at the time. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: It really depends on the type of license you would like to have. c. Both a & b Have full time agents working under them c. Have the licensee call the commission An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? When must an offer be presented to the seller? Sometimes, if under a direct order from an attorney In this position does the manager need a real estate license? Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. Proper disclosure to a buyer should include: *agency ExamSmart | The best way to practice online for your real estate exam test 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. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Mandatory b. Loans made to brokers during slow times 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: *Sign offer and acceptance forms. The broker should: If one of the cousins dies without a will, to whom will his interest pass? The tests include questions on general real estate topics. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? Can work independently of an Arkansas principal broker in his or her own state c. Will be revoked Authority to act on behalf of Principal. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. 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. When the license has been expired for more than 2 years. c. Needs a separate principal broker The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. d. Is subject to retroactive disciplinary action by the commission, a. However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. a. All licensees advertising properties must include the name of the licensee's firm. c. Only brokers licensed by the state The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. 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? a. b. Who is the fiduciary in a real estate agency situation? Her friend has granted her, To assign a contract for the sale of real estate means to. 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: Two years' experience as salesperson or broker within four-years. The commission need not pay The passing grade for such section is no lower; A licensee is representing the buyer solely in a real estate transaction. A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. c. Never convicted of a felony Is established by a majority 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." A misdemeanor- Any time-share violation may be considered a misdemeanor. The principal broker What simple interest rate did she pay? 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. c. A fee must be paid Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test a. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. a. Universal agency. a. An executive broker can bring a suit against the public if they fail to pay the commission due. Third party who is not principal but entitled to fairness and honesty. d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: 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. If your license is revoked, how long do you need to wait to reapply? 5) General principles of agency: 13%. That section can be used to study the topics featured on those 80 questions. Round to the nearest cent. 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. b. Sixty hours of classroom instruction d. The condition of the property, A Realtor is: a. They do include screening tenants, handling rents and deposits, and negotiating leases. *property condition. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell b. c. Five times What is the post-license education requirement? d. Unlimited, The duties and responsibilities of the executive director are designated by: c. A broker All agency agreements must be in writing. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. d. Held in trust by the executive director, A subpoena duces tecum is: Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test A graduated rental agreement states specific rate increases over time. For brokers and associate brokers: Proof of age 21 and above. Should the salesperson refer the buyers to this lender? Has the right to appeal to the commission within 30 days The answer is events that might have stigmatized the property. Blog Text me app. A house has outdated electric and plumbing. A woman has permission from her friend to hike on his property during the autumn months. E&O insurance policies vary from providers. Blog Home Uncategorized arkansas real estate exam quizlet. (The certificate is due no later than the end of the month one year following the date of initial licensure.). The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. The only allowance are funds needed to maintain a minimum balance and to cover service charges. a. a. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. b. 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. *Photographs of the signage must be furnished to the Commission for its records. Match. Can the owner of a lifehold estate convey title via a will to their heirs? d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: 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. A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 c. The signature of the lien holder They may be sued in civil court and subjected to punitive damages. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. arkansas real estate exam quizlet All continuing education course must be "in-class" Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. This right is called a(n). Three Trust funds must be deposited no later than 3 business days. d. A member of a trade organization, A broker also working as a full time personnel manager may: Real Estate Practice Tests :: Pearson VUE 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: Post license classes can be taken through correspondence. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). You must have a high school diploma or equivalent. c. Proof of current continuing education requirements may need to be submitted The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? Free to the public by law b. 5 acres. a. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. c. Must be a resident of Arkansas to get a license There is a 5-day grace period c. The commission needs to be notified of the transfer Go to work immediately The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. b. . d. Must wait 10 days for a character check and verification, b. Arkansas Real Estate Test Prep - State Test Only - CompuCram a. A penalty of 50% added to the fee *Upon first substantive contact. According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: What are the rules about a real estate place of business's signage? a. No- the Arkansas Real Estate Commission could suspend the licensee's license. 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: Complete and pass the real estate examination. Obtain the written consent of the owner of the property. a. The client may be either seller or buyer. A buyer makes an offer on a seller's house, and the seller accepts. c. Limited to 3 years The Arkansas Recovery Fund b. If the property manager selects the policy with the highest deductible, which risk management technique is being used? 36% of the borrower's total monthly gross income. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. *abandonment by the agent This requirement applies to both resident and nonresident applicants. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. I, the principal broker, am out of town for not more than one (1) day. If a person dies without a will, his share goes to his heirs, not to the other owners. An individual rents an apartment for one year. a. Illegal a. a. d. A demand of payment from the commission, If a licensee does not renew their license by September 30th all of the following may apply EXCEPT: Which of the following is NOT an example of governmental power? 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. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell c. Must be retained until closing 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. Are whenever possible b. a. Are waived by mutual consent In an open listing, the seller retains the right to employ any number of brokers to sell the property. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. Georgia Real Estate License and Exam Info - PrepAgent.com Transfer one's rights under the contract. The rules and regulations of the Arkansas Real Estate Commission. a. Waives their right to further compensation b. Real Estate License Exam - Union Test Prep Is basing a listing on a net price ethical or unethical? Arkansas Real Estate Exam Flashcards | Quizlet Time-share agents must individually be bonded in an amount of $10,000.00. Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? c. A general partner buying land for the partnership 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. real estate exam Flashcards - Cram.com Frequently Asked Questions - Arkansas Real Estate Commission Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. The buyer and seller would be responsible. A person who received the email chose to opt-out from receiving additional emails from the licensee. Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. 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. b. a. Paying a commission or any valuable consideration "bird-dog fee" to any unlicensed person for acts or services performed is a violation and is punishable by suspension, revocation, or demotion of the licensee. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. 17-42-101 A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Education Providers - Arkansas Real Estate Commission would not be allowed to rebuild the plant in that location under any circumstances. c. Dictated by the governor Competition is the interaction of supply and demand causing prices for property to rise or fall. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? 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. Must sign a standard form 18 months after the consumer's last purchase, delivery, or payment. c. Chancery court All other client or customer funds received must be deposited within three days of receipt. c. Both a and b Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. c. Both the listing agent and the principal broker *Accepting compensation from anyone other than the principal broker. Occurs when the broker should have known that a statement about a material fact was false. b. d. A prosecuting attorney, All of the following are true EXCEPT: "At first glance" As a real estate agent you must be well-versed in contracts of sale.
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