arkansas real estate exam quizlet
The basement damage is a hidden structural defect known to the seller but not known to the brokerage firm or those working for the firm or to a purchaser. Flashcards & Study Guides With Real AR Test Examples Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. 2) Land use controls and regulations: 5%. In this problem, multiply all denominators: 2 4 4 4 = 128. The type of listing contract that provides for payment of a commission to the broker even though the owner makes the sale without the broker's aid is called, Antitrust laws prohibit all of the following EXCEPT. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. Must immediately be deposited in an escrow account All security deposits for leases must be deposited in the trust account. *All licenses must be displayed at the place of business. Terms in this set (350) principal broker d. The principal broker must pay out of his or her own trust account, With regards to the commission and the Real Estate Recovery Fund, a circuit court can: Must be made active within a year d. Never, A person with an expired license: Someone acting with assurance Three working days of execution of the offer. Note that answers are only provided upon purchasing Exam Prep. The terms of settlement and closing are determined by, Hmta dompan , jag pluggar inte tillmpad mek, Chapter 40 BASIC Principles of animal form an. 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. b. ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. Only $35.99/year. ie. The bifore reforium Study Plan. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. When does a real estate application expire? b. Purchasing E&O insurance. Being convicted of any crime *property condition. Verified by the principal broker b. Mandatory 2012 buick enclave blowing hot air on driver side kenmore washer model 110 specifications wow redditr kay jewelers workday login artificial flowers bulk cheap gravel . What is the post-license education requirement? D, 7. d. Can renew their license anytime, a. All of the following are examples of a property managers duties EXCEPT. However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. c. Never convicted of a felony a. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. The Arkansas Real Estate Commission In an assignment, rights are assigned to a third party, but the original party remains primarily liable unless specifically released. Are whenever possible b. *discussions between agent and buyer regarding the possibility of the agent's representing the buyer in another transaction. Are the same To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. Two years' experience as salesperson or broker within four-years. A person who is indigent may not be relieved from paying the filing fees in an appeal. Classify the following as either a revenue or a capital expenditure. Records may be kept electronically. d. Work only for him/her self, In all company real estate ads: b. *Train and supervise subordinate brokers and salespersons. a. A "meeting of the minds" in a real estate contract a. The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. b. Offers received by selling agents must be presented to the listing firm by the close of the following business day. All parties or their agents What type of agency gives the agent certain tasks including the authority to enter into contracts? Totally at the commission discretion Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. 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. If your license is suspended or revoked how does AREC let the public know? Post license classes can be taken through correspondence. Main Phone: 501-683-8010 Main Fax: 501-683-8020. Real Estate Practices and Agency Learn with flashcards, games, and more for free. Have full time agents working under them What are critical regulations regarding time shares in Arkansas? Applications must be submitted to AREC BEFORE the applicant is fingerprinted. c. Is required d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: A misdemeanor- Any time-share violation may be considered a misdemeanor. The commission may keep a portion for its own use, In regards to educational credit: $500. d. Determined by the commission on an independent basis, Licensed applicants from another state must: Transferring risk is shifting risk to another party such as an insurance company. Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. d. The Commission itself, The number of meetings of the commission is: A state judge Public offering statements must be provided to all purchasers of a time-share interval. What type of crime does someone commits if they act as a broker or salesperson without a valid license? d. Illegal, The interest on trust accounts program: 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. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. 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. Flashcards. *Written disclosure before contracting. c. Where licenses are hung Real Estate Exam. The listing agent A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. c. At least one represents consumers An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Accept a rebate from a service provider. 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 . A test must be taken How long does a broker keep the firm's records? b. They only count for 1/2 of the requirement d. Two of the members are nit required to be nominated by the commission, a. a. Ninety hours \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. c. Can be held accountable by the commission for their actions Find exam details and search for an available exam session date and time that meets your needs Regarding CE credits, how much can you miss before you no longer get credit for attending? Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. A buyer learns from his real estate professional that the ownership rights of the seller's property will continue forever and that no other person claims to be the owner or has any ownership control over the property other than the seller. A real estate salesperson has been working with buyers. A landowner subdivides her acreage and offers the lots for sale. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. In this case the salesperson. In a coop sale, the earnest money is held by the selling company. At this point, the buyer has what type of title to the property? All filing fees in an appeal must be paid within thirty (30) day s notice of the amount. The landlord sells the building during the one-year lease term. On October 111, 201020102010, Carly Company sold $30,000\$30,000$30,000 of the Baltimore Company bonds acquired on May 111, plus one month accrued interest. The monies are refunded to the purchaser. Need not disclose d. Must participate in the Real Estate Recovery Fund, b. keep all information received confidential. When a property manager binds a principal/owner to a contract, the manager is directly operating under the fiduciary duty of. The client may be either seller or buyer. Proof of non-activity in real estate must be given The foreign-exchange rate for a peso is $0.094 on the date of sale. a. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. b. The Arkansas Recovery Fund The answer is three days. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. c. Without recourse Learn . Is concerned with the profit margin of the company Ace these, and you know you're ready to grab your real estate license ! Can an unlicensed party performing real estate services be sued? d. Executive brokers are responsible only to the Arkansas Real Estate Commission, d. Executive brokers are responsible only to the Arkansas Real Estate Commission, An injunction is: *abandonment by the agent *Failure to account for moneys belonging to other parties. a. Arkansas recognizes licensure another states with ____________. If found guilty of a time-share violation, the developer or agent can be charged with. one authorized by the principal to execute specific acts. c. Must be a resident of Arkansas to get a license A court action to stop violators from continuing unlawful acts c. Must include any listing agreements b. 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? Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Click the card to flip Definition 1 / 230 C. Can be called by a majority Sometimes, if under a direct order from an attorney b. all parties to the contract exchange binding promises. 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? The only allowance are funds needed to maintain a minimum balance and to cover service charges. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: a. a. Revoke their license 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? It can be initially made orally. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. b. a. Loans made to brokers during slow times So it would be: $200,000/$24,000 which = 8.33. Mostly mean the same The testing fee is paid to the Commission along with the application. to Arkansas: d. Unlimited, The duties and responsibilities of the executive director are designated by: d. Can be in a residence, A licensee transferred their license to another real estate company. The "branch office" is a principal broker's primary place of business a. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. A Swiss franc costs $1.12 on the purchase date. c. An invoice for equipment of $4,800 was recorded as$4,000. B. start your free assessment . d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: Go to work immediately upon receiving a license The mortgagee because it holds the property as security. One member must be a Realtor 60 years of age or older, All of the commission members can: Can be waived by the principal broker's request State Law Cannot sell their own home All motions must be filed 10 days in advance of the hearing date. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: The principal broker What must be included in property advertisements? b. The principal broker cannot be held liable in any form if an agent under them sends to the Commission a check that is not honored. (g) Loss from damage to a warehouse in southern California from a minor earthquake. Real Estate Agents License Research Paper Again, the exam varies from state to state. *Photographs of the signage must be furnished to the Commission for its records. In writing before contract. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. c. Their rights under habeous corpus The Commission meets on a regular schedule one time per month. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states.
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