A referral fee can only be paid if the receiving party has a valid active real estate license. b. b. 100% money back guarantee. d. Determined by the commission on an independent basis, Licensed applicants from another state must: Click the card to flip Flashcards Learn Test Match Created by cjtrackie A house has outdated electric and plumbing. d. Must pay the recipient punitive damages, b. Do nothing. b. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Salesperson exam with confidence! c. Is subject to revocation of their Arkansas license for violations in their own state MLS wholly owned by a nonprofit organization The basement damage is an example of a. would not be allowed to rebuild the plant in that location under any circumstances. The Arkansas Recovery Fund 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 Quaker Foods division of PepsiCo is most likely treated as a(n) Brings the borrower and the lender together. Mandatory 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. inform any prospective buyers of the defect. Are waived by mutual consent 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. When can a time share developer cancel a contract? d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. The clause in a mortgage or deed of trust which gives a lender the right to demand the entire loan balance to be due upon the buyer's default is. Classify the following as either a revenue or a capital expenditure. It is timed, although the length varies from state to state. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT. Must take all educational requirements required by a beginner 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. Must pay a one time fee of $50.00 Resident managers 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. to Arkansas: Toggle through the questions and view helpful hints. c. The deficit comes from the state treasury b. Promulgate necessary rules They can reactivate their license without testing if they apply by: d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: A buyer makes an offer on a seller's house, and the seller accepts. What occurs if the principal broker leaves the firm or dies? Must still be accountable to the commission for their actions, Inactive licenses: The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. (g) Loss from damage to a warehouse in southern California from a minor earthquake. a. c. Six extra continuing education credits required 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. Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? English..There are 1,216 incorporated cities in the state of Texas. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. Must be in at least 8 point type a. How do you calculate acres in a legal description? a. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards a. Learn. What are critical regulations regarding time shares in Arkansas? Utilizing the formula, we can take the property price and divide it by the annual rental income. Dual agency a. MLS employees have to have a real estate license. 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. a. a. When must the agent disclose his or her agency relationship to the prospective buyer? An owner selling 3 of his own properties a year What fee does a licensee incur to move to another broker? b. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. It gives the buyer full knowledge of all issues with the property. What type of easement affords the most protection for a purchaser? They passed it in another state; Match. c. Must choose randomly from a list of non-profit organizations You will have between 2-4 hours to complete your exam. a. d. A member of a trade organization, A broker also working as a full time personnel manager may: Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. The answer is three days. a. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". b. cost center. A licensee is supposed to notify the Commission if they should lose their pocket license card. The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. a. 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 The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. What, if anything, should now be done? d. "Director" shall mean the executive director of the state board of continuing education, b. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. *Train and supervise subordinate brokers and salespersons. Reasons an agency relationship may terminate without successful completion *death or incapacity of either party Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Cannot use a fictitious name 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: Real estate Commission and Department. True of False, A smaller home is surrounded by larger, more expensive homes. A woman has permission from her friend to hike on his property during the autumn months. In this problem, multiply all denominators: 2 4 4 4 = 128. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. b. d. Is voluntary, In determining recipients of the trust account program the commission: c. Can be appealed to the state court within 3 months The agent represents one party in a transaction. An owner may always sell his own property without a license: I, the principal broker, am out of town for not more than one (1) day. When an actual introduction has taken place. d. Are more for inactive licenses, The developer of a time-share program: Free to the public by law Paying a commission or any valuable consideration "bird-dog fee" to any unlicensed person for acts or services performed is a violation and is punishable by suspension, revocation, or demotion of the licensee. The deceased cousin's heirs. d. None of the above, In real estate: All licensees are issued ___ year terms and expire on December 31st. An individual rents an apartment for one year. 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. d. Must always do what the seller tells them, a. Real Estate Agents License Research Paper Again, the exam varies from state to state. Is valid for 60 days 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. all parties to the contract exchange binding promises. The REALTORS association does not appoint the Arkansas Real Estate Commission members. c. Held as irresponsible by the courts How would an applicant be exempt for the GENERAL portion of the real estate exam? c. Demand that the principal broker pay a 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. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. a. Waives their right to further compensation c. Up to one year, then renewal is mandatory *breach 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: Her friend has granted her, To assign a contract for the sale of real estate means to. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. A special assessment is applied to all licensees to cover it The Governor A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. How long does one have to bring a complaint against a licensee? Time-shares must be registered. Authority to act on behalf of Principal. However, the unlicensed party can face criminal charges. one authorized by the principal to execute specific acts. Allowed b. What can a principal broker delegate to an executive broker? b. Determined by the commission annually b. Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: Three years in some cases d. Limited by the commissioner, Terms for members of the commission are: Inactive and expired: 6 hours for every year, not to exceed 30 hours. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. Can an unlicensed party performing real estate services be sued? In this case the salesperson. 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. Who is exempt from Arkansas Real Estate licensing? 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. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. b. c. Can be held accountable by the commission for their actions 5 acres. b. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. a. c. The State witness fund Be placed on a window ledge, easily viewed from the street c. A conflict of interest c. Both a & b a. c. Is held accountable for all expenditures Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: A broker who wishes to place a For Sale sign on a listed property must first. A branch office does not have to have a principal broker. . Is the lender of a mortgage the mortgagor or the mortgagee? A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." A graduated rental agreement states specific rate increases over time. arkansas real estate exam quizlet. The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings. b. The Governor Excess money in the recovery fund may be used for educational purposes. 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. b. All continuing education course must be "in-class" 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. The rules have the same force and effect as the law. If engaged in real estate activities for a fee, and only as part of their ordinary course of business, which of the following is exempt from the real estate licensing requirement? \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. No annual renewal fee is required as long as an agent is renewing on inactive status. A licensee is representing the seller solely in a real estate transaction. A landowner subdivides her acreage and offers the lots for sale. d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: b. Must submit the signatures of three people who vouch for his integrity d. The Real Estate Code of Conduct, b. a. When must an offer be presented to the seller? In Arkansas, there are 110 questions on the exam (80 national and 30 state). d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: b. Sixty hours of classroom instruction c. To protect public health, safety and welfare Time-share agents must individually be bonded in an amount of $10,000.00. After the conveyance, Jim and Manny. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. a. The characteristics of value include what values? c. Act as principal broker for listings only Flashcards. Must immediately be deposited in an escrow account Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. Leasing assistants. b. Every real estate transaction requires an agent to disclose whom they represent. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? The answer is in a timely manner. License renewal requests must be sent in by December 1st of each year. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property.
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