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b. b. 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: A court action to stop violators from continuing unlawful acts Full test. 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. Must submit the signatures of three people who vouch for his integrity b. They may need to pay additional fees a. b. The commission Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. The instrument of authorization is the power of attorney. Purchasing any kind of insurance shifts the financial risk to the insurance company. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. A federal judge An executive director administers the operations of the commission. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Must still be accountable to the commission for their actions, Inactive licenses: When can a time share developer cancel a 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. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. After the buyer's offer was accepted, the buyer had the home inspected. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". c. A conflict of interest A salesperson working under a principal broker The original tenant. Are waived by state law c. A quorum a. Escrow or Trust accounts must be reconciled as least monthly. Does an agent's compensation need to be disclosed? b. For help with the national portion we have our national real estate practice quiz. Who is responsible for a branch office's trust account? All parties or their agents b. State-specific practice tests are not available. b. State Law c. Is subject to revocation of their Arkansas license for violations in their own state a. c. Fund bonds issued by the State All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. What can a principal broker delegate to an executive broker? Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Main Phone: 501-683-8010 Main Fax: 501-683-8020. You have nothing to lose except stress on exam day! c. Need contractual consent to be valid The listing agent d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": b. Assess exemplary damages b. *Sign offer and acceptance forms. The seller has agreed in principle to making certain repairs prior to closing. c. Retracted annually When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. 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: What effect does the sale have on the lease? c. To other agents only To activate an inactive license requires a fee Do nothing. The rules have the same force and effect as the law. All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. b. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. General agency. Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. No- the Arkansas Real Estate Commission could suspend the licensee's license. d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: 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: d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: intentional misrepresentation of an existing, important fact. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. The practice tests coincide with the current, general test outline. Note that answers are only provided upon purchasing Exam Prep. The executive director d. Abide by the rules of the Real Estate Service Board, b. b. c. Attorneys need not have a license to sell real estate for their clients C, 8. a. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. b. Have part time agents working under them d. The company's business account, A salesperson collecting security deposits from rental units they own: d. If in an office building, must appear on the directory, a. d. Must always do what the seller tells them, 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. Can work independently of an Arkansas principal broker in his or her own state c. Is granted upon submission of application c. To protect public health, safety and welfare The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. b. A landowner subdivides her acreage and offers the lots for sale. 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. Does the Arkansas REALTORS association appoint the commission members? The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. Subagency Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. May be licensed after taking all classroom requirements, testing and paying all fees 60 classroom hours in real estate within 36 months. b. Get your certificate now! 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. Only $35.99/year. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. d. Must be given to the principal broker, Records of transactions of real estate sales: a. a. 18 months after the consumer's last purchase, delivery, or payment. b. b. Be placed on a window ledge, easily viewed from the street The Governor A guest slips on an icy apartment building stair and is hospitalized. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? Must sign a standard form No. A licensed broker. 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? 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? Complete and pass the real estate broker examination. a. When does a licensee have a legitimate claim to a referral fee? One who is "on their own" in buying or selling real estate Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. Can have their license suspended until they pay the commission How do you calculate acres in a legal description? c. Illegal Sign up. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. The broker can. a. c. Trust accounts and real estate law d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: a. 2) If the owner finds a buyer, no commission is owed, Seller retains the right to employ any number of brokers as agents, Illegal listing; broker keeps everything above a certain figure. d. Is subject to no restrictions, A temporary license: b. In an exclusive right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. d. Put the licensee on inactive status, The continuing education requirement for all licensees: c. Funding of research projects in real estate a. a. Anyone buying or selling real estate c. investment center. Net listings are unethical because of the potential conflict of interest for the broker. d. May take only the Arkansas Law portion of the exam, b. Public offering statements must be provided to all purchasers of a time-share interval. inform any prospective buyers of the defect. It MOST likely means that. The exams are written under the supervision of the commission and administered by an independent testing company. The applicant retaking the exam A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. 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. Requires consent of all licensed brokers Match. In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. b. MLS employees have to have a real estate license. b. However, the original tenant remains primarily responsible for rental payments. MLS wholly owned by a nonprofit organization a. Our simulated exam gauges your score in real-time. Are the same b. d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: After the broker sells some of the lots, the landowner refuses to pay him a commission. 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. d. None of the above, In real estate: a. a. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. *Photographs of the signage must be furnished to the Commission for its records. Reasons an agency relationship may terminate without successful completion *death or incapacity of either party 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. The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. Free to the public by choice A person who is indigent may not be relieved from paying the filing fees in an appeal. 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. a. If your license is suspended or revoked how does AREC let the public know? Excess money in the recovery fund may be used for educational purposes. loss of value due to uncollected delinquent rent. Is subject to review by the Commission, Penalties for violations include: Must hold an active real estate license Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. 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. a. Revoke their license One member must be a Realtor 60 years of age or older b. Property ownership and . Conquer Your. a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell c. 01-01-01 a. Does a real estate lien need to be recorded to be valid? They may be sued in civil court and subjected to punitive damages. Occurs when the broker should have known that a statement about a material fact was false. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. c. Can be appealed to the state court within 3 months Must immediately be deposited into the company's business account 36% of the borrower's total monthly gross income. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.