Regarding CE credits, how much can you miss before you no longer get credit for attending? 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. When can a time share developer cancel a contract? A penalty of 50% added to the fee Is exempt from the licensing requirements. b. Has the right to appeal to the commission within 30 days A tenant may make reasonable accommodations at their own expense and they are responsible for returning it's original condition. In Arkansas, there are 110 questions on the exam (80 national and 30 state). Needs fewer than 3 members on the company's board of directors Subagency How long does a broker keep the firm's records? 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. b. The "warehousing" occurs when individual loans are bundled, often with a common element such as the size of the mortgage or credit worthiness of the borrowers, and sold as a single unit. A continuing education course cannot be taken twice in the same year for credit. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. All licensees are issued ___ year terms and expire on December 31st. d. Is subject to retroactive disciplinary action by the commission, a. b. b. Increase because of the larger, more expensive properties. What type of easement affords the most protection for a purchaser? When a licensed salesperson sells their own home what must be included in advertising? A salesperson working under a principal broker The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? Such delegation may include the authority to enter into contracts. All licensees advertising properties must include the name of the licensee's firm. a. 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: Sometimes, if under a direct order from an attorney In what way is the aggregate demand curve similar to an individual demand curve? A cooperating broker So it would be: $200,000/$24,000 which = 8.33. a. Study sets, textbooks, questions. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. May be licensed after taking all classroom requirements, testing and paying all fees 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 Will be treated as an expired license Round to the nearest cent. Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. 3) Valuation and market analysis: 7%. inform any prospective buyers of the defect. b. In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. Mostly mean the same The answer is events that might have stigmatized the property. Transferring risk is shifting risk to another party such as an insurance company. c. Act as principal broker for listings only 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. 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: A mortgage broker is an intermediary who brings borrowers and lenders together. What, if anything, should now be done? Totally at the commission discretion Licensees are not allowed to practice real estate independently from their principal broker or executive broker. b. Should the salesperson refer the buyers to this lender? d. The condition of the property, A Realtor is: Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. d. None of the above, In real estate: Must be shredded upon closing Must sign a standard form Are whenever possible b. Can have their license suspended until they pay the commission The company is allowed to continue operating the plant under the new zoning classification as a nonconforming use. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. c. Can be filed by the defendant within 90 days All other client or customer funds received must be deposited within three days of receipt. b. c. Can be temporarily employed for up to 30 days awaiting their license Equitable right of redemption. Agent represents Buyer and Seller; common to use separate agents within same brokerage. A licensee is supposed to notify the Commission if they should lose their pocket license card. The deceased cousin's heirs. Members of the public may have access to the MLS, but not to all of the features and content. Dual agency A guest slips on an icy apartment building stair and is hospitalized. Blog Text me app. a. Is exempt from disciplinary action In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). c. Only brokers licensed by the state Office Hours: Monday - Friday | 8:00a - 4:30p *Written disclosure before contracting. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: a. *Acting on behalf of more than one party without knowledge. Click the card to flip . However, the unlicensed party can face criminal charges. This applies to client-seller AND a client-buyer. c. Must include any listing agreements The PC-based program is easy to operate. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. A state judge Arkansas Real Estate Exam. c. Part of the exclusionary clause in a contract An oral agreement does not constitute a valid agency contract entitling the broker to a commission. You must be sponsored by a managing broker in order to practice. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. State Law 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. Area of rectangle. Property manager. For brokers and associate brokers: Proof of age 21 and above. Demand the commission pay punitive damages to the injured party The Commission may allow a temporary continuation under a person approved by the Commission. 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 . 5 acres. b. b. 60 classroom hours in real estate within 36 months. A residence Main Phone: 501-683-8010 Main Fax: 501-683-8020. The applicant has a documented reason a. Office Hours: Monday - Friday | 8:00a - 4:30p Confidentiality Go to work immediately The recovery fund is subject to having to pay for time0share violations. The agent always owes absolute fidelity to their Client. c. Held as irresponsible by the courts c. Have the licensee call the commission a. Is obligated to become a resident if more than half of their income comes from Arkansas Can be waived by the principal broker's request a. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes There is a 5-day grace period b. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. With a local real estate licensee, she signed exclusive right-to-sell listing agreement. b. a. Complete and pass the real estate examination. arkansas real estate exam quizlet. Anyone in the real estate business b. In this case the salesperson. d. All of the above, The name of a real estate firm: When must motions be filed in relation to a licensee investigation? Sign up. c. A conflict of interest All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. Who has the responsibility to train subordinate licensees? Toggle through the questions and view helpful hints. *revocation of the agent's license. Loans made to brokers during slow times They may need to pay additional fees a. Loan rate Mary Toy borrowed $2000\$ 2000$2000 from her parents and repaid them $2100\$ 2100$2100 after 999 months. Does there have to be compensation in order to have an agency relationship? When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. b. c. False advertising leading a person to act to their detriment d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: a. c. The State witness fund Only four such transfers are allowed per a year One of the friends died, and his interest passed according to his will to become part of his estate. c. A picture of the building front with sign must be submitted b. Is an undisclosed dual agent who acted in bad faith. d. Two of the members are nit required to be nominated by the commission, a. 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: What is the maximum amount the Commission may pay from the Recovery Fund? c. Is subject to revocation of their Arkansas license for violations in their own state A test must be taken a. b. The property would not pass on to the state. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. b. In some cases a. b. Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: Proof of non-activity in real estate must be given Property management duties do not include accepting rebates from a service provider. When an actual introduction has taken place. That section can be used to study the topics featured on those 80 questions. *environmental hazards b. 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. d. "Director" shall mean the executive director of the state board of continuing education, b. c. Is held accountable for all expenditures Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Fines not exceeding $10,000 for each offense b. 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. Conquer Your. Three years in all cases c. The deficit comes from the state treasury Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. Always requires a fee to be paid to the commission a. 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. The commission enforces the rule. The applicant retaking the exam Term. A licensee is representing the buyer solely in a real estate transaction. Reasons an agency relationship may terminate without successful completion *death or incapacity of either party Do nothing. A buyer and a seller sign a contract for the sale of real property. Use a graphical technique to display this information. Which of the following is NOT an example of governmental power? The rules and regulations of the Arkansas Real Estate Commission. On December 313131, 201020102010, four months interest was accrued for the remaining bonds. c. Where licenses are hung 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? What type of agency gives the agent certain tasks including the authority to enter into contracts? Proof of completion of 45 hours of Pre-License Education. A person working under a power of attorney is known as attorney in fact. May be licensed after taking all classroom requirements, testing and paying all fees, In general an application to renew a real estate license received by the commission after September 30th: December 31. a. credit can apply to Prelicensure requirements The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. b. Promulgate necessary rules 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? 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. One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. c. Must have their own "bond of assurance" a. Third party who is not principal but entitled to fairness and honesty. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. The executive director b. b. Sixty hours of classroom instruction b. Must be in duplicate d. Are more for inactive licenses, The developer of a time-share program: In an exclusive agency listing, one brokerage is authorized to act as the exclusive agent of the principal. The landlord sells the building during the one-year lease term. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. An executive broker runs and owns the main office Must be in at least 8 point type Public offering statements must be provided to all purchasers of a time-share interval. c. A fee must be paid The testing fee is paid to the Commission along with the application. c. The commissioner What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? If found guilty of a time-share violation, the developer or agent can be charged with. The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. Real Estate Practices and Agency Learn with flashcards, games, and more for free. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. C, 8. a. revenue center. b. The practice tests coincide with the current, general test outline. d. May take only the Arkansas Law portion of the exam, b. Free to the public by law Held in trust by the commissioner b. 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. Is the lender of a mortgage the mortgagor or the mortgagee? NEW licensees need not take CE the first partial year OR the first full year. d. Voted upon every 4 years by members of the local board, a. b. Be placed on a window ledge, easily viewed from the street, A branch office is NOT: 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. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. Register and apply. A broker must deposit earnest money within three (3) days of receipt. The passing grade for such section is no lower; Proper disclosure to a buyer should include: *agency b. Their license will be revoked Property issues must always be fully disclosed to any potential buyer. There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. b. a. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. b. Salesmanship for buyer's agents You'll have the chance to review a 99-question real estate practice exam at no cost to you. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: Notify the commission Who is responsible for a branch office's trust account? b. c. Must choose randomly from a list of non-profit organizations b. If the buyer defaults, this means the seller, The clause in a contract that makes timely performance a condition of the contract is called, All of the following provisions would typically be included in a property management agreement EXCEPT. a. d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: d. Not be compensated for services offered, A commission quorum: A licensee must disclose information involving any known facts about a property that would affect its value or desirability. Offers received by selling agents must be presented to the listing firm by the close of the following business day. Real estate Commission and Department. What kind of lease has this tenant signed? Not valid Three years in some cases a. One who is "on their own" in buying or selling real estate License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: loss of value due to uncollected delinquent rent. All agency agreements must be in writing. a. c. Is required How are disciplinary actions against licensees initiated? c. Demand that the principal broker pay a fee d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. Controlling risk is preparing before something occurs, such as putting CO monitors in all units. Will be returned c. Excess distributed annually to members If your license is revoked, how long do you need to wait to reapply? General agency. A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer.