Must disclose any knowledge of property repairs needed Application fee $50 Original broker license fee $70 *Branch offices must display clear signage and the licenses of all agents practicing within the office. a. c. Must be a resident of Arkansas to get a license b. No. c. The principal broker In an agency relationship, a principal hires an agent as a fiduciary to perform a desired service on the principal's behalf. The expiration date Records may be kept electronically. Is valid for 60 days The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. One member must be a Realtor 60 years of age or older, All of the commission members can: A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. 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: 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: Office Hours: Monday - Friday | 8:00a - 4:30p 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: Computer-Based Test (CBT) development and delivery :: Pearson VUE Cash is an acceptable form of earnest money. . *Train and supervise subordinate brokers and salespersons. b. The price must be given Someone acting with assurance Time-share is considered to be a real estate interest. This applies to client-seller AND a client-buyer. Have part time agents working under them The firm's records must be maintained by the principal broker for three years, available for inspection. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. b. What simple interest rate did she pay? 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. b. December 31, 2004 The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Term. 5 acres B. However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. If a person dies without a will, his share goes to his heirs, not to the other owners. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. What is the post-license education requirement? Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo Licensees are not allowed to practice real estate independently from their principal broker or executive broker. The investigative staff of the commission has the power to investigate fully all records, bank accounts, company business records, and accounts of any licensee for the purpose of protecting the public. Immediately make a photocopy of their license and have them carry it 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. All of the following are false EXCEPT: On December 313131, 201020102010, four months interest was accrued for the remaining bonds. The Real Estate License Exam is composed of between 100 and 150 multiple-choice questions. 2023 - BT Management, Inc. All rights reserved. b. The following legal description contains how many acres: the S of the SE of the NW of the NE of Section 7? a. c. Held as irresponsible by the courts A photograph of the company yard signs must be on file at he Commission at all times. b. As a real estate agent you must be well-versed in contracts of sale. Name some critical material facts for disclosure: *the agent's opinion of the property's condition A licensee is supposed to notify the Commission if they should lose their pocket license card. c. The buyer in case of fraud The Commission meets on a regular schedule one time per month. 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? The members of the board are appointed by the governor and approved by the senate. *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. The Governor Main Phone: 501-683-8010 Main Fax: 501-683-8020. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: 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. What can a principal broker delegate to an executive broker? under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. b. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. Base x height. The holder of an inactive license may not practice real estate as a salesperson Must disclose any knowledge of property repairs needed, Money received by a salesperson: In no case When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. 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. d. A demand of payment from the commission, If a licensee does not renew their license by September 30th all of the following may apply EXCEPT: This requirement applies to both resident and nonresident applicants. Tenancy in common is put in motion by state law. Upgrade to remove ads. Testimony in a hearing is under oath and is recorded. a. a. c. December 31, 2003 b. Blog Text me app. A broker who wishes to place a For Sale sign on a listed property must first. It gives the buyer full knowledge of all issues with the property. The characteristics of value include what values? Boat Belting buys inventory for 21,000 Swiss francs. Is exempt from taxes All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. b. C, 8. c. Six extra continuing education credits required d. "Director" shall mean the executive director of the state board of continuing education, b. 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. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. b. Brings the borrower and the lender together. You will have between 2-4 hours to complete your exam. d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: b. d. Must always do what the seller tells them, a. Proper disclosure to a buyer should include: *agency c. The commission needs to be notified of the transfer Flashcards. a. A demand for two cooperating brokers to appear before the commission When must motions be filed in relation to a licensee investigation? d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: I, the principal broker, am out of town for not more than one (1) day. a. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. There is a 5-day grace period c. A broker Is exempt from the licensing requirements. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. Three times A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. When the license has been expired for more than 2 years. One member must be a Realtor 60 years of age or older One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. c. At least one represents consumers Are waived by state law Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. ie. A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. If an agent leaves a firm they must immediately return their pocket card to the Commission. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. a. *condemnation or destruction of the property If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. Every real estate transaction requires an agent to disclose whom they represent. b. The answer is three days. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: They passed it in another state; b. A guest slips on an icy apartment building stair and is hospitalized. Must be in duplicate Given to the state by law Is illegal Let's say you have the following information: a 4-unit building with an asking price of $200,000 and gross annual rents of $24,000. Are considered "person non-grata" by the commission d. The condition of the property, A Realtor is: a. $25,000 per violation, to a maximum of $75,000. Three years in some cases 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 this arrangement. In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys. a. Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. A property is owned by three cousins as tenants in common. b. Can a landlord charge an extra deposit for a service animal? Must immediately be deposited in an escrow account The client may be either seller or buyer. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell b. The public demands it (g) Loss from damage to a warehouse in southern California from a minor earthquake. a. Illegal The commission enforces the rule. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. d. Two of the members are nit required to be nominated by the commission, a. Have full time agents working under them Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: d. Never, A person with an expired license: One of the friends died, and his interest passed according to his will to become part of his estate. How are disciplinary actions against licensees initiated? Flashcards. Cannot use a fictitious name d. By permission of the commission, Necessary items of a listing contract are: Arkansas Real Estate Commission Arkansas Department of Labor and Licensing 612 South Summit Street Little Rock, AR 72201-4740 Phone (501) 683-8010 Website www.arec.arkansas.gov EXAMINATION . 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. *information about the buyer's motivations and financial qualifications Certain states also have a period of time after a foreclosure sale in which the borrower in default may redeem the property if the borrower pays the court; the right to redeem the property within the period is called a statutory right of redemption. A felony. 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: 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. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: *Disclosure in writing. As such, they are highly discouraged and typically place the licensee in a position of increased liability. The broker can. May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . d. None of the above, In real estate: Subagency d. Outside of state jurisdiction, An appeal after a dismissal of complaint: all parties to the contract exchange binding promises. A person empowered to do anything the principal could do. Designated executive branch broker. A "meeting of the minds" in a real estate contract Pre-licese classes can be taken for continuing education credit. b. Sixty hours a. Being convicted of any crime What type of easement affords the most protection for a purchaser? c. Never c. A licensee working under a principal broker in buying or selling real estate b. Assess exemplary damages Not valid When does a real estate application expire? 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. Can a licensee pay an unlicensed person for leads? Only if approved by the board Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. Confidentiality Is the lender of a mortgage the mortgagor or the mortgagee? 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. May be licensed after taking all classroom requirements, testing and paying all fees Demand the commission pay punitive damages to the injured party The agent represents one party in a transaction. This right is known as an equitable right of redemption. The answer is all records in connection to real estate transactions. b. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. d. Must participate in the Real Estate Recovery Fund, b. b. No agency, or transaction brokerage. Who is responsible for a branch office's trust account? 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. The applicant has a documented reason The only allowance are funds needed to maintain a minimum balance and to cover service charges. When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. 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. c. Is 3 hours for full time agents closing more than 25 sales The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. 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: loss of value due to uncollected delinquent rent. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Needs their own separate trust account Federal agency or state government officer or employee Only the ______________ has authority to supervise others or designate others to supervise. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. 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: Arkansas Lease and Rental Agreement Laws Basics of Arkansas statutes governing the legal relationship between landlords and tenants, including maximum security deposit allowed by law, time limits for returning deposits, and anti-discrimination laws. The testing fee is paid to the Commission along with the application. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. No annual renewal fee is required as long as an agent is renewing on inactive status. D, 7. c. Need contractual consent to be valid A federal judge Is not possible under state rules The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. c. The signature of the lien holder the seller finances the property and retains title until the final payment is made by the buyer. b. In some cases A house has outdated electric and plumbing. How are members of the Arkansas Real Estate Commission's board selected? a. After the broker sells some of the lots, the landowner refuses to pay him a commission. a. A federal judge 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 The original license fee and the recovery fund fee must be paid within 60 days of exam passage. 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? Both parties sign the sales contract. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Depositing non-trust monies in the trust account. You must submit a cashier's check, money order, or broker's business account check with the licensing fee. c. Excess distributed annually to members January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Need not disclose d. All of the above, The name of a real estate firm: b. *breach 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. When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. The brokerage name- A licensee may not advertise any property, including the licensee's own residence, for sale or rent, without including the name of the firm with which that licensee is licensed. The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party.
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