a. . 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 listing salesperson acting as the seller's agent is holding an open house. Main Phone: 501-683-8010 Main Fax: 501-683-8020. A property manager is offered a choice of three insurance policies with different deductibles. c. The broker's trust account Application designed and maintained by HCCS, Inc. 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? c. There were holidays License laws regulate licensees and protect the public. a. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. a broker independently setting a company commission schedule. b. The broker has no grounds for a lien or for a suit. c. Excess distributed annually to members Excess money in the recovery fund may be used for educational purposes. c. A "continuing education unit" is only possible with the instructor present in class Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. The property would not pass on to the state. b. 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 final order of the Commission may be appeal in the Circuit Court. Office Hours: Monday - Friday | 8:00a - 4:30p a. 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. 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? b. The property must be fully disclosed b. The listing agent Only four such transfers are allowed per a year b. Salesmanship for buyer's agents They only count for 1/2 of the requirement The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. To maintain an active license, an agent must complete six (6) hours of continuing education annually. c. Courses offered by real estate schools licensed by the board b. c. Must sign an affidavit declaring no further violations have been committed a. c. Can be held accountable by the commission for their actions This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. d. Unlimited, A person may engage in the business of real estate while on inactive status: In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. Disbursement from the trust account may only be made when: 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. 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? Arkansas Real Estate Exam. a. A specific disclosure required by Arkansas regulation is that of the agent's compensation. b. b. Be excused by waiver of the commission Transferring risk is shifting risk to another party such as an insurance company. Pre-licese classes can be taken for continuing education credit. Must still be accountable to the commission for their actions 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. A buyer makes an offer on a seller's house, and the seller accepts. a. a. The Governor A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. c. If they desire b. b. Test. Post license classes can be taken through correspondence. MLS employees have to have a real estate license. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. d. Voted upon every 4 years by members of the local board, a. Only the ______________ has authority to supervise others or designate others to supervise. Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. c. Anyone collecting rents for a fee, and not residing on the property One who is "on their own" in buying or selling real estate A photograph of the company yard signs must be on file at he Commission at all times. Transfer one's rights under the contract. d. Held in trust by the executive director, A subpoena duces tecum is: 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. b. 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: A "meeting of the minds" in a real estate contract State Law As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. Resident managers All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. In this position, the on-site manager is exempt from the licensing requirements. Has the right to appeal to the commission within 30 days All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. Agent represents Buyer and Seller; common to use separate agents within same brokerage. d. A prosecuting attorney, All of the following are true EXCEPT: When a licensed salesperson sells their own home what must be included in advertising? The landlord sells the building during the one-year lease term. E&O insurance policies vary from providers. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. What fee does a licensee incur to move to another broker? Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. d. By permission of the commission, Necessary items of a listing contract are: Blog Text me app. State-specific practice tests are not available. Mostly mean the same d. A "point of departure" in negotiations, a. d. The condition of the property, A Realtor is: Purchasing E&O insurance. 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. b. c. Guilty of class B felony Their principal broker c. Must have their own "bond of assurance" How do you calculate acres in a legal description? If the buyer defaults, this means the seller, The clause in a contract that makes timely performance a condition of the contract is called, All of the following provisions would typically be included in a property management agreement EXCEPT. c. Need contractual consent to be valid b. Temporarily accepted 100% money back guarantee. If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. In this arrangement. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. c. Have equal voting privileges A buyer and a seller sign a contract for the sale of real property. Care Loans made to brokers during slow times A landowner subdivides her acreage and offers the lots for sale. Match. A broker whose license has expired for no more than 60 days A residence b. Is subject to review by the Commission May ask for a hearing before the commission a. a. Immediately make a photocopy of their license and have them carry it ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. After the buyer's offer was accepted, the buyer had the home inspected. a. When the license has been expired for more than 2 years. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? Will be treated as an expired license a. The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? The seller's property disclosure form yields which of the following benefits for the transaction? If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. Death of a tenant in common would usually cause property to pass according to the decedent's will. *information about the buyer's motivations and financial qualifications a. Can be issued by the board in some cases Prepare the journal entries to record transactions a and d of part 1. 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. Dual agency As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. 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: 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. A breach of ethics When must the agent disclose his or her agency relationship to the prospective buyer? b. A Swiss franc costs $1.12 on the purchase date. 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. 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. Needs fewer than 3 members on the company's board of directors All of the following are examples of a property managers duties EXCEPT. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. d. profit center. Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. Limited to 6 times a year On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. c. The board must approve them $25,000 per violation, to a maximum of $75,000. c. Is 3 hours for full time agents closing more than 25 sales Diligence Depositing non-trust monies in the trust account. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. A listing can be taken for a term specified as "until notified". a. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. d. Never, A person with an expired license: c. Submit their experience to the commission for consideration *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. d. Put the licensee on inactive status, The continuing education requirement for all licensees: Paying a commission or any valuable consideration "bird-dog fee" to any unlicensed person for acts or services performed is a violation and is punishable by suspension, revocation, or demotion of the licensee. The commission need not pay d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: b. a. Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). c. Chancery court Special, or limited, agency. Salespeople can only receive compensation from their employing broker. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. 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: c. The signature of the lien holder A broker tells her that he can sell the lots. 3) Valuation and market analysis: 7%. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. c. To other agents only a. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. How much experience does a realtor need to be a broker? c. Limited to 3 years The principal broker is generally responsible for all business conducted by the firm. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. What type of crime does someone commits if they act as a broker or salesperson without a valid license? Susan David is putting her two-bedroom, one-bathroom condo on the market. 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. Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. 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. The "warehousing" occurs when individual loans are bundled, often with a common element such as the size of the mortgage or credit worthiness of the borrowers, and sold as a single unit. c. Be handicap assessable With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. There was fraud committed An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? a. In this position does the manager need a real estate license? (The certificate is due no later than the end of the month one year following the date of initial licensure.). The deceased cousin's heirs. c. Is defined to be 3 members The public demands it For brokers: Proof of age 18 and above. It really depends on the type of license you would like to have. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) 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. b. An agency relationship created by oral or written agreement between principal and the agent. Harry conveys his interest to his long-time friend Wendell. d. May take only the Arkansas Law portion of the exam, b. What must be provided to the purchaser of a time-share interval? $500. No later than three business days after the loan application is received by the lender. It MOST likely means that. True of False, A smaller home is surrounded by larger, more expensive homes. b. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. the seller finances the property and retains title until the final payment is made by the buyer. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. What are critical regulations regarding time shares in Arkansas? If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: The commission enforces the rule. a. Record Boats cash collection. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. Go through a fingerprinting process. The Governor d. Outside of state jurisdiction, An appeal after a dismissal of complaint: An individual rents an apartment for one year. The Commission meets on a regular schedule one time per month. a. What is the purpose of the Arkansas Recovery Fund? Have a sign stating thatchy are engaged in real estate *Branch offices must display clear signage and the licenses of all agents practicing within the office. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: Full disclosure a. Can an agent make their own price for a listing? The seller's property disclosure form provides all of the benefits shown for the buyer. A principal broker is an individual who performs certain real estate services for another party for compensation. Three Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. b. Assess exemplary damages Testimony in a hearing is under oath and is recorded. One member must be a Realtor 60 years of age or older, All of the commission members can: The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. c. Proof of current continuing education requirements may need to be submitted a. a. What can a principal broker delegate to an executive broker? b. This applies to client-seller AND a client-buyer. The broker can. a. Must immediately be deposited in an escrow account 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: You must have a high school diploma or equivalent. keep all information received confidential. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. a. a. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Property ownership and . 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: d. May require documents to be provided to the commission, d. May require documents to be provided to the commission, Costs for procuring a witness to the commission s paid for by: A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. Log in. Federal agency or state government officer or employee State Law b. 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? However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. When must an expired licensee go through the full process of school again? The salesperson knows a lender that pays agents a fee for referring purchasers to them. It is published in a newspaper of statewide circulation. Appointed for life When an actual introduction has taken place. Occurs when the broker should have known that a statement about a material fact was false. b. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. d. Must be given to the principal broker, Records of transactions of real estate sales: Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. c. Dictated by the governor d. All of the above, The name of a real estate firm: b. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Can a licensee pay an unlicensed person for leads? The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. c. A general partner buying land for the partnership What type of agency gives the agent certain tasks including the authority to enter into contracts? To calculate acres in a survey system legal description, multiply all the denominators and divide that number into 640 acres. Use a graphical technique to display this information. 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. Waives the right of cancellation, The section naming the "Real Estate Law" is Must be kept for 5 years c. Cannot have ever filed bankruptcy During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. The purchaser has defaulted; Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. Note that answers are only provided upon purchasing Exam Prep. a. The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. A real estate agent's license is different from . c. Never convicted of a felony c. Five years in some cases The price must be given There is a 5-day grace period b. Needs their own separate trust account c. Must be retained until closing Is obligated to become a resident if more than half of their income comes from Arkansas *A permanently attached and clearly displayed sign bearing the firm's name. Three times b. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. a. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes, A license to practice real estate is needed for all of the following except: The bonds pay interest on March 111 and September 111. When does a licensee have to file an appeal of ruling? A. Flashcards & Study Guides With Real AR Test Examples When must an offer be presented to the seller? Is barred legally from commercial intervention d. Is subject to no restrictions, A temporary license: b. In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. c. Where licenses are hung c. Must be a resident of Arkansas to get a license Who has the responsibility to train subordinate licensees? Anyone in the real estate business 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. What is the best way to study for the Real Estate Licensing Exam? c. Up to one year, then renewal is mandatory Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. d. The commission, Administration of oaths by the Commission is: Property management duties do not include accepting rebates from a service provider. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. 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. The answer is three days. *Discharge administrative duties. What kind of lease has this tenant signed? Being convicted of any crime a. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: b. (g) Loss from damage to a warehouse in southern California from a minor earthquake. Illegal Accounting Federal law requires it Who is exempt from Arkansas Real Estate licensing? d. All of the above, A licensed real estate agent: Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. 36% of the borrower's total monthly gross income. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. b. Offers received by selling agents must be presented to the listing firm by the close of the following business day. A state judge A federal judge After the broker sells some of the lots, the landowner refuses to pay him a commission. 1 / 159. a. b. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? to Arkansas: d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: d. The Commission itself, The number of meetings of the commission is: Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. In Arkansas, there are 110 questions on the exam (80 national and 30 state). Area of rectangle. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. b. c. Illegal To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. Mandatory How long does one have to bring a complaint against a licensee? 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? The Quaker Foods division of PepsiCo is most likely treated as a(n) Time-shares must be registered. The characteristics of value include what values? Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: a. d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. Have full time agents working under them A mortgage broker is an intermediary who brings borrowers and lenders together. A mandatory suspension or revocation of the license c. To protect public health, safety and welfare When must the agent disclose his or her agency relationship to the seller or the agent of the seller? The passing grade for such section is no lower; d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: