d. Require acceptance by the buyer, An "independent contractor" means: The broker should: The buyer and seller would be responsible. A specific disclosure required by Arkansas regulation is that of the agent's compensation. 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: Property ownership and . There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. c. The signature of the lien holder The state does not allow dual agency. Sometimes, if under a direct order from an attorney The monies are refunded to the purchaser. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. The commission b. A landowner subdivides her acreage and offers the lots for sale. Definition. arkansas real estate exam quizlet. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner b. Property management duties do not include accepting rebates from a service provider. At first contact. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: d. Two of the members are nit required to be nominated by the commission, a. a. Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. b. An executive broker can bring a suit against the public if they fail to pay the commission due. b. Are considered "person non-grata" by the commission *Disclosure in writing. 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. *revocation of the agent's license. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: 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. Post license classes can be taken through correspondence. A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. 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. Are more for expired licenses 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. Classify the following as either a revenue or a capital expenditure. As such, they are highly discouraged and typically place the licensee in a position of increased liability. b. Free to the public by choice Obtain the written consent of the owner of the property. The members of the board are appointed by the governor and approved by the senate. It can be initially made orally. Let's say you have the following information: a 4-unit building with an asking price of $200,000 and gross annual rents of $24,000. The Arkansas Administrative Procedure Act ie. The practice tests coincide with the current, general test outline. Their license will be revoked c. Excess distributed annually to members A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. Fees: Examination Fees (Salesperson: $121). When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. d. Work only for him/her self, In all company real estate ads: 18 months after the consumer's last purchase, delivery, or payment. a. 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. When will full title and possession pass to his niece? c. 01-01-01 Immediately make a photocopy of their license and have them carry it After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: Subagency A business day includes Saturdays the lender is open for business. d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. If an agent leaves a firm they must immediately return their pocket card to the Commission. It really depends on the type of license you would like to have. The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. c. The company name must be given *Failure to account for moneys belonging to other parties. The deceased cousin's heirs. Must take all educational requirements required by a beginner A test must be taken Main Phone: 501-683-8010 Main Fax: 501-683-8020. Blog Home Uncategorized arkansas real estate exam quizlet. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. d. None of the above, In real estate: What occurs if the principal broker leaves the firm or dies? As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. 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. a. b. Tenancy in common is put in motion by state law. An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. It gives the buyer full knowledge of all issues with the property. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? a. a. Only four such transfers are allowed per a year Who is exempt from Arkansas Real Estate licensing? One member must be a Realtor 60 years of age or older The investigative staff of the commission has the power to investigate fully all records, bank accounts, company business records, and accounts of any licensee for the purpose of protecting the public. Never, except if ordered by a broker Is subject to review by the Commission, Penalties for violations include: Depositing non-trust monies in the trust account. b. What kind of lease has this tenant signed? Who has the responsibility to train subordinate licensees? Will be returned No. May be licensed after taking all classroom requirements, testing and paying all fees How much experience does a realtor need to be a broker? a. Designated executive branch broker. b. Does a real estate lien need to be recorded to be valid? To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. Should the salesperson refer the buyers to this lender? *A permanently attached and clearly displayed sign bearing the firm's name. c. The board must approve them In this position, the on-site manager is exempt from the licensing requirements. Apply for a term of "reinstatement" a. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. Three d. Waives the right of cancellation, The section naming the "Real Estate Law" is The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. c. A fee must be paid You must have a high school diploma or equivalent. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. An owner selling 3 of his own properties a year The principal broker: the boss. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). Flashcards. Who is responsible for a branch office's trust account? The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. Both parties sign the sales contract. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. If the property manager selects the policy with the highest deductible, which risk management technique is being used? (The certificate is due no later than the end of the month one year following the date of initial licensure.). Demand proof within 30 days The Commission has the power to suspend or revoke a license. b. c. Thirty-six hours if supplemented by a college degree a. December 15, 2003 d. The Real Estate Code of Conduct, b. c. Is granted upon submission of application a. c. Is free to promote and conduct seminars The public demands it Boat Belting buys inventory for 21,000 Swiss francs. c. The principal broker A college course of at least 3 semester hours offered in real estate If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. c. Must be a resident of Arkansas to get a license The Arkansas Real Estate Commission does not have the authority to send anyone to prison. 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. d. December 15, 2004, To reinstate an expired license: Open listing and exclusive agency listing. A real estate auctioneer must immediately, prior to opening the bidding, disclose the terms and conditions of the action and whether the seller or auctioneer may bid. Is an undisclosed dual agent who acted in bad faith. Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Must disclose any knowledge of property repairs needed 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. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. A listing salesperson acting as the seller's agent is holding an open house. Real Estate Exam. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. The real estate licensee is automatically suspended. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: a. b. Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. The "Commission" is the State Board of Private Career Education Ace these, and you know you're ready to grab your real estate license ! What is the purpose of the Arkansas Recovery Fund? d. Held in trust by the executive director, A subpoena duces tecum is: After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? c. Are illegal in Arkansas c. Chancery court Totally at the commission discretion c. Submit their experience to the commission for consideration Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. b. Is subject to review by the Commission b. b. C.E. Time-share agents must individually be bonded in an amount of $10,000.00. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. d. Abide by the rules of the Real Estate Service Board, b. The examinee is licensed in another state at the time. b. Salesmanship for buyer's agents After the conveyance, Jim and Manny. Needs fewer than 3 members on the company's board of directors 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. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? 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. In an open listing, the seller retains the right to employ any number of brokers to sell the property. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. 3) Valuation and market analysis: 7%. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. d. Precludes the person from practicing real estate up to one year, b. a. 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: A salesperson working under a principal broker Is established by a majority Temporarily accepted a. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers.