All agency agreements must be in writing. What is the maximum amount the Commission may pay from the Recovery Fund? Resident managers Licensees are not allowed to practice real estate independently from their principal broker or executive broker. For help with the state portion you're in the right place! d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: All licensees are issued ___ year terms and expire on December 31st. Which of the following actions would be seen as unauthorized practice of law? Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. Must sign a standard form In an open listing, the seller retains the right to employ any number of brokers to sell the property. Regarding CE credits, how much can you miss before you no longer get credit for attending? 86.5% of CompuCram users pass their licensing exam the first time! d. Is subject to no restrictions, A temporary license: If a person dies without a will, his share goes to his heirs, not to the other owners. The Arkansas Trust Fund A "meeting of the minds" in a real estate contract b. The examinee is licensed in another state at the time. You will have between 2-4 hours to complete your exam. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. a. b. However, the unlicensed party can face criminal charges. A salesperson working under a principal broker 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. b. d. Must pay the recipient punitive damages, b. authorization for the manager to receive referral fees from service providers. On what date do all Arkansas real estate licenses expire? *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. How long does a licensee have to answer a disciplinary action? A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. a. c. The commissioner A property is owned by three cousins as tenants in common. b. Exhibiting poor judgement One who is "on their own" in buying or selling real estate c. Needs a separate principal broker Continuing education courses require testing in order to obtain credit. Property issues must always be fully disclosed to any potential buyer. Need not display a sign The individual who is authorized and consents to represents the interest of another person. Features of Arkansas Real Estate License Exam Prep (AR-RELEP):National Principles & Law Key Point Review (60 pages)Real Estate Math Key Formula Review & Practice (17 pages)Arkansas-Specific Laws and Practices (28 pages)National Practice Tests (500 questions)Arkansas Practice Tests (100 questions)Arkansas Sample Exam (100 questions)We know the real estate licensing exam can be tough, and very . Her friend has granted her, To assign a contract for the sale of real estate means to. A referral fee can only be paid if the receiving party has a valid active real estate license. Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. Must be registered with the board b. a. Ninety hours You must have a high school diploma or equivalent. a. Have the words "Real Estate, Realtor," or other identifying words included d. Can renew their license anytime, a. 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? d. The Commission itself, The number of meetings of the commission is: It MOST likely means that. Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: 2023 - BT Management, Inc. All rights reserved. a. c. The buyer in case of fraud Active license: 6 classroom hours annually. After the buyer's offer was accepted, the buyer had the home inspected. Property management duties do not include accepting rebates from a service provider. Purchasing E&O insurance. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Appointed by the governor. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell Must hold an active real estate license b. a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell d. Outside of state jurisdiction, An appeal after a dismissal of complaint: 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. The property would not pass on to the state. a. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. A licensed broker. d. If in an office building, must appear on the directory, a. Courses offered by the commission Are the same d. Must participate in the Real Estate Recovery Fund, b. c. Have the licensee call the commission When the license has been expired for more than 2 years. a. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. c. Need contractual consent to be valid Find Your State National & State Portions b. Promulgate necessary rules d. A member of a trade organization, A broker also working as a full time personnel manager may: Care Office Hours: Monday - Friday | 8:00a - 4:30p A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. Can an unlicensed party performing real estate services be sued? b. Appointed for life a. c. Must be a resident of Arkansas to get a license d. Must be in writing, The astute of limitations on filing complaints is: The commission enforces the rule. Special, or limited, agency. Are waived by state law It can be initially made orally. Authority to act on behalf of Principal. Find exam details and search for an available exam session date and time that meets your needs All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. When does the commission send renewal notices? For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. Is concerned with the profit margin of the company The Quaker Foods division of PepsiCo is most likely treated as a(n) Arkansas Real Estate Exam Flashcards | Quizlet Arkansas Real Estate Exam 3.5 (2 reviews) Term 1 / 100 Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. A test must be taken D, 7. When a licensed salesperson sells their own home what must be included in advertising? Learn. c. investment center. c. A general partner buying land for the partnership A property owner deeds a parcel of his property to a town "for recreational purposes only." a. A person who is indigent may not be relieved from paying the filing fees in an appeal. d. An auctioneer dealing with no more than 4 properties a year, d. An auctioneer dealing with no more than 4 properties a year, Anyone dealing in real estate without a license and not being exempt is: The salesperson knows a lender that pays agents a fee for referring purchasers to them. Record Boats cash collection. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Loans made to brokers during slow times The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. *condemnation or destruction of the property All motions must be filed 10 days in advance of the hearing date. A demand for two cooperating brokers to appear before the commission Application designed and maintained by HCCS, Inc. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. Ace these, and you know you're ready to grab your real estate license ! Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. An owner may always sell his own property without a license: a. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Are whenever possible b. The rules and regulations of the Arkansas Real Estate Commission. d. Waives the right of cancellation, The section naming the "Real Estate Law" is Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. Demand proof within 30 days Continuing education will be required of a person seeking to reactive an inactive license. Vocabulary words for Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math.. Includes studying games and tools such as flashcards. Any appeal of a ruling must be filed within 15 days from the ruling date. c. An invoice for equipment of $4,800 was recorded as$4,000. C, 8. Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? 1 / 159. Must immediately be deposited in an escrow account b. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. c. There were holidays a. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: Blog Text me app. What is the continuing education requirement for Arkansas licensees? Click the card to flip Flashcards Learn Test Match Created by cjtrackie Arkansas Real Estate Exam. b. b. Note that answers are only provided upon purchasing Exam Prep. b. a. The salesperson: a selling or listing salesperson. Receiving a security deposit, rent payment or related payment for delivery. In this problem, multiply all denominators: 2 4 4 4 = 128. c. The Administrative Real Estate Action Code a. A specific disclosure required by Arkansas regulation is that of the agent's compensation. Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. a. 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 . c. Five times The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. Always requires a fee to be paid to the commission The buyer and seller would be responsible. loss of value due to uncollected delinquent rent. Time-share agents must individually be bonded in an amount of $10,000.00. a. Waives their right to further compensation 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. The characteristics of value include what values? a. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep Demand the commission pay punitive damages to the injured party The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. Brings the borrower and the lender together. a. After the broker sells some of the lots, the landowner refuses to pay him a commission. What must be included in property advertisements? Free to the public by choice *Discharge administrative duties. *renunciation A licensee is representing the buyer solely in a real estate transaction. $25,000 per violation, to a maximum of $75,000. c. Funding of research projects in real estate A branch office does not have to have a principal broker. Full test. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. b. Statutory Laws c. The commission needs to be notified of the transfer Balance refers to the amount remaining after certain mathematical calculations have been completed. *information about the buyer's motivations and financial qualifications Index. c. A fee must be paid The license application and fees must be received by the AREC within ___ days of the examination date. A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: d. Must submit any documents the Agency deems necessary, d. Must submit any documents the Agency deems necessary, The notice on the front of a public offering statement: All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: b. b. Grade examinations b. For brokers and associate brokers: Proof of age 21 and above. keep all information received confidential. Are people with AIDS are protected under the disability provision of the Fair Housing Act. The applicant has a documented reason The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. would not be allowed to rebuild the plant in that location under any circumstances. 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: Assignment of a contract does not change the broker/agent relationship. Blog Home Uncategorized arkansas real estate exam quizlet. a. Is established by a majority A broker who wishes to place a For Sale sign on a listed property must first. Anyone in the real estate business 17-42-101 The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. c. Paying a fee established by the board b. a. b. What, if anything, should now be done? inform any prospective buyers of the defect. a. Revoke their license Records may be kept electronically. 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 . AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. b. 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. Learn . To maintain an active license, an agent must complete six (6) hours of continuing education annually. Is subject to review by the Commission 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. Zoning and Planning October 12, 2020 Three working days of execution of the offer. c. Illegal Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: Three years in some cases 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. All parties or their agents Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. 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. 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. a. 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: b. *Upon first substantive contact. 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. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. d. All of the above, The name of a real estate firm: d. Can be in a residence, A licensee transferred their license to another real estate company. c. A simple quorum Cash is an acceptable form of earnest money. b. Sixty hours A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. c. Held as irresponsible by the courts Confidentiality d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: a. Must take all educational requirements required by a beginner Susan David is putting her two-bedroom, one-bathroom condo on the market. b. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Disaster relief for real estate professionals The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. b. 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. Name some critical material facts for disclosure: *the agent's opinion of the property's condition the seller finances the property and retains title until the final payment is made by the buyer. Only if approved by the board Needs fewer than 3 members on the company's board of directors Depositing non-trust monies in the trust account. Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. c. Will be revoked a. c. Is required The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. They may need to pay additional fees The passing grade for such section is no lower; Can a licensee pay an unlicensed person for leads? Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. No agency, or transaction brokerage. How are members of the Arkansas Real Estate Commission's board selected? d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. b. Use a graphical technique to display this information. 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 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. 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. One of the friends died, and his interest passed according to his will to become part of his estate. b. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. representative. A broker is required to display, at their place of business, the license of all agents in their firm. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: Real Estate Practices and Agency Learn with flashcards, games, and more for free. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. Be placed on a window ledge, easily viewed from the street A house has outdated electric and plumbing. With a local real estate licensee, she signed exclusive right-to-sell listing agreement. a. 5) General principles of agency: 13%. c. Is granted upon submission of application A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. 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. Never, except if ordered by a broker I, the principal broker, am out of town for not more than one (1) day. When must motions be filed in relation to a licensee investigation? This right is known as an equitable right of redemption. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. Must be in at least 8 point type b. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Occurs when the broker should have known that a statement about a material fact was false. To activate an inactive license requires a fee A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. They passed it in another state; c. Must choose randomly from a list of non-profit organizations However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. a. Complete and pass the real estate broker examination. Must submit work experience requirements to the board What effect does the sale have on the lease? c. Six extra continuing education credits required The value of the smaller home will most likely. d. Require acceptance by the buyer, An "independent contractor" means: 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 final order of the Commission may be appeal in the Circuit Court. A principal broker is an individual who performs certain real estate services for another party for compensation. 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. a. 5 acres. 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. c. A "continuing education unit" is only possible with the instructor present in class a. An individual rents an apartment for one year. A special assessment is applied to all licensees to cover it Proof of completion of 45 hours of Pre-License Education. c. Dictated by the governor Disbursement from the trust account may only be made when: In some cases Does a real estate lien need to be recorded to be valid? b. 2) Land use controls and regulations: 5%. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. The basement damage is a hidden structural defect known to the seller but not known to the brokerage firm or those working for the firm or to a purchaser. Cannot sell their own home The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. 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. d. Unlimited, A person may engage in the business of real estate while on inactive status: Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. Delivery of a lease application or lease. c. Have equal voting privileges c. "Continuing education classes" are classes taken at an approved school a. Each agent is. Managing and sales agents must be registered, bonded. a. c. Never What leasing duties are exempt from licensing? c. The signature of the lien holder Used by the State What must be provided to the purchaser of a time-share interval? an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. c. A broker The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. Are considered "person non-grata" by the commission a. b. c. The company name must be given d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: Main Phone: 501-683-8010 Main Fax: 501-683-8020. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. Real estate Commission and Department. A woman has permission from her friend to hike on his property during the autumn months. The Executive Director of the Arkansas Real Estate Commission is not a commissioner. A cooperating broker 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! a. December 15, 2003 With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. All of the following are false EXCEPT: An oral agreement does not constitute a valid agency contract entitling the broker to a commission. A business day includes Saturdays the lender is open for business. (The certificate is due no later than the end of the month one year following the date of initial licensure.). 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. a. c. Submit their experience to the commission for consideration All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. a. Can a licensed salesperson sell their own home? A state judge Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! One member must be a Realtor 60 years of age or older, All of the commission members can: A continuing education course cannot be taken twice in the same year for credit. d. Can be reheard by a written request of the injured party, After compensation is paid out of the Real Estate Recovery Fund to a recipient, the licensee: Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. b. a. Property ownership and . a. Verified by the principal broker Can an agent make their own price for a listing? b. d. Must always do what the seller tells them, a. The term Realtor refers to any agent holding a valid real estate license. d. A self employed builder of homes, c. A licensee working under a principal broker in buying or selling real estate, All of the following are exempt from requiring a real estate license EXCEPT: