arkansas real estate exam quizlet

A licensee is supposed to notify the Commission if they should lose their pocket license card. Don't rely on the outdated material on other real estate practice test sites. 5) General principles of agency: 13%. When can a time share developer cancel a contract? The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. 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. a. Can the owner of a lifehold estate convey title via a will to their heirs? The rules and regulations of the Arkansas Real Estate Commission. It is published in a newspaper of statewide circulation. d. Put the licensee on inactive status, The continuing education requirement for all licensees: In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. a. Waives their right to further compensation Which of the following actions would be seen as unauthorized practice of law? The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. Who has the responsibility to train subordinate licensees? b. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? c. Five b. 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. In most cases, the special agent may not bind the principal to a contract. Click the card to flip . What simple interest rate did she pay? All types of real estate licenses expire on the last day of the year each year. c. The "board" is the Arkansas Real Estate Commission 17-40-101 c. To other agents only Go through a fingerprinting process. 18; relicensing educational courses; exam. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Testimony in a hearing is under oath and is recorded. c. Must hold a teaching credential A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. If an agent leaves a firm they must immediately return their pocket card to the Commission. a. b. a. How would an applicant be exempt for the GENERAL portion of the real estate exam? d. None of the above, In real estate: 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. 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. c. Thirty-six hours if supplemented by a college degree b. C.E. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: The license application and fees must be received by the AREC within ___ days of the examination date. The following table lists the average oil consumption per day of the top 20 oil-consuming nations. d. Must always do what the seller tells them, a. Upgrade to remove ads. b. Main Phone: 501-683-8010 Main Fax: 501-683-8020. The value of the smaller home will most likely. 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. Purchasing any kind of insurance shifts the financial risk to the insurance company. b. 5 acres. Notify the commission b. 86.5% of CompuCram users pass their licensing exam the first time! Real Estate Agent License Practice Test. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Assignment of a contract does not change the broker/agent relationship. b. The commission need not pay Once the sale closes, the broker is no longer required to maintain records on the transaction. 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: Must still be accountable to the commission for their actions *Acting on behalf of more than one party without knowledge. Have a sign stating thatchy are engaged in real estate a. 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: *bankruptcy When the license has been expired for more than 2 years. All licensees advertising properties must include the name of the licensee's firm. 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 . A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. Blog Text me app. Are people with AIDS are protected under the disability provision of the Fair Housing Act. Is valid for 60 days Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. c. Is subject to revocation of their Arkansas license for violations in their own state To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. Office Hours: Monday - Friday | 8:00a - 4:30p All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. A broker tells her that he can sell the lots. c. The buyer in case of fraud There was fraud committed 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. Ethics in the real estate profession Is concerned with the profit margin of the company a. A business day includes Saturdays the lender is open for business. The price must be given Diligence *abandonment by the agent d. "Director" shall mean the executive director of the state board of continuing education, b. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. Accept a rebate from a service provider. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. d. December 15, 2004, To reinstate an expired license: A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. d. Work only for him/her self, In all company real estate ads: a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell 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. License renewal requests must be sent in by December 1st of each year. 4) Financing: 10%. If a salesperson leaves their broker what must happen? In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. Have part time agents working under them Which of the following is NOT an example of governmental power? 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. a. Definition. 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. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Trust funds must be deposited no later than 3 business days. 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. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 As a real estate agent you must be well-versed in contracts of sale. a. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. You must have a high school diploma or equivalent. c. A general partner buying land for the partnership The "Commission" is the State Board of Private Career Education a. a. b. a. Reasons an agency relationship may terminate without successful completion *death or incapacity of either party c. Have equal voting privileges 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell a. Single agency Is illegal b. Cash is an acceptable form of earnest money. d. The Real Estate Code of Conduct, b. All other client or customer funds received must be deposited within three days of receipt. c. A broker A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. c. Set by state law Must have the words "real estate" in it Good reputation Must immediately be deposited into the company's business account a. The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker Can an unlicensed party performing real estate services be sued? b. The answer is events that might have stigmatized the property. No. Is subject to review by the Commission, Penalties for violations include: General agency. What leasing duties are exempt from licensing? License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). Arkansas recognizes licensure another states with ____________. Given to the state by law A test must be taken d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: Complete and pass the real estate examination. c. Are more for expired licenses (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: If an agent's license is revoked, the agent may be eligible to reapply for a new license within one (1) year from the date of revocation. 18 months after the consumer's last purchase, delivery, or payment. To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. 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: A branch office does not have to have a principal broker. The term Realtor refers to any agent holding a valid real estate license. c. Act as principal broker for listings only The rescission period has elapsed on a contract; Calendar of Events; Commission; Contact AREC; News; . Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. A woman has permission from her friend to hike on his property during the autumn months. Can work independently of an Arkansas principal broker in his or her own state The answer is three days. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. The owner couldn't afford the repairs, so he constructed a false floor over the entire basement and installed carpet over the floor to conceal the damage. Making substantial misrepresentations 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. 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 salesperson working under a principal broker After the conveyance, Jim and Manny. c. Is defined to be 3 members b. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. Find Your State National & State Portions It also may provide a more concrete basis for litigation if the buyer can determine that a seller filled out the form incorrectly or failed to disclose a defect the seller knew was material to the transaction. Can sometimes be reinstated by the Board Can a licensee pay an unlicensed person for leads? The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. In case a brokerage firm is agent for both a seller and a buyer, the firm sometimes designates one salesperson to serve the buyer and one to serve the seller.

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