Fines not exceeding $10,000 for each offense When must motions be filed in relation to a licensee investigation? d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: keep all information received confidential. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. b. (The certificate is due no later than the end of the month one year following the date of initial licensure.). In this position, the on-site manager is exempt from the licensing requirements. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. b. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. All other client or customer funds received must be deposited within three days of receipt. The topics on the test include: Duties and Powers of Real Estate Licensing Requirements Statutory Requirements Governing the Activity of Licensees Miscellaneous Statutes Agency Relationships and Disclosures Can you take the Arkansas real estate exam online? c. The signature of the lien holder As such, they are highly discouraged and typically place the licensee in a position of increased liability. All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. Members of the public may have access to the MLS, but not to all of the features and content. No continuing education is required for the first renewal following the date a person is licensed. Competition is the interaction of supply and demand causing prices for property to rise or fall. b. b. Click the card to flip . You must submit a cashier's check, money order, or broker's business account check with the licensing fee. b. Grade examinations For help with the national portion we have our national real estate practice quiz. Requires consent of all licensed brokers a. Used by the commission Universal agency. The name of any lien holders A special assessment is applied to all licensees to cover it Loans made to brokers during slow times Federal law requires it What leasing duties are exempt from licensing? 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: Anyone buying or selling real estate The associate broker: a broker who just sells and lists. Main Phone: 501-683-8010 Main Fax: 501-683-8020. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? a. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. 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: Three years in some cases 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? When must the agent disclose his or her agency relationship to the seller or the agent of the seller? How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? Arkansas Real Estate Exam. Transfer one's rights under the contract. Learn. b. Assess exemplary damages b. Have part time agents working under them b. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. A broker who wishes to place a For Sale sign on a listed property must first. The rescission period has elapsed on a contract; b. Single agency Find exam details and search for an available exam session date and time that meets your needs d. A member of a trade organization, A broker also working as a full time personnel manager may: 36% of the borrower's total monthly gross income. Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. Proof of completion of 45 hours of Pre-License Education. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. As a real estate agent you must be well-versed in contracts of sale. d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: 5) General principles of agency: 13%. All agency agreements must be in writing. 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. Prepare the journal entries to record transactions a and d of part 1. b. a broker independently setting a company commission schedule. (g) Loss from damage to a warehouse in southern California from a minor earthquake. 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? Purchasing any kind of insurance shifts the financial risk to the insurance company. c. Is held accountable for all expenditures *A permanently attached and clearly displayed sign bearing the firm's name. The bifore reforium Warehousing refers to the process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market. 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. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. All continuing education course must be "in-class" *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 holder of an inactive license may not practice real estate as a salesperson The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. December 31. 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. Only attorneys licensed by the state a. Verified by the principal broker Anyone in the real estate business a. a. State Law Flashcards. Can an unlicensed party performing real estate services be sued? a. Are considered "person non-grata" by the commission Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. The "Commission" is the State Board of Private Career Education a. c. Is granted upon submission of application a. Prelicensure courses can apply to C.E. The instrument of authorization is the power of attorney. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Only with the principal broker's permission Don't rely on the outdated material on other real estate practice test sites. Time-shares must be registered. d. Must wait 10 days for a character check and verification, b. After the buyer's offer was accepted, the buyer had the home inspected. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. 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. Benefits of the developer No- the Arkansas Real Estate Commission could suspend the licensee's license. Only the ______________ has authority to supervise others or designate others to supervise. 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. 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: Walk in prepared, walk out confident, pass the exam. c. A "continuing education unit" is only possible with the instructor present in class Appointed by the governor. The landlord sells the building during the one-year lease term. Harry conveys his interest to his long-time friend Wendell. A salesperson working under a principal broker What are the rules about a real estate place of business's signage? c. Is automatically canceled A person empowered to do anything the principal could do. All of the following are true of an open listing and an exclusive agency listing EXCEPT. Full disclosure c. Needs a separate principal broker a. An executive broker can bring a suit against the public if they fail to pay the commission due. Prominently displayed in the broker's principal place of business. Avoid risk is the removal of risk, such as repair cracked sidewalks. Violation by the director of a corporation is subject to criminal prosecution Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. a. Subagency Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. Must immediately be deposited into the company's business account a. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. b. 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. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. Welcome to our free real estate practice exam Here, you can put your knowledge to the test with our 120-question practice exams. *Accepting compensation from anyone other than the principal broker. c. The principal broker Is not covered by the Real Estate Recovery Fund An executive broker runs and owns the main office Record Boats cash collection. Time-share agents must individually be bonded in an amount of $10,000.00. 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. It is timed, although the length varies from state to state. a. d. Unlimited, A person may engage in the business of real estate while on inactive status: 17-42-101 Round to the nearest cent. c. Thirty-six hours if supplemented by a college degree Who is responsible? 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: Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. c. The board must approve them 86.5% of CompuCram users pass their licensing exam the first time! a. In writing before contract. Should the salesperson refer the buyers to this lender? b. 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? No agency, or transaction brokerage. b. A person must hold a real estate license of sometime to legally own a real estate company. a. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. Go to work immediately They can reactivate their license without testing if they apply by: b. Salesmanship for buyer's agents a. Revoke their license When does the commission send renewal notices? Must be made active within a year *abandonment by the agent Conquer Your. Can a licensee pay an unlicensed person for leads? You must have a high school diploma or equivalent. A licensee is representing the buyer solely in a real estate transaction.
arkansas real estate exam quizlet
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