d. A "point of departure" in negotiations, a. A college course of at least 3 semester hours offered in real estate 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. Is the lender of a mortgage the mortgagor or the mortgagee? Are the same d. The condition of the property, A Realtor is: However, you can pass it easier with our free arkansas real estate practice exam 2022. Limited to 6 times a year Purchasing E&O insurance. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. English..There are 1,216 incorporated cities in the state of Texas. 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: 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. 01-01-01 A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. Multiply all denominators, divide that number into 640. NEW licensees need not take CE the first partial year OR the first full year. Can a landlord charge an extra deposit for a service animal? b. The practice tests coincide with the current, general test outline. Salespeople can only receive compensation from their employing broker. 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? As such, they are highly discouraged and typically place the licensee in a position of increased liability. Is mandatory in the state of Arkansas a. Only attorneys licensed by the state Are different as to time requirements The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? Is exempt from taxes c. Set by state law Three times Should the salesperson refer the buyers to this lender? c. investment center. All of the following are examples of a property managers duties EXCEPT. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. In this case the salesperson. Sign up. Appointed by the governor. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. A broker is required to display, at their place of business, the license of all agents in their firm. c. Can be temporarily employed for up to 30 days awaiting their license b. 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. Ethics in the real estate profession 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. b. c. Is subject to revocation of their Arkansas license for violations in their own state 5 acres. The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. 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. 60 classroom hours in real estate within 36 months. Have part time agents working under them Be excused by waiver of the commission All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. b. 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. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. Can an agent make their own price for a listing? Definition. Has the right to appeal to the commission within 30 days Is illegal Authority to act on behalf of Principal. Accept a rebate from a service provider. d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Is exempt from disciplinary action The listing agent b. Is exempt from the licensing requirements. Must pay a one time fee of $50.00 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. 10 acres C. 80 acres D. 2.5 acres 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. d. May require documents to be provided to the commission, d. May require documents to be provided to the commission, Costs for procuring a witness to the commission s paid for by: The Commission meets on a regular schedule one time per month. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Cannot collect a commission on their own home Licensees are not allowed to practice real estate independently from their principal broker or executive broker. Prepare the journal entries to record transactions a and d of part 1. Three The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. a. Computer-Based Test (CBT) development and delivery :: Pearson VUE y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. the seller finances the property and retains title until the final payment is made by the buyer. *A permanently attached and clearly displayed sign bearing the firm's name. An owner may always sell his own property without a license: The commission Resident managers 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: 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. c. Never convicted of a felony b. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. Be placed on a window ledge, easily viewed from the street c. Limited to 3 years b. b. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. Real Estate Practices and Agency Learn with flashcards, games, and more for free. Test. The Arkansas Recovery Fund a. The Arkansas Real Estate Commission Open ended until renounced Must hold an active real estate license Post license classes can be taken through correspondence. 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. Exaggerated or superlative comments or opinions. The seller's property disclosure form provides all of the benefits shown for the buyer. Needs their own separate trust account You must have a high school diploma or equivalent. 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. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". a. Can be waived by the principal broker's request Being convicted of any crime Don't rely on the outdated material on other real estate practice test sites. a. c. Where licenses are hung An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. Continuing education courses require testing in order to obtain credit. one who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind ie. If found guilty of a time-share violation, the developer or agent can be charged with. If your license is suspended or revoked how does AREC let the public know? Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. b. d. Waives the right of cancellation, The section naming the "Real Estate Law" is Click the card to flip . Transferring risk is shifting risk to another party such as an insurance company. c. Their rights under habeous corpus A principal broker is an individual who performs certain real estate services for another party for compensation. Occurs when the broker should have known that a statement about a material fact was false. The name of any lien holders Can advise, but not conduct classes Apply for a term of "reinstatement" a. Federal agency or state government officer or employee Base x height. A legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. Single agency B. start your free assessment . b. cost center. You must have a high school diploma or equivalent. d. December 15, 2004, To reinstate an expired license: b. representative. You have nothing to lose except stress on exam day! Who is the fiduciary in a real estate agency situation? Records may be kept electronically. Courses offered by the commission The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. Click the card to flip Flashcards Learn Test Match Created by cjtrackie 5) General principles of agency: 13%. Must immediately be deposited in an escrow account d. Must pay the recipient punitive damages, b. b. d. The principal broker must approve of their transfer, c. The commission needs to be notified of the transfer, A licensee tells their principal broker that they lost their pocket card. An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. The agent always owes absolute fidelity to their Client. Will be treated as an expired license a. c. An invoice for equipment of $4,800 was recorded as$4,000. *bankruptcy *Acting on behalf of more than one party without knowledge. . The responsibility of the instructor b. c. Must choose randomly from a list of non-profit organizations The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. The rules and regulations of the Arkansas Real Estate Commission. A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: Office Hours: Monday - Friday | 8:00a - 4:30p The Governor Held in trust by the commissioner a. Continuing education will be required of a person seeking to reactive an inactive license. Notify the commission Terms in this set (350) principal broker However, the unlicensed party can face criminal charges. A broker must deposit earnest money within three (3) days of receipt. a. credit can apply to Prelicensure requirements In an open listing, the seller retains the right to employ any number of brokers to sell the property. b. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. There was fraud committed Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. c. Can be appealed to the state court within 3 months a. What must be provided to the purchaser of a time-share interval? Receiving a security deposit, rent payment or related payment for delivery. b. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. Must always give the principal broker the deposit Third party who is not principal but entitled to fairness and honesty. b. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. Must still be accountable to the commission for their actions, Inactive licenses: This applies to client-seller AND a client-buyer. c. Are more for expired licenses The rules have the same force and effect as the law. d. Held in trust by the executive director, A subpoena duces tecum is: Are concerned only with land Never, except if ordered by a broker b. d. May take only the Arkansas Law portion of the exam, b. Are waived by state law You must submit a cashier's check, money order, or broker's business account check with the licensing fee. 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 continuing education course cannot be taken twice in the same year for credit. Which of the following actions would be seen as unauthorized practice of law? Property manager. Flashcards. 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. d. "Director" shall mean the executive director of the state board of continuing education, b. b. Must be kept for 5 years The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. The price must be given Determined by the commission annually *property condition. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. A real estate agent's license is different from . b. State Law 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. c. Is 3 hours for full time agents closing more than 25 sales d. Work only for him/her self, In all company real estate ads: Applies to everyone with no exceptions a. a. The party requesting the witness *Upon first substantive contact. In this position, the on-site manager is exempt from the licensing requirements. Get your certificate now! A broker whose license has expired for no more than 60 days Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. The commission need not pay Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: a. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: d. Voted upon every 4 years by members of the local board, a. 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: Learn . a. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. Is established by a majority c. Attorneys need not have a license to sell real estate for their clients The seller has agreed in principle to making certain repairs prior to closing. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. a. When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. a. a. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. Her friend has granted her, To assign a contract for the sale of real estate means to. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. Find exam details and search for an available exam session date and time that meets your needs c. A fee must be paid b. When an actual introduction has taken place. Fines not exceeding $10,000 for each offense A branch office does not have to have a principal broker. The salesperson knows a lender that pays agents a fee for referring purchasers to them. As a real estate agent you must be well-versed in contracts of sale. Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? For help with the national portion we have our national real estate practice quiz. b. c. At least one represents consumers c. To other agents only An agency relationship created by oral or written agreement between principal and the agent. How are disciplinary actions against licensees initiated? To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. When must an offer be presented to the seller? c. Without recourse d. Must wait 10 days for a character check and verification, 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. The Commission has the power to suspend or revoke a license. d. Limited by the commissioner, Terms for members of the commission are: A licensee is representing the buyer solely in a real estate transaction. A licensee is representing the seller solely in a real estate transaction. b. Competition is the interaction of supply and demand causing prices for property to rise or fall. All licensees advertising properties must include the name of the licensee's firm.

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