Only four such transfers are allowed per a year Click the card to flip . A federal judge Patent defects are property defects that are easily visible when inspecting a property. A. Increase because of the larger, more expensive properties. a. a. Ace these, and you know you're ready to grab your real estate license ! b. Let's start your studying right now! Can a licensed salesperson sell their own home? b. However, the unlicensed party can face criminal charges. A licensee is representing the buyer solely in a real estate transaction. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? b. a. With a local real estate licensee, she signed exclusive right-to-sell listing agreement. a. b. b. c. Are more for expired licenses Skill Which of the following actions would be seen as unauthorized practice of law? 18 months after the consumer's last purchase, delivery, or payment. b. State Law (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) A salesperson working under a principal broker b. 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 c. Can ask for waiver of said fee in cases of hardship Demand proof within 30 days d. Never, A person with an expired license: The Quaker Foods division of PepsiCo is most likely treated as a(n) Regarding CE credits, how much can you miss before you no longer get credit for attending? 5 acres. Get your certificate now! 3) Valuation and market analysis: 7%. For help with the state portion you're in the right place! the agent represents only one party to a transaction. b. *Branch offices must display clear signage and the licenses of all agents practicing within the office. So it would be: $200,000/$24,000 which = 8.33. A listing can be taken for a term specified as "until notified". 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. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. b. Boat Belting buys inventory for 21,000 Swiss francs. The term Realtor refers to any agent holding a valid real estate license. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. c. Anyone collecting rents for a fee, and not residing on the property a. Submitting proof of active status with a principal broker a. b. Assess exemplary damages A final order of the Commission may be appeal in the Circuit Court. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. Free to the public by choice Paying a fee established by the commission Offers received by selling agents must be presented to the listing firm by the close of the following business day. Education Providers - Arkansas Real Estate Commission Click the card to flip . Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. c. A quorum When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? 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. Broker applicants must provide proof of licensure as an active real estate salesperson or broker for at least____ months within the previous ____ month period preceding the date of application. The monies are refunded to the purchaser. Computer-Based Test (CBT) development and delivery :: Pearson VUE Attorneys-in-fact and attorneys-at-law a. revenue center. Must submit work experience requirements to the board a. For brokers and associate brokers: Proof of age 21 and above. May be licensed after taking all classroom requirements, testing and paying all fees 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: On what date do all Arkansas real estate licenses expire? *Written disclosure before contracting. b. December 31, 2004 In a coop sale, the earnest money is held by the selling company. An individual rents an apartment for one year. d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: You have nothing to lose except stress on exam day! Purchasing any kind of insurance shifts the financial risk to the insurance company. b. A bachelor died owning real estate that he devised to his niece. 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. $500. b. 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. Full test. a. a. a. d. All of the above, A licensed real estate agent: 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. the seller has financed a portion of the purchase price and placed a junior lien on the property. Transferring risk is shifting risk to another party such as an insurance company. loss of value due to uncollected delinquent rent. Where records are kept Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. It really depends on the type of license you would like to have. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. b. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: One of the friends died, and his interest passed according to his will to become part of his estate. A "meeting of the minds" in a real estate contract Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Need not display a sign b. Federal agency or state government officer or employee A real estate brokerage firm used a third-party email service to send an unsolicited email to announce a reduced price on a listed property. c. Paying a fee established by the board The seller takes back a purchase money mortgage from the buyer for the remaining 10%. arkansas real estate exam quizlet. How long does a broker keep the firm's records? Being convicted of any crime How would an applicant be exempt for the GENERAL portion of the real estate exam? Trust funds must be deposited no later than 3 business days. Universal agency. Office Hours: Monday - Friday | 8:00a - 4:30p intentional misrepresentation of an existing, important fact. I, the principal broker, am out of town for not more than one (1) day. 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: $25,000 per violation, to a maximum of $75,000. Public offering statements must be provided to all purchasers of a time-share interval. The mortgagee because it holds the property as security. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. Sometimes, if under a direct order from an attorney c. Guilty of class B felony A residence 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. Sign up. The property must be fully disclosed c. The commissioner The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. c. Proof of current continuing education requirements may need to be submitted In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Dual agency a. Must sign a standard form b. Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: At this point, the buyer has what type of title to the property? Can work independently of an Arkansas principal broker in his or her own state b. 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. d. Abide by the rules of the Real Estate Service Board, b. Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. b. All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. What simple interest rate did she pay? When must the agent disclose his or her agency relationship to the seller or the agent of the seller? To maintain an active license, an agent must complete six (6) hours of continuing education annually. a. c. Must include any listing agreements c. Attorneys need not have a license to sell real estate for their clients Note that answers are only provided upon purchasing Exam Prep. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). Only attorneys licensed by the state Free Arkansas Real Estate Practice Exam 2023 The value of the smaller home will most likely. a. Only the ______________ has authority to supervise others or designate others to supervise. Learn . Who is the fiduciary in a real estate agency situation? d. Charge for by dictate of the Governor, c. Charged for by choice of the commission, Fees, fines, and penalties collected by the commission are: 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. Purchasing E&O insurance. d. Not be compensated for services offered, A commission quorum: What type of easement affords the most protection for a purchaser? Toggle through the questions and view helpful hints. a. d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: 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. 36% of the borrower's total monthly gross income. d. Must always do what the seller tells them, a. The testing fee is paid to the Commission along with the application. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. c. Is free to promote and conduct seminars Are people with AIDS are protected under the disability provision of the Fair Housing Act. a. The Arkansas Recovery Fund c. The commission needs to be notified of the transfer In writing before contract. a. Waives their right to further compensation Such delegation may include the authority to enter into contracts. Continuing education courses require testing in order to obtain credit. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. Our simulated exam gauges your score in real-time. 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? b. 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: b. Arkansas Real Estate Exam flashcards - whyfund.net (The certificate is due no later than the end of the month one year following the date of initial licensure.). When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. a. Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. License renewal requests must be sent in by December 1st of each year. Notify the commission Proof of completion of 45 hours of Pre-License Education. 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 . A licensee must disclose information involving any known facts about a property that would affect its value or desirability. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. b. b. Must take all educational requirements required by a beginner *abandonment by the agent 17-40-101 Real Estate License Exam - Union Test Prep Totally at the commission discretion d. Determined by the commission on an independent basis, Licensed applicants from another state must: 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. Must be in writing, The astute of limitations on filing complaints is: a. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. c. Funding of research projects in real estate Not valid An agent can lose their license for working independent of their broker. No- the Arkansas Real Estate Commission could suspend the licensee's license. Balance refers to the amount remaining after certain mathematical calculations have been completed. c. Never convicted of a felony c. Where licenses are hung Violation by the director of a corporation is subject to criminal prosecution What must be provided to the purchaser of a time-share interval? They only count for 1/2 of the requirement Arkansas Real Estate Exam Flashcards | Quizlet 1 / 159. The foreign-exchange rate for a peso is $0.094 on the date of sale. b. Arkansas Real Estate Exam Flashcards | Quizlet a. b. 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. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. The broker requirement is to complete a 30-hour broker course within one year.