arkansas real estate exam quizlet arkansas real estate exam quizlet

_____ of these must be at least 60 years of age and represents the elderly. It gives the buyer full knowledge of all issues with the property. When does the commission send renewal notices? The answer is events that might have stigmatized the property. Each agent is. A licensee is representing the buyer solely in a real estate transaction. c. Act as principal broker for listings only 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. All of the above, A licensed real estate agent: 17-40-101 A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. The Arkansas Real Estate Commission The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. Open ended until renounced Three years in some cases Once the sale closes, the broker is no longer required to maintain records on the transaction. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? c. The company name must be given Real Estate Practices and Agency Learn with flashcards, games, and more for free. c. Limited to 3 years Arkansas recognizes licensure another states with ____________. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. Leave nothing to chance when it comes to your new career. A property owner deeds a parcel of his property to a town "for recreational purposes only." a. b. Writ of Attachment (The certificate is due no later than the end of the month one year following the date of initial licensure.). b. Sixty hours of classroom instruction c. Be handicap assessable a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell *Acting on behalf of more than one party without knowledge. Such delegation may include the authority to enter into contracts. Can advise, but not conduct classes They only count for 1/2 of the requirement License renewal requests must be sent in by December 1st of each year. The mortgagee because it holds the property as security. Demand the commission pay punitive damages to the injured party The listing agent A court action to stop violators from continuing unlawful acts Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. (g) Loss from damage to a warehouse in southern California from a minor earthquake. Office Hours: Monday - Friday | 8:00a - 4:30p Boat Belting buys inventory for 21,000 Swiss francs. a. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. a. c. Six extra continuing education credits required Is basing a listing on a net price ethical or unethical? 2) Land use controls and regulations: 5%. b. c. Is automatically canceled In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. c. The duty of the licensee a. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: 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. Arkansas Real Estate Exam. c. Is no longer considered liable in lawsuits a. In this problem, multiply all denominators: 2 4 4 4 = 128. Cannot sell their own home b. Main Phone: 501-683-8010 Main Fax: 501-683-8020. If an agent's license is revoked, the agent may be eligible to reapply for a new license within one (1) year from the date of revocation. a. Waives their right to further compensation d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: b. CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. It MOST likely means that. the seller has financed a portion of the purchase price and placed a junior lien on the property. Escrow or Trust accounts must be reconciled as least monthly. Transferring risk is shifting risk to another party such as an insurance company. Offers received by selling agents must be presented to the listing firm by the close of the following business day. 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. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. A house has outdated electric and plumbing. A misdemeanor- Any time-share violation may be considered a misdemeanor. 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: a. Must be in duplicate 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: Does the Arkansas REALTORS association appoint the commission members? The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? a. 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: Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. 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. The applicant has a documented reason a. Is the lender of a mortgage the mortgagor or the mortgagee? Equitable right of redemption. 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. c. The Administrative Real Estate Action Code *property condition. Is not possible under state rules The Commission may allow a temporary continuation under a person approved by the Commission. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. You have nothing to lose except stress on exam day! Purchasing any kind of insurance shifts the financial risk to the insurance company. b. b. It really depends on the type of license you would like to have. The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. a. 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. d. Precludes the person from practicing real estate up to one year, b. What is the purpose of the Arkansas Recovery Fund? b. Public offering statements must be provided to all purchasers of a time-share interval. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. Attorneys-in-fact and attorneys-at-law Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Controlling risk is preparing before something occurs, such as putting CO monitors in all units. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: A state judge All of the following are false EXCEPT: Continue to Next Question. Her friend has granted her, To assign a contract for the sale of real estate means to. d. Work only for him/her self, In all company real estate ads: A residence a. What is the maximum amount the Commission may pay from the Recovery Fund? 17-42-101 Demand proof within 30 days A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. a. The state does not allow dual agency. The license application and fees must be received by the AREC within ___ days of the examination date. Is subject to review by the Commission Can sometimes be reinstated by the Board 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. Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. c. Both a and b b. How are members of the Arkansas Real Estate Commission's board selected? Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. b. b. Must still be accountable to the commission for their actions, Inactive licenses: d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker d. Allowed, The commission may legally: An associate broker may have salespeople working under them After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. c. Paying a fee established by the board An applicant for the salesperson licensing exam must successfully complete a Commission-approved real estate course of ____ hours and pass the salesperson's examination. Three a. a. The commission enforces the rule. Is valid for 60 days b. c. Five times On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. b. c. At least one represents consumers Who is the fiduciary in a real estate agency situation? When will full title and possession pass to his niece? The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. 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: A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Go through a fingerprinting process. 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 principal broker cannot be held liable in any form if an agent under them sends to the Commission a check that is not honored. d. Require acceptance by the buyer, An "independent contractor" means: c. Charged for by choice of the commission d. Held in trust by the executive director, A subpoena duces tecum is: Only with the principal broker's permission d. Outside of state jurisdiction, An appeal after a dismissal of complaint: A broker whose license has expired for no more than 60 days 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. Is held accountable for all expenditures Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. Time-share is considered to be a real estate interest. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. a. c. Must choose randomly from a list of non-profit organizations To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. c. Is defined to be 3 members c. Have equal voting privileges Is concerned with the profit margin of the company a. Ninety hours A form of ownership that husbands and wives can choose or create by deciding to do so and declaring it as such in contracts and deeds. Appointed for life The PC-based program is easy to operate. Complete and pass the real estate broker examination. Third party who is not principal but entitled to fairness and honesty. 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. Fulfillment, Term Expires, Mutual agreement,Breach of Contract, death, Purpose fulfilled, Term Expires, Property destroyed, Transfer of Title, Mutual Agreement, Breach of Contract, Death, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Alexander Holmes, Barbara Illowsky, Susan Dean, The Cultural Landscape: An Introduction to Human Geography, AP Edition. All other client or customer funds received must be deposited within three days of receipt. NEW licensees need not take CE the first partial year OR the first full year. b. Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. c. An invoice for equipment of $4,800 was recorded as$4,000. 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. What does one need to apply for a broker's license? d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: The firm's records must be maintained by the principal broker for three years, available for inspection. A "meeting of the minds" in a real estate contract b. A person must hold a real estate license of sometime to legally own a real estate company. Will be treated as an expired license In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. One hundred dollars per a year of inactivity c. Held as irresponsible by the courts A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Avoid risk is the removal of risk, such as repair cracked sidewalks. A time-share project may be advertised without submitting anything to the Commission. d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. Find Your State National & State Portions Needs fewer than 3 members on the company's board of directors . a. Toggle through the questions and view helpful hints. a. d. Is automatically entitles to a license upon the residency requirement being met, c. Submit their experience to the commission for consideration, A salesperson may renew their license annually by: Who is responsible?