Office Hours: Monday - Friday | 8:00a - 4:30p If your license is suspended or revoked how does AREC let the public know? *Train and supervise subordinate brokers and salespersons. Download Real Estate Prep app now. What is the maximum amount the Commission may pay from the Recovery Fund? An owner may always sell his own property without a license: b. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: What is the purpose of the Arkansas Recovery Fund? a. b. Statutory Laws 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. Held in trust by the commissioner In this position does the manager need a real estate license? b. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. c. To protect public health, safety and welfare One hundred dollars per a year of inactivity a. 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. An assignment is a transfer of the interest of one person to another. What, if anything, should now be done? a. a. You will have between 2-4 hours to complete your exam. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. Always requires a fee to be paid to the commission What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? A "meeting of the minds" in a real estate contract A college course of at least 3 semester hours offered in real estate 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. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: c. The broker's trust account 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. The "Commission" is the State Board of Private Career Education Cash is an acceptable form of earnest money. A legal system based on custom and court rulings, The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. Is basing a listing on a net price ethical or unethical? The license application and fees must be received by the AREC within ___ days of the examination date. What is the best way to study for the Real Estate Licensing Exam? Special, or limited, agency. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. 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. General agency. 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: You'll have the chance to review a 99-question real estate practice exam at no cost to you. a. Where records are kept Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. The associate broker: a broker who just sells and lists. 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. ie. b. d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: No. a. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. Because joint tenancy must be declared, Jim and Manny remain joint tenants with a two-thirds interest while Wendell, because of his passive acquisition of his share of the property, becomes a tenant in common with Jim and Manny. A cooperating broker Property manager. The responsibility of the instructor 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: c. "Continuing education classes" are classes taken at an approved school However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. The principal broker is responsible and accountable for all trust funds received by the firm. d. All of the above, The name of a real estate firm: 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. c. Both the listing agent and the principal broker c. Never convicted of a felony English..There are 1,216 incorporated cities in the state of Texas. d. The Real Estate Code of Conduct, b. c. Needs a separate principal broker c. If they desire 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. a. c. A quorum 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: c. Is free to promote and conduct seminars b. b. How will each error come to the bookkeepers attention, other than by chance discovery? The agent represents one party in a transaction. *Written disclosure before contracting. The term Realtor refers to any agent holding a valid real estate license. b. Must be kept for 5 years The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. d. Must pay the recipient punitive damages, b. 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. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: Obtain the written consent of the owner of the property. In writing before contract. The basement damage is an example of a. 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 testing fee is paid to the Commission along with the application. The purchaser has defaulted; b. *Accepting compensation from anyone other than the principal broker. Test. *Branch offices must display clear signage and the licenses of all agents practicing within the office. 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. a. A court action to stop violators from continuing unlawful acts d. Set by federal regulations to 4 years, All of the following regarding the commission is true EXCEPT: Find Your State National & State Portions *Sign offer and acceptance forms. 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. Dual agency An oral agreement does not constitute a valid agency contract entitling the broker to a commission. The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. Any appeal of a ruling must be filed within 15 days from the ruling date. Members of the public may have access to the MLS, but not to all of the features and content. What type of crime does someone commits if they act as a broker or salesperson without a valid license? 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. d. Must wait 10 days for a character check and verification, b. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). b. A broker whose license has expired for no more than 60 days Not valid What occurs if the principal broker leaves the firm or dies? 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. Are different as to time requirements c. False advertising leading a person to act to their detriment c. Is held accountable for all expenditures For help with the state portion you're in the right place! No annual renewal fee is required as long as an agent is renewing on inactive status. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner Subagency b. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. Obedience d. May not teach both continuing education and basic real estate to the same people, b. The broker has no grounds for a lien or for a suit. A branch office does not have to have a principal broker. d. Must be in writing, The astute of limitations on filing complaints is: Also referred to as a transaction broker or a facilitator. c. Will be revoked Must disclose any knowledge of property repairs needed Computer-Based Test (CBT) development and delivery :: Pearson VUE Limited to 6 times a year a. Are waived by mutual consent When must an expired licensee go through the full process of school again? To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. All of the following are false EXCEPT: Can be waived by the principal broker's request This study guide will cover offers and negotiation, interests and identities of contract parties, descriptions of real estate, property price and payment, contingencies and special terms of sale, settlement dates, and signatures. b. All motions must be filed 10 days in advance of the hearing date. Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! The commission In some cases A property owner deeds a parcel of his property to a town "for recreational purposes only." Disbursement from the trust account may only be made when: The recovery fund is subject to having to pay for time0share violations. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. Must be shredded upon closing Do nothing. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. How do you calculate acres in a legal description? 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? The Arkansas Real Estate Commission approves continuing education course. Only attorneys licensed by the state b. d. Held in trust by the executive director, A subpoena duces tecum is: They do include screening tenants, handling rents and deposits, and negotiating leases. They may be sued in civil court and subjected to punitive damages. 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: Is mandatory in the state of Arkansas Testimony in a hearing is under oath and is recorded. d. Voted upon every 4 years by members of the local board, a. The PC-based program is easy to operate.
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