The Arkansas Real Estate Commission Which currencies weakened? 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. c. Limited to 3 years a. b. cost center. The agent represents one party in a transaction. b. b. All of the following are false EXCEPT: 36% of the borrower's total monthly gross income. When an actual introduction has taken place. a. Skill Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. 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. A continuing education course cannot be taken twice in the same year for credit. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. Round to the nearest cent. d. A member of a trade organization, A broker also working as a full time personnel manager may: Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. In this arrangement. Walk in prepared, walk out confident, pass the exam. Is ignored because of the statute of frauds c. Five years in some cases Will be treated as an expired license c. Must include the fact that they are an agent in selling their home . Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. Need not disclose 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. Which of the following is NOT an example of governmental power? The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. Mostly mean the same d. Expires at the end of 30 days, Signs require all of the following EXCEPT: What effect does the sale have on the lease? Match. Sometimes, if under a direct order from an attorney A broker whose license has expired for no more than 60 days The rules have the same force and effect as the law. Property manager. For brokers: Proof of age 18 and above. A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. a. When must an offer be presented to the seller? d. The condition of the property, A Realtor is: Demand the commission pay punitive damages to the injured party a. d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. Applicants who pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days from the date of the examination . 18 months after the consumer's last purchase, delivery, or payment. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. b. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: Diligence c. Guilty of class B felony b. Only attorneys licensed by the state a. The examinee is licensed in another state at the time. Leasing assistants. One of the friends died, and his interest passed according to his will to become part of his estate. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. A "meeting of the minds" in a real estate contract d. Must participate in the Real Estate Recovery Fund, b. b. Exhibiting poor judgement b. Must pay a one time fee of $50.00 Trust funds must be deposited no later than 3 business days. Utilizing the formula, we can take the property price and divide it by the annual rental income. So it would be: $200,000/$24,000 which = 8.33. Tenancy in Common is a type of joint ownership by parties NOT married, that allows a person to sell his share or leave it in a will without the consent of the other owners. However, the original tenant remains primarily responsible for rental payments. 18; relicensing educational courses; exam. d. "Director" shall mean the executive director of the state board of continuing education, b. c. A licensee working under a principal broker in buying or selling real estate A real estate auctioneer must immediately, prior to opening the bidding, disclose the terms and conditions of the action and whether the seller or auctioneer may bid. The associate broker: a broker who just sells and lists. c. Never convicted of a felony 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? The "Commission" is the State Board of Private Career Education If the property manager selects the policy with the highest deductible, which risk management technique is being used? Scarcity means that there is a limited supply of similar properties. All of the following are examples of a property managers duties EXCEPT. 5 acres B. b. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Resident managers Established by quorum Must have the words "real estate" in it Fees: Examination Fees (Salesperson: $45) License (Salesperson: $160). a broker independently setting a company commission schedule. An attorney performing their duties d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Free to the public by law The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. Federal agency or state government officer or employee Who is exempt from Arkansas Real Estate licensing? Find exam details and search for an available exam session date and time that meets your needs No. c. Can ask for waiver of said fee in cases of hardship a. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. d. Only award actual damages within the regulations set by the commission, d. Only award actual damages within the regulations set by the commission, After a final order by the commission, appeals: Where records are kept c. The duty of the licensee For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. As a real estate agent you must be well-versed in contracts of sale. a. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: 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: One who is "on their own" in buying or selling real estate c. Both a & b Learn. In this problem, multiply all denominators: 2 4 4 4 = 128. The Commission meets on a regular schedule one time per month. c. Is 3 hours for full time agents closing more than 25 sales d. Voted upon every 4 years by members of the local board, a. b. 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. Is subject to review by the Commission loss of value due to uncollected delinquent rent. Only if approved by the board 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. Attorneys-in-fact and attorneys-at-law d. All of the above, The name of a real estate firm: d. Never, A person with an expired license: State Law a. Free to the public by choice a. *renunciation 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. 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. the agent represents only one party to a transaction. In what way is the aggregate demand curve similar to an individual demand curve? When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. Three This right is known as an equitable right of redemption. c. Both the listing agent and the principal broker c. Is free to promote and conduct seminars "At first glance" c. To protect public health, safety and welfare 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. c. Demand that the principal broker pay a fee Fees: Examination Fees (Salesperson: $121). an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. Must submit the signatures of three people who vouch for his integrity There is a 5-day grace period b. Verified by the principal broker credit can apply to Prelicensure requirements b. Punitive damages may be awarded for willful violations of the time-share act. A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? The agent always owes absolute fidelity to their Client. Is not covered by the Real Estate Recovery Fund b. December 31, 2004 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. a. c. Can be held accountable by the commission for their actions b. Unless a novation has occurred by a new lease contract being signed between the landlord and the assignee, the original tenant is primarily responsible for rental payments to the landlord.

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