b. What is the post-license education requirement? d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": c. Must sign an affidavit declaring no further violations have been committed How will each error come to the bookkeepers attention, other than by chance discovery? Can an unlicensed party performing real estate services be sued? 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? d. Must be in writing, The astute of limitations on filing complaints is: State-specific practice tests are not available. d. The company's business account, A salesperson collecting security deposits from rental units they own: Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. The principal broker is responsible and accountable for all trust funds received by the firm. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. Is exempt from taxes Must submit the signatures of three people who vouch for his integrity "At first glance" c. Limited to 3 years a. The term Realtor refers to any agent holding a valid real estate license. A person must hold a real estate license of sometime to legally own a real estate company. c. Courses offered by real estate schools licensed by the board Property management duties do not include accepting rebates from a service provider. The members of the board are appointed by the governor and approved by the senate. Must be in duplicate This requirement applies to both resident and nonresident applicants. Is exempt from the licensing requirements. Are considered "person non-grata" by the commission d. Allowed, The commission may legally: An owner may always sell his own property without a license: The following table lists the average oil consumption per day of the top 20 oil-consuming nations. The public demands it 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: The Quaker Foods division of PepsiCo is most likely treated as a(n) Appointed by the governor. b. Which of the following actions would be seen as unauthorized practice of law? b. How do you calculate acres in a legal description? What can a principal broker delegate to an executive broker? At first contact. The principal broker is generally responsible for all business conducted by the firm. Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. Area of rectangle. b. The statement is completed by, An owner conveys a life estate to her grandson and stipulates that upon her death, the estate will pass to her son-in-law. A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. b. b. E&O insurance policies vary from providers. Must be kept for 5 years 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. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. a. d. The condition of the property, A Realtor is: The buyer will have what type of estate upon closing? A licensee is representing the buyer solely in a real estate transaction. Federal agency or state government officer or employee Is barred legally from commercial intervention Is illegal Time-share (creation) instruments must provide arrangements for management and operation of the time-share. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. 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 always give the principal broker the deposit An executive director administers the operations of the commission. d. Voted upon every 4 years by members of the local board, a. Given to the state by law b. C.E. d. Precludes the person from practicing real estate up to one year, b. If one of the cousins dies without a will, to whom will his interest pass? c. Have the licensee call the commission For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. a. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: Conquer Your. Find exam details and search for an available exam session date and time that meets your needs However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. b. 18 months after the consumer's last purchase, delivery, or payment. *abandonment by the agent How would an applicant be exempt for the GENERAL portion of the real estate exam? Transferring risk is shifting risk to another party such as an insurance company. Does there have to be compensation in order to have an agency relationship? *Accepting compensation from anyone other than the principal broker. An executive broker runs and owns the main office d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. Only if approved by the board credit a. The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. Three years in all cases A breach of ethics Equitable right of redemption. Fines not exceeding $10,000 for each offense Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. The only allowance are funds needed to maintain a minimum balance and to cover service charges. Main Phone: 501-683-8010 Main Fax: 501-683-8020. b. The salesperson knows a lender that pays agents a fee for referring purchasers to them. Can a licensee pay an unlicensed person for leads? a. loss of value due to uncollected delinquent rent. (The certificate is due no later than the end of the month one year following the date of initial licensure.). 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. Courses offered by the commission d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Can work independently of an Arkansas principal broker in his or her own state In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale. d. May take only the Arkansas Law portion of the exam, b. c. The Administrative Real Estate Action Code b. Three years in some cases Flashcards & Study Guides With Real AR Test Examples A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. A special assessment is applied to all licensees to cover it b. The PC-based program is easy to operate. b. January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. The executive broker: the manager under the boss. What effect does the sale have on the lease? Log in. c. If they desire a. For help with the state portion you're in the right place! 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email All continuing education course must be "in-class" the seller finances the property and retains title until the final payment is made by the buyer. b. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. d. A self employed builder of homes, c. A licensee working under a principal broker in buying or selling real estate, All of the following are exempt from requiring a real estate license EXCEPT: d. Unlimited, A person may engage in the business of real estate while on inactive status: c. Is held accountable for all expenditures d. Required to have a second principle broker, d. Required to have a second principle broker, A salesperson may work for two principal brokers: A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. Totally at the commission discretion The rules and regulations of the Arkansas Real Estate Commission. 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. c. Six extra continuing education credits required The state does not allow dual agency. When can a new applicant begin practicing real estate? b. Leave nothing to chance when it comes to your new career. A licensee who is responsible to no one and can set his or her own hours Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. a. Under the principle of conformity progression shows the value of a modest, less expensive home will increase if it is located among larger, fancier, more expensive properties. Can an agent make their own price for a listing? 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. Arkansas Real Estate Exam Term 1 / 59 Equatible Click the card to flip Definition 1 / 59 A buyer makes an offer on a seller's house, and the seller accepts. Needs fewer than 3 members on the company's board of directors Must still be accountable to the commission for their actions, Inactive licenses: Violation by the director of a corporation is subject to criminal prosecution Good reputation The exams are written under the supervision of the commission and administered by an independent testing company. It MOST likely means that. 5 acres B. Inactive and expired: 6 hours for every year, not to exceed 30 hours. Must sign a standard form d. May not teach both continuing education and basic real estate to the same people, b. one authorized by the principal to execute specific acts. d. Never, A person with an expired license: (g) Loss from damage to a warehouse in southern California from a minor earthquake. To activate an inactive license requires a fee d. Must pay the recipient punitive damages, b. a. Not valid Never, except if ordered by a broker Balance refers to the amount remaining after certain mathematical calculations have been completed. b. Has the right to appeal to the commission within 30 days 5) General principles of agency: 13%. A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. c. Must be retained until closing All parties or their agents The "Commission" is the State Board of Private Career Education Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? Under regression, a structure that is larger or more luxurious would tend to be valued in the same range of less lavish homes in a neighborhood of modest homes. d. Is automatically entitles to a license upon the residency requirement being met, c. Submit their experience to the commission for consideration, A salesperson may renew their license annually by: The difference between the two forms is that Jim and Manny's share retains the right of survivorship provisions but Wendell's does not. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Real Estate Agents License Research Paper Again, the exam varies from state to state. b. 17-40-101 Leasing assistants. All of the following are true of an open listing and an exclusive agency listing EXCEPT. License renewal requests must be sent in by December 1st of each year. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. a. Only with the principal broker's permission Active license: 6 classroom hours annually. d. A "point of departure" in negotiations, a. c. There were holidays Purchasing E&O insurance. d. A member of a trade organization, A broker also working as a full time personnel manager may: The agent represents one party in a transaction. What is the purpose of the Arkansas Recovery Fund? For brokers: Proof of age 18 and above. d. The commission, Administration of oaths by the Commission is: The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? Be excused by waiver of the commission Are waived by mutual consent Must submit work experience requirements to the board A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. d. Must always do what the seller tells them, a. 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. 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? The Arkansas Real Estate Commission Accept a rebate from a service provider. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. d. Must wait 10 days for a character check and verification, b. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. d. profit center. Flashcards. What must be provided to the purchaser of a time-share interval? One hundred dollars per a year of inactivity Once the sale closes, the broker is no longer required to maintain records on the transaction. a. A time-share project may be advertised without submitting anything to the Commission.
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