b. d. Voted upon every 4 years by members of the local board, a. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. a. 2) Land use controls and regulations: 5%. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! _____ of these must be at least 60 years of age and represents the elderly. 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. b. Promulgate necessary rules What leasing duties are exempt from licensing? 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. A real estate salesperson has been working with buyers. 100% money back guarantee. *property condition. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. The real estate licensee is automatically suspended. a. b. 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. 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. c. The State witness fund 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. Office Hours: Monday - Friday | 8:00a - 4:30p 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. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? a. c. False advertising leading a person to act to their detriment The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: Agents representing a BUYER must disclose agency relationship to a prospective SELLER At first contact. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. Three years in all cases Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. d. The commission, Administration of oaths by the Commission is: *Failure to account for moneys belonging to other parties. The principal broker c. The Administrative Real Estate Action Code b. 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. Sign up. Can a landlord charge an extra deposit for a service animal? For help with the national portion we have our national real estate practice quiz. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. a. A person who received the email chose to opt-out from receiving additional emails from the licensee. A borrower's monthly housing expenses, including PITI, must not exceed 28% 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? Never, except if ordered by a broker Does a real estate lien need to be recorded to be valid? The buyer and seller would be responsible. *condemnation or destruction of the property The REALTORS association does not appoint the Arkansas Real Estate Commission members. b. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. d. May take only the Arkansas Law portion of the exam, b. a. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. What does one need to apply for a broker's license? a. What must be provided to the purchaser of a time-share interval? a. 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. b. Salesmanship for buyer's agents Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? However, the seller retains the right to sell the property without obligation to the brokerage. Open listing and exclusive agency listing. intentional misrepresentation of an existing, important fact. Certain states also have a period of time after a foreclosure sale in which the borrower in default may redeem the property if the borrower pays the court; the right to redeem the property within the period is called a statutory right of redemption. d. Executive brokers are responsible only to the Arkansas Real Estate Commission, d. Executive brokers are responsible only to the Arkansas Real Estate Commission, An injunction is: The Commission meets on a regular schedule one time per month. Courses offered by the commission The practice tests coincide with the current, general test outline. The property must be fully disclosed The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. There was compensation promised Must hold an active real estate license The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. A real estate agent's license is different from . Boat Belting sells goods for 900,000 Mexican pesos. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. Is the lender of a mortgage the mortgagor or the mortgagee? Attorneys-in-fact and attorneys-at-law a. Can be waived by the principal broker's request Is exempt from disciplinary action d. Can be in a residence, A licensee transferred their license to another real estate company. Increase because of the larger, more expensive properties. Must be made active within a year The original license fee and the recovery fund fee must be paid within 60 days of exam passage. b. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. 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: a. a. d. If in an office building, must appear on the directory, a. a. b. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. All motions must be filed 10 days in advance of the hearing date. under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. *information about the buyer's motivations and financial qualifications What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? Who is responsible? b. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. b. The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) d. Is satisfied for the following year for new licensees, d. Is satisfied for the following year for new licensees, As to correspondence courses meeting the continuing education requirement: A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. Click the card to flip . 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. c. A "continuing education unit" is only possible with the instructor present in class The agent always owes absolute fidelity to their Client. Arkansas Adverse Possession Laws If a person dies without a will, his share goes to his heirs, not to the other owners. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Paying a fee established by the commission, The maximum fee for a broker to reinstate their license is: Multiply all denominators, divide that number into 640. Most states administer the tests in two parts, and require that the candidate pass both. b. *Accepting compensation from anyone other than the principal broker. Three 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. Brings the borrower and the lender together. Real Estate Exam; California Real Estate Test 1; California Real Estate Test 2; California Real Estate Test 3; Real Estate Exam Questions; Real Estate Test; What type of agency gives the agent certain tasks including the authority to enter into contracts? d. An auctioneer dealing with no more than 4 properties a year, d. An auctioneer dealing with no more than 4 properties a year, Anyone dealing in real estate without a license and not being exempt is: A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. Is obligated to become a resident if more than half of their income comes from Arkansas In a coop sale, the earnest money is held by the selling company. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. c. Chancery court d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: What fee does a licensee incur to move to another broker? The recovery fund is subject to having to pay for time0share violations. When must an offer be presented to the seller? d. By permission of the commission, Necessary items of a listing contract are: Have the words "Real Estate, Realtor," or other identifying words included Continuing education will be required of a person seeking to reactive an inactive license. c. Proof of current continuing education requirements may need to be submitted 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. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. Is mandatory in the state of Arkansas c. Are more for expired licenses a. Classify the following as either a revenue or a capital expenditure. A writ of appeal granted by the State 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 . Has the right to appeal to the commission within 30 days 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. A licensee who is responsible to no one and can set his or her own hours c. Will be revoked Must be in duplicate Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. It MOST likely means that. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. d. Limited by the commissioner, Terms for members of the commission are: A buyer makes an offer on a seller's house, and the seller accepts. Salespeople can only receive compensation from their employing broker. b. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. d. Precludes the person from practicing real estate up to one year, b. 36% of the borrower's total monthly gross income. b. 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. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: c. Excess distributed annually to members Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. Free Real Estate Practice Exam #1 Free Real Estate Practice Exam #2 Free Real Estate Practice Exam #3 Free Real Estate Practice Exam #4 It can be initially made orally. Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: b. b. May ask for a hearing before the commission The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. d. Is voluntary, In determining recipients of the trust account program the commission: d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: In this position, the on-site manager. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: 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. 17-42-101 b. c. An invoice for equipment of $4,800 was recorded as$4,000. The buyer will have what type of estate upon closing? All of the following are true of an open listing and an exclusive agency listing EXCEPT. d. Is subject to no restrictions, A temporary license: b. Assess exemplary damages When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? 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: c. Never a. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. Must submit work experience requirements to the board It gives the buyer full knowledge of all issues with the property. No annual renewal fee is required as long as an agent is renewing on inactive status. a. *Acting on behalf of more than one party without knowledge. Proof of non-activity in real estate must be given 5 acres. All parties or their agents Go to work immediately upon receiving a license b. How long does a broker keep the firm's records? Unless a novation has occurred by a new lease contract being signed between the landlord and the assignee, the original tenant is primarily responsible for rental payments to the landlord. b. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. In writing before contract. c. Held as irresponsible by the courts 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. When must motions be filed in relation to a licensee investigation? 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? c. At least one represents consumers The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: Trust funds must be deposited no later than 3 business days. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. 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. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Is valid for 60 days Violation by the director of a corporation is subject to criminal prosecution b. A college course of at least 3 semester hours offered in real estate d. The principal broker must approve of their transfer, c. The commission needs to be notified of the transfer, A licensee tells their principal broker that they lost their pocket card. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". A business day includes Saturdays the lender is open for business. You'll have the chance to review a 99-question real estate practice exam at no cost to you. Be active holders of real estate licenses Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. c. Is required Needs their own separate trust account Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. Sometimes, if under a direct order from an attorney Prepare the journal entries to record transactions a and d of part 1. 5) General principles of agency: 13%. a. Prelicensure courses can apply to C.E. c. The deficit comes from the state treasury Are whenever possible b. The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings.