arkansas real estate exam quizlet

Anyone buying or selling real estate Are whenever possible b. 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 What is on the real estate exam? b. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. How do you calculate acres in a legal description? b. The individual who is authorized and consents to represents the interest of another person. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). c. Both a and b 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? The expiration date b. May be licensed after taking all classroom requirements, testing and paying all fees a. Leave nothing to chance when it comes to your new career. Computer-Based Test (CBT) development and delivery :: Pearson VUE In Arkansas, there are 110 questions on the exam (80 national and 30 state). The Commission meets on a regular schedule one time per month. c. December 31, 2003 A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. 100% money back guarantee. Can choose not to participate in the Real Estate Recovery Fund Real Estate Exam. Can be waived by the principal broker's request Application fee $50 Original broker license fee $70 a. d. The company's business account, A salesperson collecting security deposits from rental units they own: a. If a salesperson leaves their broker what must happen? The agent has breached her fiduciary duty of, In MOST market areas, rents are determined by. Let's start your studying right now! To maintain an active license, an agent must complete six (6) hours of continuing education annually. The practice tests coincide with the current, general test outline. All licensees are issued ___ year terms and expire on December 31st. Arkansas Real Estate Exam Flashcards | Quizlet . Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. 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? b. Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test Paying a fee established by the commission How would an applicant be exempt for the GENERAL portion of the real estate exam? You have nothing to lose except stress on exam day! Education Providers - Arkansas Real Estate Commission Dual agency 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 . Computer-Based Test (CBT) development and delivery :: Pearson VUE c. Set by state law Cannot sell their own home a. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Most states administer the tests in two parts, and require that the candidate pass both. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. One who is "on their own" in buying or selling real estate Open ended until renounced What does one need to apply for a broker's license? c. Be punished by all the power of a circuit court 5 acres B. d. By permission of the commission, Necessary items of a listing contract are: 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. b. This right is known as an equitable right of redemption. c. Must be a resident of Arkansas to get a license c. Where licenses are hung c. Paying a fee established by the board b. The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. A writ of appeal granted by the State After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. b. a. real estate exam Flashcards - Cram.com b. Complete and pass the real estate examination. The Arkansas Real Estate Commission approves continuing education course. d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Property manager. What leasing duties are exempt from licensing? A Swiss franc costs $1.12 on the purchase date. The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. c. investment center. The deed conveys to the town, As mandated by federal do-not-call legislation, real estate licensees may call consumers with whom they have established a business relationship up to. a. On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. a. The foreign-exchange rate for a peso is $0.094 on the date of sale. Is concerned with the profit margin of the company d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: b. What is the maximum amount the Commission may pay from the Recovery Fund? The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Allowed When can a time share developer cancel a contract? Disbursement from the trust account may only be made when: Three 3) Valuation and market analysis: 7%. Free to the public by law 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? A real estate brokerage firm used a third-party email service to send an unsolicited email to announce a reduced price on a listed property. 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. Definition. The Executive Director of the Arkansas Real Estate Commission is not a commissioner. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. The executive broker: the manager under the boss. May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . Making substantial misrepresentations What type of agency gives the agent the authority to conduct specific activities which upon completion terminates the relationship and does not bind the principal to a contract? c. Continuing education programs may be required c. Both a & b Is exempt from disciplinary action Which of the following is NOT an example of governmental power? Proper disclosure to a buyer should include: *agency Flashcards & Study Guides With Real AR Test Examples Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: a. Courses offered by the commission On December 313131, 201020102010, four months interest was accrued for the remaining bonds. Post license classes can be taken through correspondence. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. The principal broker: the boss. 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. Cash is an acceptable form of earnest money. c. Guilty of class B felony c. Can be filed by the defendant within 90 days d. Is subject to retroactive disciplinary action by the commission, a. a. 86.5% of CompuCram users pass their licensing exam the first time! Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. Must submit work experience requirements to the board Universal agency. No. Are waived by state law 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. How much experience does a realtor need to be a broker? Study Plan. 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. a. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. d. Charge for by dictate of the Governor, c. Charged for by choice of the commission, Fees, fines, and penalties collected by the commission are: Purchasing any kind of insurance shifts the financial risk to the insurance company. c. Are more for expired licenses b. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. Is the lender of a mortgage the mortgagor or the mortgagee? d. December 15, 2004, To reinstate an expired license: State Law Note that answers are only provided upon purchasing Exam Prep. They can reactivate their license without testing if they apply by: Exaggerated or superlative comments or opinions. 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. Is valid for 60 days The process by which the new contract replaces the old one is called. Must immediately be deposited in an escrow account c. To protect public health, safety and welfare Click the card to flip . Prominently displayed in the broker's principal place of business. The deceased cousin's heirs. In no case If the property manager selects the policy with the highest deductible, which risk management technique is being used? In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. d. Limited by the commissioner, Terms for members of the commission are: a. Is barred legally from commercial intervention Need not disclose Always requires a fee to be paid to the commission a. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. The tests include questions on general real estate topics. 1 / 159. a. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) a. The license application and fees must be received by the AREC within ___ days of the examination date. Their principal broker Terms in this set (350) principal broker . Who is exempt from Arkansas Real Estate licensing? Use a graphical technique to display this information. *environmental hazards *A permanently attached and clearly displayed sign bearing the firm's name. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: c. The commissioner a. c. Submit their experience to the commission for consideration d. Outside of state jurisdiction, An appeal after a dismissal of complaint: A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. *renunciation 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: The mortgagee because it holds the property as security. C, 8. c. Must have their own "bond of assurance" In this position does the manager need a real estate license? b. The seller has agreed in principle to making certain repairs prior to closing. *Branch offices must display clear signage and the licenses of all agents practicing within the office. Toggle through the questions and view helpful hints. 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. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. New Jersey Real Estate License and Exam Info - PrepAgent.com 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. A photograph of the company yard signs must be on file at he Commission at all times. b. Boat Belting sells goods for 900,000 Mexican pesos. Does a real estate lien need to be recorded to be valid? Learn. The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. Their license will be revoked d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: 17-42-101 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. Up to one year, then renewal is mandatory As a real estate agent you must be well-versed in contracts of sale. Test. c. The broker's trust account Managing and sales agents must be registered, bonded. d. Must always do what the seller tells them, a. Have part time agents working under them Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. c. Must sign an affidavit declaring no further violations have been committed Are the same c. Trust accounts and real estate law a. The name of any lien holders Must still be accountable to the commission for their actions, Inactive licenses: Members of the public may have access to the MLS, but not to all of the features and content. Arkansas Real Estate Test Prep - State Test Only - CompuCram Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. There are a total of 180 questions on the Arkansas real estate exam. b. Find Your State National & State Portions a. d. May not teach both continuing education and basic real estate to the same people, b. a. c. Must choose randomly from a list of non-profit organizations The basement damage is an example of a. You must be sponsored by a managing broker in order to practice. b. Be opened to the public Is established by a majority An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Is exempt from taxes The instrument of authorization is the power of attorney. b. A licensee is representing the buyer solely in a real estate transaction. 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. License renewal requests must be sent in by December 1st of each year. A real estate agent's license is different from . Round to the nearest cent. Demand the commission pay punitive damages to the injured party The recovery fund is subject to having to pay for time0share violations. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Obedience a. Susan David is putting her two-bedroom, one-bathroom condo on the market. 2023 - BT Management, Inc. All rights reserved. A residence The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. A mandatory suspension or revocation of the license A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. b. A listing salesperson acting as the seller's agent is holding an open house. The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. d. 10-10-99, The legislature regulates the practice of real estate because: the buyer receives equitable title to the property. An assignment is a transfer of the interest of one person to another. Three times c. A quorum would not be allowed to rebuild the plant in that location under any circumstances. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. d. Must participate in the Real Estate Recovery Fund, b. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. 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: b. 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. b. b. Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: _____ of these must be at least 60 years of age and represents the elderly. c. Be handicap assessable Two years' experience as salesperson or broker within four-years. Transfer one's rights under the contract. Demand proof within 30 days However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. d. Abide by the rules of the Real Estate Service Board, b. a. Prelicensure courses can apply to C.E. b. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. c. Only brokers licensed by the state In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? That section can be used to study the topics featured on those 80 questions. a broker independently setting a company commission schedule. b. Promulgate necessary rules Mostly mean the same Arkansas Real Estate Exam Flashcards | Quizlet ExamSmart | Free Trial 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. Five times A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: An agency relationship created by oral or written agreement between principal and the agent. 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. A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. b. Georgia Real Estate License and Exam Info - PrepAgent.com *information about the buyer's motivations and financial qualifications Real Estate & Planning Flashcards

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