arkansas real estate exam quizlet

A licensee is supposed to notify the Commission if they should lose their pocket license card. When the license has been expired for more than 2 years. Salespeople can only receive compensation from their employing broker. a. 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 Continuing education will be required of a person seeking to reactive an inactive license. d. 10-10-99, The legislature regulates the practice of real estate because: c. Never The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. You must have a high school diploma or equivalent. Must be kept for 5 years In this position, the on-site manager. The mortgagee because it holds the property as security. The bonds pay interest on March 111 and September 111. 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: d. Is subject to retroactive disciplinary action by the commission, a. Terms in this set (350) principal broker English..There are 1,216 incorporated cities in the state of Texas. Occurs when the broker should have known that a statement about a material fact was false. A licensed broker. b. Statutory Laws Punitive damages may be awarded for willful violations of the time-share act. License laws regulate licensees and protect the public. b. At first contact. To activate an inactive license requires a fee b. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. c. Held as irresponsible by the courts Who is exempt from Arkansas Real Estate licensing? Four A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: *Upon first substantive contact. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. b. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. The foreign-exchange rate for a peso is $0.094 on the date of sale. a. a. How do you calculate acres in a legal description? 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. What occurs if the principal broker leaves the firm or dies? b. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). a. The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. What type of agency gives the agent certain tasks including the authority to enter into contracts? Boat Belting buys inventory for 21,000 Swiss francs. Can sometimes be reinstated by the Board a. What fee does a licensee incur to move to another broker? b. Prominently displayed in the broker's principal place of business. a. Use a graphical technique to display this information. a. A test must be taken There is a 5-day grace period A house has outdated electric and plumbing. A property owner deeds a parcel of his property to a town "for recreational purposes only." c. Illegal c. Both a & b Verified by the principal broker A buyer learns from his real estate professional that the ownership rights of the seller's property will continue forever and that no other person claims to be the owner or has any ownership control over the property other than the seller. b. They may be sued in civil court and subjected to punitive damages. b. 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. Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. d. None of the above, In real estate: Temporarily accepted The Arkansas Trust Fund For brokers and associate brokers: Proof of age 21 and above. Leave nothing to chance when it comes to your new career. a. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. would not be allowed to rebuild the plant in that location under any circumstances. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. *property condition. A buyer and a seller sign a contract for the sale of real property. c. Must sign an affidavit declaring no further violations have been committed 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. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: A residence inform any prospective buyers of the defect. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. d. Can be reheard by a written request of the injured party, After compensation is paid out of the Real Estate Recovery Fund to a recipient, the licensee: Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. The testing fee is paid to the Commission along with the application. 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. Are the same Utilizing the formula, we can take the property price and divide it by the annual rental income. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. An owner selling 3 of his own properties a year d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Cash is an acceptable form of earnest money. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? All continuing education course must be "in-class" b. c. Dictated by the governor The name of any lien holders The Quaker Foods division of PepsiCo is most likely treated as a(n) a. a. b. _____ of these must be at least 60 years of age and represents the elderly. So it would be: $200,000/$24,000 which = 8.33. b. The executive broker: the manager under the boss. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. a. The "Commission" is the State Board of Private Career Education Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. d. Is subject to no restrictions, A temporary license: No, because this would be an unwise referral. 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. a. Go to work immediately 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. What are the rules about a real estate place of business's signage? The buyer will have what type of estate upon closing? The members of the board are appointed by the governor and approved by the senate. In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency d. Unlimited, A person may engage in the business of real estate while on inactive status: Totally at the commission discretion Must still be accountable to the commission for their actions When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. a. The rescission period has elapsed on a contract; MLS wholly owned by a nonprofit organization If a person dies without a will, his share goes to his heirs, not to the other owners. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Does a real estate lien need to be recorded to be valid? For help with the state portion you're in the right place! Members of the public may have access to the MLS, but not to all of the features and content. a. Waives their right to further compensation b. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. a. c. Must be retained until closing Anyone buying or selling real estate Do nothing. a. c. Chancery court Testimony in a hearing is under oath and is recorded. What type of agency gives the agent the authority to conduct specific activities which upon completion terminates the relationship and does not bind the principal to a contract? c. Is required c. The "board" is the Arkansas Real Estate Commission b. Sixty hours c. Must choose randomly from a list of non-profit organizations As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. c. Funding of research projects in real estate The applicant retaking the exam c. Can be filed by the defendant within 90 days No later than three business days after the loan application is received by the lender. Also referred to as a transaction broker or a facilitator. a. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: The public demands it c. Limited to 3 years 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. *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. Paying a fee established by the commission ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. c. Must be a resident of Arkansas to get a license The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. The monies are refunded to the purchaser. The principal broker: the boss. a. b. Third party who is not principal but entitled to fairness and honesty. In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. d. A prosecuting attorney, All of the following are true EXCEPT: Applies to everyone with no exceptions *Written disclosure before contracting. b. Both parties sign the sales contract. c. Thirty-six hours if supplemented by a college degree Time-share agents must individually be bonded in an amount of $10,000.00. At this point, the buyer has what type of title to the property? b. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. c. Is held accountable for all expenditures b. c. Six extra continuing education credits required Is illegal Is exempt from disciplinary action Dual agency means representing both principal parties to a transaction. d. Must be given to the principal broker, Records of transactions of real estate sales: 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. If a salesperson leaves their broker what must happen? Escrow or Trust accounts must be reconciled as least monthly. Illegal Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. b. Test. The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. c. The commission needs to be notified of the transfer Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. Conquer Your. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) All of the following are false EXCEPT: a. revenue center. A referral fee can only be paid if the receiving party has a valid active real estate license. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? E&O insurance policies vary from providers. 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. 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. Who is the fiduciary in a real estate agency situation? a. c. Benefits of the developer Licensees are not allowed to practice real estate independently from their principal broker or executive broker. $25,000 per violation, to a maximum of $75,000. a. 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. Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. A person must hold a real estate license of sometime to legally own a real estate company. 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. a. b. The tests include questions on general real estate topics. In Arkansas, there are 110 questions on the exam (80 national and 30 state). It is timed, although the length varies from state to state. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. a. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. All parties or their agents Must submit work experience requirements to the board Competition is the interaction of supply and demand causing prices for property to rise or fall.

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