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b. December 31, 2004 A licensee must disclose information involving any known facts about a property that would affect its value or desirability. What does one need to apply for a broker's license? d. All of the above, The name of a real estate firm: In this case the salesperson. c. Paying a fee established by the board Both parties sign the sales contract. b. Third party who is not principal but entitled to fairness and honesty. The answer is all records in connection to real estate transactions. Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. A court action to stop violators from continuing unlawful acts The agent always owes absolute fidelity to their Client. On May 111, 201020102010, Carly Company purchased $84,000\$84,000$84,000 of 5%5\%5%, 121212-year Baltimore Company bonds at par plus 222 months accrued interest. Toggle through the questions and view helpful hints. Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards Must be kept for 5 years If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. 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. 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. Designated executive branch broker. What fee does a licensee incur to move to another broker? An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! 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. Can sometimes be reinstated by the Board A time-share purchaser has five (5) days, after signing a purchase agreement, to cancel a time-share purchase agreement. b. C.E. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. a. a. Is mandatory in the state of Arkansas A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. Upon a complainant appealing a decision by the executive director to dismiss, the Commission may consider any new evidence the complainant may wish to supply them for their consideration. one authorized by the principal to execute specific acts. b. Purchasing E&O insurance. *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. *bankruptcy under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. Excess money in the recovery fund may be used for educational purposes. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. Study Plan. A graduated rental agreement states specific rate increases over time. Applications must be submitted to AREC BEFORE the applicant is fingerprinted. intentional misrepresentation of an existing, important fact. If a person dies without a will, his share goes to his heirs, not to the other owners. (g) Loss from damage to a warehouse in southern California from a minor earthquake. a. b. b. The holder of an inactive license may not practice real estate as a salesperson Prepare the journal entries to record transactions a and d of part 1. The buyer's agent must disclose this relationship at first contact with the seller or agent of the seller. d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. a. The principal broker: the boss. No, because this would be an unwise referral. Illegal All agency agreements must be in writing. Needs their own separate trust account Used by the commission c. Guilty of class B felony The salesperson: a selling or listing salesperson. Find Your State National & State Portions Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. What kind of lease has this tenant signed? d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: a. b. d. A prosecuting attorney, All of the following are true EXCEPT: The responsibility of the instructor d. The salesperson on the first contract, The amount of members of the Arkansas Real Estate Commission is: b. The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing. Continuing education will be required of a person seeking to reactive an inactive license. An associate broker may have salespeople working under them a. In a coop sale, the earnest money is held by the selling company. The Arkansas Real Estate Commission A salesperson working under a principal broker When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. The exception to this time limitation is where a licensee has obtained a license through misrepresentation. b. Full test. The Governor *Discharge administrative duties. Three working days of execution of the offer. d. Acceptable as originals, In assisting seminars in real estate the commission: Two years' experience as salesperson or broker within four-years. In most cases, the special agent may not bind the principal to a contract. AREC Office Exam Procedures; Arkansas Real Estate Foundation - AREF; Helpful Information and Links; Property Management; Menu. An owner may always sell his own property without a license: January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. c. Is held accountable for all expenditures Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). Where records are kept b. Need not disclose d. Outside of state jurisdiction, An appeal after a dismissal of complaint: A house has outdated electric and plumbing. Trust funds must be deposited no later than 3 business days. All earnest money funds received by a broker on behalf of his or her principal must be deposited into an escrow or trust account within. How are members of the Arkansas Real Estate Commission's board selected? The testing fee is paid to the Commission along with the application. Net listings are unethical because of the potential conflict of interest for the broker. Held in trust by the commissioner *revocation of the agent's license. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. d. May be asked to only pay $10.00, If the amount in the Real Estate Recovery Fund is less than the amount needed for compensation: d. Must be given to the principal broker, Records of transactions of real estate sales: Punitive damages may be awarded for willful violations of the time-share act. A test must be taken 60 classroom hours in real estate within 36 months. Must submit work experience requirements to the board, Establishing successful completion of a continuing education course is: Generally speaking, a conventional loan under Fannie Mae guidelines requires that a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must not exceed 36% of the borrower's total monthly gross income. A real estate salesperson has been working with buyers. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. "At first glance" b. One member must be a Realtor 60 years of age or older b. arkansas real estate exam quizlet. b. The buyer will have what type of estate upon closing? A federal judge d. Cannot advertise their own home, c. Must include the fact that they are an agent in selling their home, If not disclosed by the seller, an agent working for the seller: c. False advertising leading a person to act to their detriment A person must hold a real estate license of sometime to legally own a real estate company. It is published in a newspaper of statewide circulation. d. Must participate in the Real Estate Recovery Fund, b. The firm's records must be maintained by the principal broker for three years, available for inspection. Arkansas Real Estate Exam. a. c. Can be held accountable by the commission for their actions Earnest money must be deposited into an escrow or trust account within three days following execution of the contract. a. to Arkansas: b. Salesmanship for buyer's agents c. Both a & b It can be initially made orally. 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. the agent represents only one party to a transaction. c. Limited to 3 years *Upon first substantive contact. a. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. No later than three business days after the loan application is received by the lender. a. Is not possible under state rules d. The principal broker must approve of their transfer, c. The commission needs to be notified of the transfer, A licensee tells their principal broker that they lost their pocket card. The passing grade for such section is no lower; d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: b. a broker independently setting a company commission schedule. The public demands it Law will allow an agent to represent both a a buyer and a seller in an agency capacity a the same time. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. How would an applicant be exempt for the GENERAL portion of the real estate exam? Federal law requires it A college course of at least 3 semester hours offered in real estate Three years in some cases How much experience does a realtor need to be a broker? All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. Base x height. When can a new applicant begin practicing real estate? The salesperson requirement is to complete an 18-hour AREC Post-license course within one year. Accept a rebate from a service provider. d. The submission of the principal broker's bank documents to the commission, c. Continuing education programs may be required, The term "Prima Facie" means: Our simulated exam gauges your score in real-time. c. A conflict of interest Must submit the signatures of three people who vouch for his integrity Fees: Examination Fees (Salesperson: $121). c. The deficit comes from the state treasury 5 acres 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. In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys. MLS employees have to have a real estate license. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. b. Blog Home Uncategorized arkansas real estate exam quizlet. All licensees are issued ___ year terms and expire on December 31st. Dual agency In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. b. The price must be given Main Phone: 501-683-8010 Main Fax: 501-683-8020. a. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. c. A general partner buying land for the partnership a. a. When must an expired licensee go through the full process of school again? Time-share (creation) instruments must provide arrangements for management and operation of the time-share. What effect does the sale have on the lease? Can a landlord charge an extra deposit for a service animal? An executive director administers the operations of the commission. a. The property would not pass on to the state. If found guilty of a time-share violation, the developer or agent can be charged with. b. The rules and regulations of the Arkansas Real Estate Commission. d. Is voluntary, In determining recipients of the trust account program the commission: d. The principal broker of the wronged party, If a witness fails to appear before the commission they can be: A demand for two cooperating brokers to appear before the commission Reasons an agency relationship may terminate without successful completion *death or incapacity of either party It MOST likely means that. It gives the buyer full knowledge of all issues with the property. All parties or their agents The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. Tenancy in common is put in motion by state law. In no case Scarcity means that there is a limited supply of similar properties. Needs fewer than 3 members on the company's board of directors Get your certificate now! 4) Financing: 10%. c. The Administrative Real Estate Action Code Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. d. Two of the members are nit required to be nominated by the commission, a. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. Must be in at least 8 point type a. Prelicensure courses can apply to C.E. a. b. Cannot sell their own home If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. To sit for the brokers exam a person must have been a salesperson for at least 12 months out of the past 24 months. c. Can ask for waiver of said fee in cases of hardship They do include screening tenants, handling rents and deposits, and negotiating leases. Subagency Her friend has granted her, To assign a contract for the sale of real estate means to. Time-share agents must individually be bonded in an amount of $10,000.00. d. Dual agency subjects must be excluded, All of the following could qualify for continuing education subjects EXCEPT: c. Attorneys need not have a license to sell real estate for their clients The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. a. 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. 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. *Disclosure in writing. 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: Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: c. Trust accounts and real estate law The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. Only four such transfers are allowed per a year Be active holders of real estate licenses a. The principal broker 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. If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. The Arkansas Real Estate Commission does not have the authority to send anyone to prison. In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. They only count for 1/2 of the requirement A mortgage broker is an intermediary who brings borrowers and lenders together. c. Is granted upon submission of application One hundred dollars per a year of inactivity, All of the following are false EXCEPT: There is a 5-day grace period a. Revoke their license d. "Director" shall mean the executive director of the state board of continuing education, b. a. No- the Arkansas Real Estate Commission could suspend the licensee's license. Someone acting with assurance A time-share project may be advertised without submitting anything to the Commission. Will be treated as an expired license Salespeople can only receive compensation from their employing broker. It is a violation of license law to improperly interfere with a licensee's relationship with a principal for the purpose of obtaining a referral fee. c. Never All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. When must motions be filed in relation to a licensee investigation? The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. 6, Little Rock, AR 72212: Contact/Email: Danny Been | Email Should the salesperson refer the buyers to this lender? b. The property must be fully disclosed c. Needs a separate principal broker The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. d. Courses offered by the National Association of Realtors, c. Courses offered by real estate schools licensed by the board, An instructor for a licensed real estate school: 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. d. The company's business account, A salesperson collecting security deposits from rental units they own: At first contact. Note that answers are only provided upon purchasing Exam Prep. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. 2) Land use controls and regulations: 5%. Find Exam Details. Term. 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. 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: 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. This right is known as an equitable right of redemption. 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: a. d. Is subject to no restrictions, A temporary license: The members of the board are appointed by the governor and approved by the senate. b. The tests include questions on general real estate topics. 18; relicensing educational courses; exam. The bifore reforium Are waived by state law Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. 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. a. c. A simple quorum 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. c. Have equal voting privileges A person who is indigent may not be relieved from paying the filing fees in an appeal. *Branch offices must display clear signage and the licenses of all agents practicing within the office. Making substantial misrepresentations Have part time agents working under them Four Can work independently of an Arkansas principal broker in his or her own state Three times Applies to everyone with no exceptions All of the following are examples of a property managers duties EXCEPT. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property.