arkansas real estate exam quizlet

Violation by the director of a corporation is subject to criminal prosecution If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. *A permanently attached and clearly displayed sign bearing the firm's name. a. A broker who wishes to place a For Sale sign on a listed property must first. A time-share project may be advertised without submitting anything to the Commission. PSI Online - One stop Solution for Test Takers Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. b. Real Estate Practices and Agency Learn with flashcards, games, and more for free. b. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. Transferring risk is shifting risk to another party such as an insurance company. Any person wishing to file an appeal of a commission ruling of investigation must request such appeal in writing to the Arkansas Real Estate Commission within what, if any, time frame? a. a. Area of rectangle. Do nothing. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. Toggle through the questions and view helpful hints. Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. a. b. Receiving a security deposit, rent payment or related payment for delivery. It gives the buyer full knowledge of all issues with the property. C, 8. Are considered "person non-grata" by the commission c. An invoice for equipment of $4,800 was recorded as$4,000. The characteristics of value include what values? If your license is suspended or revoked how does AREC let the public know? The commission may keep a portion for its own use, In regards to educational credit: Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Three b. Study sets, textbooks, questions. Use a graphical technique to display this information. Balance refers to the amount remaining after certain mathematical calculations have been completed. b. a. d. All of the above, The name of a real estate firm: Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. b. The process by which the new contract replaces the old one is called. *All licenses must be displayed at the place of business. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: a. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. c. "Continuing education classes" are classes taken at an approved school c. Must have their own "bond of assurance" d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. Classify the following as either a revenue or a capital expenditure. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. How would an applicant be exempt for the GENERAL portion of the real estate exam? 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. Managing and sales agents must be registered, bonded. 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. b. The property would not pass on to the state. $25,000 per violation, to a maximum of $75,000. The principal broker Must be in at least 8 point type *bankruptcy Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. How much experience does a realtor need to be a broker? Who has the responsibility to train subordinate licensees? All of the following are false EXCEPT: c. Can ask for waiver of said fee in cases of hardship Her friend has granted her, To assign a contract for the sale of real estate means to. d. Held in trust by the executive director, A subpoena duces tecum is: Only four such transfers are allowed per a year All are appointed by the governor What are critical regulations regarding time shares in Arkansas? real estate exam Flashcards - Cram.com _____ of these must be at least 60 years of age and represents the elderly. d. Is subject to no restrictions, A temporary license: y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: Trust funds must be deposited no later than 3 business days. It is timed, although the length varies from state to state. 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: Illinois Real Estate License and Exam Info - PrepAgent.com Is ignored because of the statute of frauds If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. A graduated rental agreement states specific rate increases over time. (The certificate is due no later than the end of the month one year following the date of initial licensure.). d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. *Failure to account for moneys belonging to other parties. Avoid risk is the removal of risk, such as repair cracked sidewalks. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. Real estate Commission and Department. Arkansas REAL ESTATE EXAM PREP - Real Estate Practice Test d. Two of the members are nit required to be nominated by the commission, a. Brings the borrower and the lender together. For brokers and associate brokers: Proof of age 21 and above. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Are waived by mutual consent Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. The license application and fees must be received by the AREC within ___ days of the examination date. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. The answer is all records in connection to real estate transactions. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. You must submit a cashier's check, money order, or broker's business account check with the licensing fee. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: Courses offered by the commission b. How do you calculate acres in a legal description? They can reactivate their license without testing if they apply by: a. b. c. A general partner buying land for the partnership d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: a. The property must be fully disclosed They may be sued in civil court and subjected to punitive damages. There is a 5-day grace period An owner selling 3 of his own properties a year May be licensed after taking all classroom requirements, testing and paying all fees Is obligated to become a resident if more than half of their income comes from Arkansas When must the agent disclose his or her agency relationship to the seller or the agent of the seller? a. The applicant retaking the exam Must still be accountable to the commission for their actions, Inactive licenses: b. b. c. Is free to promote and conduct seminars The holder of an inactive license may not practice real estate as a salesperson *renunciation The salesperson knows a lender that pays agents a fee for referring purchasers to them. d. Precludes the person from practicing real estate up to one year, b. When does a licensee have to file an appeal of ruling? When can a time share developer cancel a contract? Arkansas Real Estate Exam flashcards - whyfund.net B. start your free assessment . A specific disclosure required by Arkansas regulation is that of the agent's compensation. A licensee is representing the buyer solely in a real estate transaction. As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Ethics in the real estate profession In writing before contract. 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. Arkansas Real Estate Exam. a. Click the card to flip . Immediately make a photocopy of their license and have them carry it 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. Name some critical material facts for disclosure: *the agent's opinion of the property's condition Proof of completion of 45 hours of Pre-License Education. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: 18; relicensing educational courses; exam. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. b. a. 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? b. 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. Given to the state by law RealEstateExamAnswers.com - Study guides and Answers to Real Estate Be excused by waiver of the commission c. Is required They may need to pay additional fees An owner wants to erect a nine-foot-high revolving sign on the roof of his store. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. a. May be licensed after taking all classroom requirements, testing and paying all fees, In general an application to renew a real estate license received by the commission after September 30th: Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. 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. 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. 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 original license fee and the recovery fund fee must be paid within 60 days of exam passage. The rules and regulations of the Arkansas Real Estate Commission. Is valid for 60 days How will each error come to the bookkeepers attention, other than by chance discovery? b. Salesmanship for buyer's agents c. Continuing education programs may be required d. May not teach both continuing education and basic real estate to the same people, b. 100% FREE Real Estate Practice Exam [Updated 2023] Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. b. 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. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. 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: There was compensation promised Will be treated as an expired license a. Full disclosure A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Are the same c. Can be temporarily employed for up to 30 days awaiting their license 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. 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." Are different as to time requirements Be active holders of real estate licenses b. Register and apply. Must take all educational requirements required by a beginner What occurs if the principal broker leaves the firm or dies? It is published in a newspaper of statewide circulation. Accounting loss of value due to uncollected delinquent rent. Occurs when the broker should have known that a statement about a material fact was false. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? d. All of the above, A licensed real estate agent: c. Will be revoked Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: Cash is an acceptable form of earnest money. For help with the national portion we have our national real estate practice quiz. A broker is required to display, at their place of business, the license of all agents in their firm. Is subject to review by the Commission, Penalties for violations include: May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . a. The practice tests coincide with the current, general test outline. Escrow or Trust accounts must be reconciled as least monthly. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. The real estate licensee is automatically suspended. 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: d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: d. Unlimited, A person may engage in the business of real estate while on inactive status: 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. 36% of the borrower's total monthly gross income. Any person acting as real estate broker or salesperson who does not hold an active, valid Arkansas real estate license or who otherwise violates any provision of the licensee law shall be guilty of Class D felony. If your license is revoked, how long do you need to wait to reapply? a. Firehunt lodge arkansas - vti.levante-online.de A writ of appeal granted by the State Georgia Real Estate License and Exam Info - PrepAgent.com 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. Exaggerated or superlative comments or opinions. A broker whose license has expired for no more than 60 days b. cost center. Arkansas Real Estate - Pearson VUE Exam Information - Arkansas Real Estate Commission If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. An assignment is a transfer of the interest of one person to another. Boat Belting buys inventory for 21,000 Swiss francs. Vocabulary words for Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math.. Includes studying games and tools such as flashcards. English..There are 1,216 incorporated cities in the state of Texas. Limited to 6 times a year This right is called a(n). Arizona Practice Real Estate Exam Questions - The CE Shop d. Must always do what the seller tells them, a. When must an offer be presented to the seller? If one of the cousins dies without a will, to whom will his interest pass? As such, they are highly discouraged and typically place the licensee in a position of increased liability. A college course of at least 3 semester hours offered in real estate b. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. Confidentiality d. Failure to disclose to all parties in a transaction, A revoked license: Appointed for life What is the maximum amount the Commission may pay from the Recovery Fund? You must be sponsored by a managing broker in order to practice. To activate an inactive license requires a fee A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: A guest slips on an icy apartment building stair and is hospitalized. Only attorneys licensed by the state A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. A real estate agent's license is different from . 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: Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Be opened to the public Arkansas Real Estate Test Flashcards | Quizlet Complete and pass the real estate examination. 10 acres C. 80 acres D. 2.5 acres Real Estate Exam Prep - PrepAgent.com Disaster relief for real estate professionals a. a. Office Hours: Monday - Friday | 8:00a - 4:30p d. December 15, 2004, To reinstate an expired license: No. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. c. The Administrative Real Estate Action Code a. All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. Only the ______________ has authority to supervise others or designate others to supervise. The agent always owes absolute fidelity to their Client. The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. Both parties sign the sales contract. b. b. b. 5 acres B. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. a. To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. Notify the commission What is on the real estate exam? The basement damage is an example of a. *breach The following table lists the average oil consumption per day of the top 20 oil-consuming nations. c. Benefits of the developer Arkansas Real Estate State Exam Prep Flashcards | Quizlet Such delegation may include the authority to enter into contracts. b. What, if anything, should now be done? One hundred dollars per a year of inactivity, All of the following are false EXCEPT: Is established by a majority Our simulated exam gauges your score in real-time. What are the rules about a real estate place of business's signage? Loans made to brokers during slow times a. d. A member of a trade organization, A broker also working as a full time personnel manager may: The buyer and seller would be responsible. Can have their license suspended until they pay the commission Writ of Attachment a. A test must be taken 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. a. a. If a person dies without a will, his share goes to his heirs, not to the other owners. Property manager. The Governor a. b. Arkansas Property and Real Estate Laws - FindLaw

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