Main Phone: 501-683-8010 Main Fax: 501-683-8020. Used by the commission c. Needs a separate principal broker A. 18 months after the consumer's last purchase, delivery, or payment. *condemnation or destruction of the property a. Prepare the journal entries to record transactions a and d of part 1. Death of a tenant in common would usually cause property to pass according to the decedent's will. b. a. c. The company name must be given *Upon first substantive contact. b. b. The Governor b. Salespeople can only receive compensation from their employing broker. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. a. c. Continuing education programs may be required Must be made active within a year The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. c. Must have their own "bond of assurance" Be active holders of real estate licenses It MOST likely means that. a. a. December 15, 2003 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. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. b. There was compensation promised The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. c. Can ask for waiver of said fee in cases of hardship a. d. Waives the right of cancellation, The section naming the "Real Estate Law" is A cooperating broker d. Held in trust by the executive director, A subpoena duces tecum is: 2) Land use controls and regulations: 5%. b. Must always give the principal broker the deposit The seller has agreed in principle to making certain repairs prior to closing. a. a. In most cases, the special agent may not bind the principal to a contract. 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? This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. b. Must disclose any knowledge of property repairs needed, Money received by a salesperson: 86.5% of CompuCram users pass their licensing exam the first time! What is the maximum amount the Commission may pay from the Recovery Fund? b. d. Cannot advertise their own home, c. Must include the fact that they are an agent in selling their home, If not disclosed by the seller, an agent working for the seller: A person must hold a real estate license of sometime to legally own a real estate company. What type of crime does someone commits if they act as a broker or salesperson without a valid license? When must an offer be presented to the seller? 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. When can a time share developer cancel a contract? Is not possible under state rules Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. The Arkansas Real Estate Commission approves continuing education course. Limited to 6 times a year Is exempt from the licensing requirements. As of 2013, 246 cities have a population of 10,000 or more, 68 boast populations of at least 50,000 and 35 have at least 100,000 residents. What is the best way to study for the Real Estate Licensing Exam? a. All continuing education course must be "in-class" A final order of the Commission may be appeal in the Circuit Court. The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. A writ of appeal granted by the State No- the Arkansas Real Estate Commission could suspend the licensee's license. The Commission may allow a temporary continuation under a person approved by the Commission. Who is responsible? The commission need not pay Offers received by selling agents must be presented to the listing firm by the close of the following business day. b. a. d. Abide by the rules of the Real Estate Service Board, b. You will have between 2-4 hours to complete your exam. a. The executive director Camp Real Estate School - now a part of Arkansas Real Estate School | Website: Class Type: | Salesperson Pre-License | Salesperson Post-License | Broker Pre-License | Broker Post-License | Continuing Education | Online Education | Address: 11220 N. Rodney Parham, Ste. d. Can be in a residence, A licensee transferred their license to another real estate company. b. a. The Quaker Foods division of PepsiCo is most likely treated as a(n) Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. General agency. At this point, the buyer has what type of title to the property? How do you calculate acres in a legal description? b. A felony. Federal law requires it d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: Click the card to flip . Balance refers to the amount remaining after certain mathematical calculations have been completed. They may take their own listings with them Is the lender of a mortgage the mortgagor or the mortgagee? The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. The testing fee is paid to the Commission along with the application. *information about the buyer's motivations and financial qualifications Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. 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. c. Courses offered by real estate schools licensed by the board The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. A listing salesperson acting as the seller's agent is holding an open house. A college course of at least 3 semester hours offered in real estate Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. Click the card to flip . a. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) An individual rents an apartment for one year. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. The Arkansas Administrative Procedure Act a. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). c. Is required a. c. The Administrative Real Estate Action Code Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). All agency agreements must be in writing. Their principal broker The answer is all records in connection to real estate transactions. The property would not pass on to the state. Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. Diligence c. Funding of research projects in real estate In an exclusive right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. b. Salesmanship for buyer's agents The Commission has the power to suspend or revoke a license. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? The principal broker c. Have the licensee call the commission Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. The rules and regulations of the Arkansas Real Estate Commission. c. Can be appealed to the state court within 3 months loss of value due to uncollected delinquent rent. c. Must sign an affidavit declaring no further violations have been committed a. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. c. Submit their experience to the commission for consideration Must pay a one time fee of $50.00 *environmental hazards *Acting on behalf of more than one party without knowledge. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Can the owner of a lifehold estate convey title via a will to their heirs? Only attorneys licensed by the state b. It really depends on the type of license you would like to have. Calendar of Events; Commission; Contact AREC; News; . d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: Office Hours: Monday - Friday | 8:00a - 4:30p Who is the fiduciary in a real estate agency situation? A property owner deeds a parcel of his property to a town "for recreational purposes only." 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: All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. 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: d. The Commission itself, The number of meetings of the commission is: The principal broker is generally responsible for all business conducted by the firm. One of the friends died, and his interest passed according to his will to become part of his estate. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. b. Application fee $50 Original broker license fee $70 a. Escrow or Trust accounts must be reconciled as least monthly. "At first glance" It gives the buyer full knowledge of all issues with the property. b. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. b. b. c. Need contractual consent to be valid c. Never 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. b. You'll have the chance to review a 99-question real estate practice exam at no cost to you. 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. So it would be: $200,000/$24,000 which = 8.33. All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: b. A broker tells her that he can sell the lots. Leave nothing to chance when it comes to your new career. d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: Depositing non-trust monies in the trust account. MLS employees have to have a real estate license. Must be shredded upon closing 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. The license application and fees must be received by the AREC within ___ days of the examination date. Free to the public by law In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. In this position, the on-site manager is exempt from the licensing requirements. c. Five After that it is treated as renewal of an expired license. 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? Find Exam Details. Free Arkansas Real Estate Practice Exam. I, the principal broker, am out of town for not more than one (1) day. b. This right is known as an equitable right of redemption. b. d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. Should the salesperson refer the buyers to this lender? A person empowered to do anything the principal could do. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. b. C.E. The "Commission" is the State Board of Private Career Education C, 8. 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: 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. Must take all educational requirements required by a beginner What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? b. c. Is granted upon submission of application c. Can be filed by the defendant within 90 days When must the agent disclose his or her agency relationship to the seller or the agent of the seller? 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 Good reputation Upgrade to remove ads. Notify the commission In Arkansas, there are 110 questions on the exam (80 national and 30 state). The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. Illegal What type of agency allows the agent to have power of attorney? d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: Applications must be submitted to AREC BEFORE the applicant is fingerprinted. 60 classroom hours in real estate within 36 months. Time-shares must be registered. the seller finances the property and retains title until the final payment is made by the buyer. The passing grade for such section is no lower; 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? The client may be either seller or buyer. The value of the smaller home will most likely. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? c. A quorum You have nothing to lose except stress on exam day! Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: Home; About Us. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. Index. 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: all parties to the contract exchange binding promises. c. Anyone collecting rents for a fee, and not residing on the property Three working days of execution of the offer. Find exam details and search for an available exam session date and time that meets your needs d. Is voluntary, In determining recipients of the trust account program the commission: a. A residence B. start your free assessment . d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Resident managers a. The recovery fund is subject to having to pay for time0share violations. The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. The broker requirement is to complete a 30-hour broker course within one year. A buyer makes an offer on a seller's house, and the seller accepts. Can be waived by the principal broker's request