What effect does the sale have on the lease? Care 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 individual who is authorized and consents to represents the interest of another person. The original license fee and the recovery fund fee must be paid within 60 days of exam passage. For help with the state portion you're in the right place! arkansas real estate exam quizlet. credit can apply to Prelicensure requirements A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." b. Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. b. This requirement applies to both resident and nonresident applicants. The salesperson: a selling or listing salesperson. If one of the cousins dies without a will, to whom will his interest pass? The salesperson and the seller's agent should have disclosed her agency relationship, not shared the seller's confidential information and cannot represent the buyer in the purchase of the property since dual agency is not allowed in the state. Be active holders of real estate licenses 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: Brings the borrower and the lender together. c. To protect public health, safety and welfare All parties or their agents 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. c. Paying a fee established by the board A salesperson working under a principal broker c. Must sign an affidavit declaring no further violations have been committed Be opened to the public A broker whose license has expired for no more than 60 days c. Proof of current continuing education requirements may need to be submitted 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. Mandatory Can the owner of a lifehold estate convey title via a will to their heirs? *Written disclosure before contracting. Must still be accountable to the commission for their actions, Inactive licenses: c. Is subject to revocation of their Arkansas license for violations in their own state If the property manager selects the policy with the highest deductible, which risk management technique is being used? Learn More Earnest money specified in any offer for real estate must be delivered to the firm that has the property listed and deposited into a trust account within three days following acceptance of offer. Violation by the director of a corporation is subject to criminal prosecution An associate broker may have salespeople working under them Must be shredded upon closing b. The principal broker State-specific practice tests are not available. *Acting on behalf of more than one party without knowledge. c. A simple quorum Managing and sales agents must be registered, bonded. *revocation of the agent's license. D, 7. What are the rules about a real estate place of business's signage? However, you can pass it easier with our free arkansas real estate practice exam 2022. Go to work immediately 3) Valuation and market analysis: 7%. They can reactivate their license without testing if they apply by: c. The State witness fund Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. The value of the smaller home will most likely. Agent represents Buyer and Seller; common to use separate agents within same brokerage. A person must hold a real estate license of sometime to legally own a real estate company. c. 01-01-01 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. b. c. Must be retained until closing Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. A woman has permission from her friend to hike on his property during the autumn months. Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: Transfer one's rights under the contract. An attorney performing their duties Index. In this position does the manager need a real estate license? All of the following are true of an open listing and an exclusive agency listing EXCEPT. Needs their own separate trust account b. Go to work immediately upon receiving a license d. Held in trust by the executive director, A subpoena duces tecum is: Salaries of the employees of the commission are: Serving a subpoena is the responsibility of: The Duties of the Director of the commission are: If a bank dishonors a broker or salesperson's check it can be: If a salesperson overpays on a check to the commission: b. Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend Wendell. For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. a. b. (The certificate is due no later than the end of the month one year following the date of initial licensure.). The Commission may allow a temporary continuation under a person approved by the Commission. Which of the following actions would be seen as unauthorized practice of law? The PC-based program is easy to operate. The Governor c. Funding of research projects in real estate d. Competition between brokers may lead to disputes, c. To protect public health, safety and welfare, Real estate service to the public may be provided by: When does the commission send renewal notices? A net lease sets the tenant's monthly rent as a fixed amount plus some or all of the owner's operating expenses. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: one authorized by the principal to execute specific acts. A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. Click the card to flip . Never, except if ordered by a broker The price must be given a. Anyone buying or selling real estate d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: Is illegal Illegal Flashcards. b. The "Commission" is the State Board of Private Career Education a. December 15, 2003 All licensees are issued ___ year terms and expire on December 31st. Death of a tenant in common would usually cause property to pass according to the decedent's will. An owner selling 3 of his own properties a year What is the continuing education requirement for Arkansas licensees? Needs fewer than 3 members on the company's board of directors 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: In this case the salesperson. Scarcity means that there is a limited supply of similar properties. What does one need to apply for a broker's license? d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: Are considered "person non-grata" by the commission Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: a. Totally at the commission discretion What is the maximum amount the Commission may pay from the Recovery Fund? Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. Single agency How are members of the Arkansas Real Estate Commission's board selected? The real estate licensee is automatically suspended. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. An individual rents an apartment for one year. Are the same Arkansas Real Estate Exam. a. 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. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Who is responsible? d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: a. Does a real estate lien need to be recorded to be valid? Receiving a security deposit, rent payment or related payment for delivery. b. A licensee is supposed to notify the Commission if they should lose their pocket license card. credit c. Will be revoked AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. a. Universal agency. Blog Home Uncategorized arkansas real estate exam quizlet. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. b. Three years in some cases d. Unlimited, A person may engage in the business of real estate while on inactive status: However, the unlicensed party can face criminal charges. d. Must wait 10 days for a character check and verification, b. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? c. Is granted upon submission of application License laws regulate licensees and protect the public. 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: The original tenant. A cooperating broker The buyer will have what type of estate upon closing? The commission enforces the rule. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Arkansas Real Estate Exam State Portion 2018, Arkansas State portion test prep combination, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Module 6: Disease Control: Perio Parameters (, CIA Part 1: Unit 6-Subunit 6.1 Controls: Type. authorization for the manager to receive referral fees from service providers. a. Inactive and expired: 6 hours for every year, not to exceed 30 hours. If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund.