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. In this arrangement. The answer is three days. In an open listing, the seller retains the right to employ any number of brokers to sell the property. 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. Being convicted of any crime Both parties sign the sales contract. d. profit center. State Law c. A simple quorum The listing agent Are the same No later than three business days after the loan application is received by the lender. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. 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. Apply for a term of "reinstatement" The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. d. Must always do what the seller tells them, a. a. b. Assess exemplary damages Are different as to time requirements b. 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. A cooperating broker In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. d. Require acceptance by the buyer, An "independent contractor" means: A listing salesperson acting as the seller's agent is holding an open house. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. c. Cannot have ever filed bankruptcy c. Six extra continuing education credits required The deceased cousin's heirs. Susan David is putting her two-bedroom, one-bathroom condo on the market. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. A property manager is offered a choice of three insurance policies with different deductibles. The party requesting the witness Are people with AIDS are protected under the disability provision of the Fair Housing Act. b. a. The principal broker The members of the board are appointed by the governor and approved by the senate. a. The rules have the same force and effect as the law. 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. Violation by the director of a corporation is subject to criminal prosecution A test must be taken Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? What effect does the sale have on the lease? Is illegal Licensees are not allowed to practice real estate independently from their principal broker or executive broker. ie. Proof of completion of 45 hours of Pre-License Education. *abandonment by the agent Record Boats cash collection. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? Used by the State Excess money in the recovery fund may be used for educational purposes. Study sets, textbooks, questions. c. Their rights under habeous corpus The seller takes back a purchase money mortgage from the buyer for the remaining 10%. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. d. "Director" shall mean the executive director of the state board of continuing education, b. b. representative. Only informational services are considered "ministerial" and may be performed by a nonlicensee. All parties or their agents On what date do all Arkansas real estate licenses expire? How will each error come to the bookkeepers attention, other than by chance discovery? Find exam details and search for an available exam session date and time that meets your needs c. Act as principal broker for listings only d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: b. Punitive damages may be awarded for willful violations of the time-share act. A person must hold a real estate license of sometime to legally own a real estate company. The expiration date b. c. The deficit comes from the state treasury a. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. Click the card to flip . In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. An associate broker may have salespeople working under them Can an agent make their own price for a listing? a. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. Will be returned Can a landlord charge an extra deposit for a service animal? All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? b. c. Is subject to revocation of their Arkansas license for violations in their own state The foreign-exchange rate for a peso is $0.094 on the date of sale. In what way is the aggregate demand curve similar to an individual demand curve? Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo c. Are more for expired licenses a. a. Is exempt from taxes *Sign offer and acceptance forms. c. Have equal voting privileges b. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: c. The State witness fund A guest slips on an icy apartment building stair and is hospitalized. Free to the public by law a. A. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. Time-share agents must individually be bonded in an amount of $10,000.00. a. c. Courses offered by real estate schools licensed by the board 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. 18; relicensing educational courses; exam. A broker is required to display, at their place of business, the license of all agents in their firm. Test. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. b. a. Salaries of the employees of the commission are: Serving a subpoena is the responsibility of: The Duties of the Director of the commission are: If a bank dishonors a broker or salesperson's check it can be: If a salesperson overpays on a check to the commission: b. . 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. Base x height. Requires consent of all licensed brokers The public demands it The Arkansas Trust Fund d. Unlimited, A person may engage in the business of real estate while on inactive status: AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. Learn More Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: 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: 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? The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. What leasing duties are exempt from licensing? 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. Download Real Estate Prep app now. Federal agency or state government officer or employee $25,000 per violation, to a maximum of $75,000. A real estate salesperson has been working with buyers. Must still be accountable to the commission for their actions, Inactive licenses: A broker must deposit earnest money within three (3) days of receipt. a. Walk in prepared, walk out confident, pass the exam. Have full time agents working under them Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. b. At this point, the buyer has what type of title to the property? Name some critical material facts for disclosure: *the agent's opinion of the property's condition The seller has agreed in principle to making certain repairs prior to closing. The broker should: Dual agency means representing both principal parties to a transaction. d. Must pay the recipient punitive damages, b. c. "Continuing education classes" are classes taken at an approved school Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. Every real estate transaction requires an agent to disclose whom they represent. Conquer Your. It MOST likely means that. In a coop sale, the earnest money is held by the selling company. Flashcards. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: 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. c. Part of the exclusionary clause in a contract A writ of appeal granted by the State How are members of the Arkansas Real Estate Commission's board selected? under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. c. Must be a resident of Arkansas to get a license Disbursement from the trust account may only be made when: 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. According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? a. d. May not teach both continuing education and basic real estate to the same people, b. The broker requirement is to complete a 30-hour broker course within one year. The passing grade for such section is no lower; Let's start your studying right now! c. Limited to 3 years Subagency A mortgage broker is an intermediary who brings borrowers and lenders together. 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? c. A picture of the building front with sign must be submitted The commission need not pay c. The duty of the licensee 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. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? c. Must sign an affidavit declaring no further violations have been committed Diligence Be excused by waiver of the commission d. A member of a trade organization, A broker also working as a full time personnel manager may: In some cases Anyone buying or selling real estate What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? c. The "board" is the Arkansas Real Estate Commission b. a. Making substantial misrepresentations Utilizing the formula, we can take the property price and divide it by the annual rental income. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Regarding CE credits, how much can you miss before you no longer get credit for attending? a. Waives their right to further compensation c. Be handicap assessable Property management duties do not include accepting rebates from a service provider. Can a licensee pay an unlicensed person for leads? An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Full test. Submitting proof of active status with a principal broker 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. Free to the public by choice a. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Not valid Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. credit can apply to Prelicensure requirements A Swiss franc costs $1.12 on the purchase date. Needs fewer than 3 members on the company's board of directors After the buyer's offer was accepted, the buyer had the home inspected. Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. Complete and pass the real estate broker examination. (g) Loss from damage to a warehouse in southern California from a minor earthquake. When does the commission send renewal notices? How are disciplinary actions against licensees initiated? Can work independently of an Arkansas principal broker in his or her own state Active license: 6 classroom hours annually. Who is exempt from Arkansas Real Estate licensing? y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) a. You will have between 2-4 hours to complete your exam. b. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. A property is owned by three cousins as tenants in common. 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. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: c. Paying a fee established by the board a. Arkansas recognizes licensure another states with ____________. Time-shares must be registered. The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. They may need to pay additional fees Any competent individual Leasing assistants. a. The answer is all records in connection to real estate transactions. 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. The principal broker is generally responsible for all business conducted by the firm. Office Hours: Monday - Friday | 8:00a - 4:30p Arkansas Real Estate Commission (AREC) requires all applicants for original licensure as a real estate salesperson or broker to complete a state and federal criminal background check. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. Is not covered by the Real Estate Recovery Fund When can a time share developer cancel a contract? d. A "point of departure" in negotiations, a. This right is known as an equitable right of redemption. The individual who is authorized and consents to represents the interest of another person. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. c. Both the listing agent and the principal broker 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: c. Can ask for waiver of said fee in cases of hardship Find Exam Details. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. 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 Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. b. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? 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. c. A "continuing education unit" is only possible with the instructor present in class An owner wants to erect a nine-foot-high revolving sign on the roof of his store. Never, except if ordered by a broker a. When must the agent disclose his or her agency relationship to the prospective buyer? c. To protect public health, safety and welfare a. Obtain the written consent of the owner of the property. . Term. Dual agency a. You'll have the chance to review a 99-question real estate practice exam at no cost to you. c. Demand that the principal broker pay a fee Avoid risk is the removal of risk, such as repair cracked sidewalks. Needs their own separate trust account Definition. An executive director administers the operations of the commission. Records may be kept electronically. Is valid for 60 days a. b. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. 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. Who is responsible? b. The practice tests coincide with the current, general test outline. d. The condition of the property, A Realtor is: Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. 18 months after the consumer's last purchase, delivery, or payment. Does a real estate lien need to be recorded to be valid? d. Must be in writing, The astute of limitations on filing complaints is: The rescission period has elapsed on a contract; b. b. c. A licensee working under a principal broker in buying or selling real estate a. c. The principal broker a. A broker tells her that he can sell the lots. Universal agency. There was fraud committed The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. 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:
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