At first contact. These Exam-Prep Courses with Guides and Answers are to help you pass your Sales Associate ( Pre-License ) Course Exam, your State Real Estate Sales Associate Exam and Post-License 45-hour Class for the states of Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Kentucky, Maine, Mississippi . Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. An owner selling 3 of his own properties a year Determined by the commission annually Real Estate Agent License Practice Test. one authorized by the principal to execute specific acts. 1 / 159. Increase because of the larger, more expensive properties. 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. c. Part of the exclusionary clause in a contract License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. 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. Disaster relief for real estate professionals c. 01-01-01 Demand the commission pay punitive damages to the injured party b. Real estate Commission and Department. Who is responsible? Death of a tenant in common would usually cause property to pass according to the decedent's will. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. The Commission has the power to suspend or revoke a license. The principal broker cannot be held liable in any form if an agent under them sends to the Commission a check that is not honored. b. Get your certificate now! Get an Arkansas license by paying a fee As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. When a licensed salesperson sells their own home what must be included in advertising? A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? d. A member of a trade organization, A broker also working as a full time personnel manager may: A federal judge d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: b. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). What type of crime does someone commits if they act as a broker or salesperson without a valid license? The name of any lien holders Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. If a specific time period for delivering earnest money is not specified in an offer to purchase real estate, how long after acceptance of the offer must earnest money be delivered to the firm and deposited into a trust account? The agent represents one party in a transaction. Most states administer the tests in two parts, and require that the candidate pass both. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Is illegal The executive director Walk in prepared, walk out confident, pass the exam. Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: Courses offered by the commission b. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. If your license is revoked, how long do you need to wait to reapply? 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. b. 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. What is the post-license education requirement? Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. The Governor c. Can be filed by the defendant within 90 days The associate broker: a broker who just sells and lists. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. When must motions be filed in relation to a licensee investigation? 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: Home; About Us. In this arrangement. b. *revocation of the agent's license. d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? You must be sponsored by a managing broker in order to practice. Full disclosure Arkansas Real Estate Exam. Competition is the interaction of supply and demand causing prices for property to rise or fall. (The certificate is due no later than the end of the month one year following the date of initial licensure.). Property management duties do not include accepting rebates from a service provider. Public offering statements must be provided to all purchasers of a time-share interval. When must the agent disclose his or her agency relationship to the prospective buyer? a. Their license will be revoked I, the principal broker, am out of town for not more than one (1) day. *renunciation c. Can be appealed to the state court within 3 months a. 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. b. c. A conflict of interest Cannot sell their own home Upgrade to remove ads. One member must be a Realtor 60 years of age or older, All of the commission members can: b. The broker should: Third party who is not principal but entitled to fairness and honesty. b. *Acting on behalf of more than one party without knowledge. All continuing education course must be "in-class" Federal law requires it d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: b. The practice tests coincide with the current, general test outline. 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. Neither a or b, In a court of law, copies made of original documents held by the commission are: 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. c. A fee must be paid An executive director administers the operations of the commission. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. Classify the following as either a revenue or a capital expenditure. *breach c. Guilty of class B felony b. b. b. The broker requirement is to complete a 30-hour broker course within one year. d. Must be in writing, The astute of limitations on filing complaints is: Boat Belting buys inventory for 21,000 Swiss francs. d. "Director" shall mean the executive director of the state board of continuing education, b. Violation by the director of a corporation is subject to criminal prosecution Offers received by selling agents must be presented to the listing firm by the close of the following business day. c. Must sign an affidavit declaring no further violations have been committed Time-share (creation) instruments must provide arrangements for management and operation of the time-share. 4) Financing: 10%. b. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. d. Must always do what the seller tells them, a. The price must be given In a coop sale, the earnest money is held by the selling company. They do include screening tenants, handling rents and deposits, and negotiating leases. a. Be placed on a window ledge, easily viewed from the street You'll have the chance to review a 99-question real estate practice exam at no cost to you. In this position does the manager need a real estate license? The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. Flashcards & Study Guides With Real AR Test Examples On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. 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. Avoid risk is the removal of risk, such as repair cracked sidewalks. b. Dual agency means representing both principal parties to a transaction. The public demands it Can the owner of a lifehold estate convey title via a will to their heirs? What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? b. d. Waives the right of cancellation, The section naming the "Real Estate Law" is a. Never, except if ordered by a broker What type of agency allows the agent to have power of attorney? 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. Tenancy in common is put in motion by state law. c. "Continuing education classes" are classes taken at an approved school Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. a. 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email Must still be accountable to the commission for their actions a. Must submit work experience requirements to the board The Executive Director of the Arkansas Real Estate Commission is not a commissioner. A graduated rental agreement states specific rate increases over time. They may need to pay additional fees b. c. Must have their own "bond of assurance" Is barred legally from commercial intervention b. Someone acting with assurance d. Require acceptance by the buyer, An "independent contractor" means: Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. Must be registered with the board The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. a. d. Acceptable as originals, In assisting seminars in real estate the commission: a. Do nothing. It can be initially made orally. In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. c. Continuing education programs may be required Needs their own separate trust account Their principal broker Time-share is considered to be a real estate interest. *condemnation or destruction of the property a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell
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