The state does not allow dual agency. The "branch office" is a principal broker's primary place of business Members of the public may have access to the MLS, but not to all of the features and content. c. Proof of current continuing education requirements may need to be submitted Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. 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? The tests include questions on general real estate topics. d. Must wait 10 days for a character check and verification, b. Anyone in the real estate business A special assessment is applied to all licensees to cover it A continuing education course cannot be taken twice in the same year for credit. A. c. Is held accountable for all expenditures *Failure to account for moneys belonging to other parties. License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. Both parties sign the sales contract. 60 classroom hours in real estate within 36 months. Zoning and Planning October 12, 2020 c. Is subject to revocation of their Arkansas license for violations in their own state d. Are more for inactive licenses, The developer of a time-share program: a. 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. In some cases The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. c. Act as principal broker for listings only The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. The basement damage is an example of a. 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. The deceased cousin's heirs. The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? Application fee $50 Original broker license fee $70 a. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. What effect does the sale have on the lease? The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. Cannot use a fictitious name License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). There is a 5-day grace period Anyone buying or selling real estate d. A self employed builder of homes, c. A licensee working under a principal broker in buying or selling real estate, All of the following are exempt from requiring a real estate license EXCEPT: under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. The Governor Four A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. b. C.E. . d. Can renew their license anytime, a. Time-share is considered to be a real estate interest. A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. b. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Can advise, but not conduct classes Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. b. The Arkansas Real Estate Commission If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. d. May be asked to only pay $10.00, If the amount in the Real Estate Recovery Fund is less than the amount needed for compensation: b. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? c. Where licenses are hung After the conveyance, Jim and Manny. Register and apply. b. This right is known as an equitable right of redemption. A state judge b. c. If they desire What must be provided to the purchaser of a time-share interval? The seller has agreed in principle to making certain repairs prior to closing. d. May take only the Arkansas Law portion of the exam, b. a. A college course of at least 3 semester hours offered in real estate 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. b. a. 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: *Photographs of the signage must be furnished to the Commission for its records. b. December 31, 2004 No continuing education is required for the first renewal following the date a person is licensed. The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining c. Be punished by all the power of a circuit court Time-share agents must individually be bonded in an amount of $10,000.00. c. Is defined to be 3 members Can a licensed salesperson sell their own home? b. b. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? a. In this case the salesperson. NEW licensees need not take CE the first partial year OR the first full year. d. "Director" shall mean the executive director of the state board of continuing education, b. Are waived by state law a. Patent defects are property defects that are easily visible when inspecting a property. Receiving a security deposit, rent payment or related payment for delivery. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. On what date do all Arkansas real estate licenses expire? Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: Is concerned with the profit margin of the company Proof of completion of 45 hours of Pre-License Education. Must still be accountable to the commission for their actions, Inactive licenses: According to TRID disclosure rules, when must the Loan Estimate form be provided to consumers? d. profit center. b. In Arkansas, there are 110 questions on the exam (80 national and 30 state). representative. Log in. c. Excess distributed annually to members *Written disclosure before contracting. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: Can a licensee pay an unlicensed person for leads? Exaggerated or superlative comments or opinions. Computer-Based Test (CBT) development and delivery :: Pearson VUE b. Arkansas Real Estate Exam. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. Equitable right of redemption. Trust funds must be deposited no later than 3 business days. A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. Must always give the principal broker the deposit A federal judge Increase because of the larger, more expensive properties. a. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. The Commission meets on a regular schedule one time per month. Mostly mean the same There was compensation promised d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: The firm's records must be maintained by the principal broker for three years, available for inspection. d. Unlimited, The duties and responsibilities of the executive director are designated by: c. The broker's trust account c. The "board" is the Arkansas Real Estate Commission Learn. Click the card to flip . Is mandatory in the state of Arkansas d. By permission of the commission, Necessary items of a listing contract are: A person who is indigent may not be relieved from paying the filing fees in an appeal. B. start your free assessment . Immediately make a photocopy of their license and have them carry it Scan QR code or get instant email to install app. b. A "meeting of the minds" in a real estate contract a. b. a. a. Is exempt from taxes True of False, A smaller home is surrounded by larger, more expensive homes. Obedience The purchasers' right to cancel a time-share contract must appear on the front of the public offering statement in bold face type. 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? Special, or limited, agency. The original tenant. Attorneys-in-fact and attorneys-at-law A graduated rental agreement states specific rate increases over time. If the property manager selects the policy with the highest deductible, which risk management technique is being used? Needs fewer than 3 members on the company's board of directors When will full title and possession pass to his niece? a. December 15, 2003 c. Attorneys need not have a license to sell real estate for their clients Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. a. All agency agreements must be in writing. a. Are considered "person non-grata" by the commission The property must be fully disclosed A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. Utilizing the formula, we can take the property price and divide it by the annual rental income.