b. Exhibiting poor judgement In most cases, the special agent may not bind the principal to a contract. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. a. a. a. Only with the principal broker's permission Obtain the written consent of the owner of the property. The purchaser has defaulted; Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: Find Your State National & State Portions The seller takes back a purchase money mortgage from the buyer for the remaining 10%. A business day includes Saturdays the lender is open for business. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. b. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. b. a. Applicants who pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days from the date of the examination . A time-share project may be advertised without submitting anything to the Commission. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. 18 months after the consumer's last purchase, delivery, or payment. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Main Phone: 501-683-8010 Main Fax: 501-683-8020. c. Five years in some cases The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: A broker must deposit earnest money within three (3) days of receipt. c. Up to one year, then renewal is mandatory a. When does a real estate application expire? A salesperson working under a principal broker a. To maintain an active license, an agent must complete six (6) hours of continuing education annually. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. Violation by the director of a corporation is subject to criminal prosecution In an agency relationship, a principal hires an agent as a fiduciary to perform a desired service on the principal's behalf. 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 If found guilty of a time-share violation, the developer or agent can be charged with. c. A general partner buying land for the partnership d. Not be compensated for services offered, A commission quorum: Net listings are unethical because of the potential conflict of interest for the broker. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. a. b. Special, or limited, agency. b. Salesmanship for buyer's agents How do you calculate acres in a legal description? Making substantial misrepresentations With a local real estate licensee, she signed exclusive right-to-sell listing agreement. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: The seller's property disclosure form provides all of the benefits shown for the buyer. Loyalty 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. Can advise, but not conduct classes Illegal A residence The associate broker: a broker who just sells and lists. 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. All licensees advertising properties must include the name of the licensee's firm. inform any prospective buyers of the defect. 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. The monies are refunded to the purchaser. Only if approved by the board You must submit a cashier's check, money order, or broker's business account check with the licensing fee. In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale. 2) Land use controls and regulations: 5%. Area of rectangle. It really depends on the type of license you would like to have. For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. a. Who is responsible? 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. 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. Both parties sign the sales contract. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: a. Four b. Immediately make a photocopy of their license and have them carry it Arkansas Real Estate Commission Arkansas Department of Labor and Licensing 612 South Summit Street Little Rock, AR 72201-4740 Phone (501) 683-8010 Website www.arec.arkansas.gov EXAMINATION . (The certificate is due no later than the end of the month one year following the date of initial licensure.). If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. A continuing education course cannot be taken twice in the same year for credit. d. A self employed builder of homes, c. A licensee working under a principal broker in buying or selling real estate, All of the following are exempt from requiring a real estate license EXCEPT: After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. A branch office does not have to have a principal broker. 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: When does the commission send renewal notices? d. Must wait 10 days for a character check and verification, b. Have a sign stating thatchy are engaged in real estate a. Sometimes, if under a direct order from an attorney d. Can be in a residence, A licensee transferred their license to another real estate company. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. a. b. 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. The salesperson: a selling or listing salesperson. After the buyer's offer was accepted, the buyer had the home inspected. The Arkansas Recovery Fund d. Must be in writing, The astute of limitations on filing complaints is: a. Pearson VUE works with each state real estate commission who use the Real Estate Examination Program (REP) to provide a Candidate Handbook for each state that includes general information regarding the exam, testing process, and license requirements and eligibility. Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. On October 111, 201020102010, Carly Company sold $30,000\$30,000$30,000 of the Baltimore Company bonds acquired on May 111, plus one month accrued interest. In what way is the aggregate demand curve similar to an individual demand curve? Leasing assistants. The responsibility of the instructor What type of agency gives the agent certain tasks including the authority to enter into contracts? a. Waives their right to further compensation b. b. Need not disclose Blog Home Uncategorized arkansas real estate exam quizlet. d. The Real Estate Code of Conduct, b. Applies to everyone with no exceptions A Swiss franc costs $1.12 on the purchase date. They may be sued in civil court and subjected to punitive damages. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. a. a. a. Cash is an acceptable form of earnest money. d. Is voluntary, In determining recipients of the trust account program the commission: b. 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: Being convicted of any crime Flashcards & Study Guides With Real AR Test Examples b. Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. A person who received the email chose to opt-out from receiving additional emails from the licensee. Prominently displayed in the broker's principal place of business. Patent defects are property defects that are easily visible when inspecting a property. In a coop sale, the earnest money is held by the selling company. Should the salesperson refer the buyers to this lender? y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. d. The commission, Administration of oaths by the Commission is: The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. Toggle through the questions and view helpful hints. Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep intentional misrepresentation of an existing, important fact. 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. Is exempt from the licensing requirements. All of the following are examples of a property managers duties EXCEPT. c. A simple quorum However, you can pass it easier with our free arkansas real estate practice exam 2022. c. Cannot have ever filed bankruptcy Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. Disbursement from the trust account may only be made when: The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Universal agency. The state does not allow dual agency. A broker tells her that he can sell the lots. d. Must pay the recipient punitive damages, b. An agent can lose their license for working independent of their broker. Three years in some cases How will each error come to the bookkeepers attention, other than by chance discovery? E&O insurance policies vary from providers. For help with the national portion we have our national real estate practice quiz. b. b. d. Determined by the commission on an independent basis, Licensed applicants from another state must: b. b. d. May be asked to only pay $10.00, If the amount in the Real Estate Recovery Fund is less than the amount needed for compensation: Arkansas recognizes licensure another states with ____________. Click the card to flip . b. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. *Photographs of the signage must be furnished to the Commission for its records. a. Ninety hours 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. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. 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. Unlimited, A person may engage in the business of real estate while on inactive status: Purchasing any kind of insurance shifts the financial risk to the insurance company. Test. 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 legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. 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. c. Need contractual consent to be valid The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. The applicant retaking the exam Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! Each agent is. Flashcards. a. Complete and pass the real estate examination. In this problem, multiply all denominators: 2 4 4 4 = 128. b. Is an undisclosed dual agent who acted in bad faith. 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: Must disclose any knowledge of property repairs needed A federal judge a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell d. Are more for inactive licenses, The developer of a time-share program: a. c. The deficit comes from the state treasury The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. What effect does the sale have on the lease? Must take all educational requirements required by a beginner License laws regulate licensees and protect the public. Avoid risk is the removal of risk, such as repair cracked sidewalks. c. Five a. 5) General principles of agency: 13%. Free Arkansas Real Estate Practice Exam. How long does a broker keep the firm's records? The exception to this time limitation is where a licensee has obtained a license through misrepresentation.
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