"At first glance" A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: 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. Needs a separate principal broker The answer is three days. Use a graphical technique to display this information. Will be returned d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": 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. Delivery of a lease application or lease. Is an undisclosed dual agent who acted in bad faith. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. a. Ninety hours The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. Real estate Commission and Department. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. 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. Trust funds must be deposited no later than 3 business days. Can a landlord charge an extra deposit for a service animal? 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. the buyer receives equitable title to the property. All of the following are land uses traditionally classified in such ordinances EXCEPT, Three friends were concurrent owners of a parcel of real estate. Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. d. Must submit any documents the Agency deems necessary, d. Must submit any documents the Agency deems necessary, The notice on the front of a public offering statement: under each listing, the seller avoids paying the broker a commission if the seller sells the property to someone the broker did not procure. The bonds pay interest on March 111 and September 111. b. December 31, 2004 A continuing education course cannot be taken twice in the same year for credit. c. Part of the exclusionary clause in a contract c. The principal broker A state judge Assignment of a contract does not change the broker/agent relationship. To activate an inactive license requires a fee Can sometimes be reinstated by the Board b. d. The commission, Administration of oaths by the Commission is: 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. The passing grade for such section is no lower; A guest slips on an icy apartment building stair and is hospitalized. a. A salesperson working under a principal broker b. Promulgate necessary rules The broker should: Property ownership and . a. December 15, 2003 c. The "board" is the Arkansas Real Estate Commission b. Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: a. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. A breach of ethics *Train and supervise subordinate brokers and salespersons. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. You will have between 2-4 hours to complete your exam. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. Purchasing any kind of insurance shifts the financial risk to the insurance company. d. Are more for inactive licenses, The developer of a time-share program: The Governor If found guilty of a time-share violation, the developer or agent can be charged with. 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. b. b. Features of Arkansas Real Estate License Exam Prep (AR-RELEP):National Principles & Law Key Point Review (60 pages)Real Estate Math Key Formula Review & Practice (17 pages)Arkansas-Specific Laws and Practices (28 pages)National Practice Tests (500 questions)Arkansas Practice Tests (100 questions)Arkansas Sample Exam (100 questions)We know the real estate licensing exam can be tough, and very . 10 acres C. 80 acres D. 2.5 acres Receiving a security deposit, rent payment or related payment for delivery. How do you calculate acres in a legal description? a. Writ of Attachment To maintain an active license, an agent must complete six (6) hours of continuing education annually. a. a. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. b. Avoid risk is the removal of risk, such as repair cracked sidewalks. Active license: 6 classroom hours annually. c. Where licenses are hung A woman has permission from her friend to hike on his property during the autumn months. Get your certificate now! January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. Be placed on a window ledge, easily viewed from the street Download Real Estate Prep app now. What are critical regulations regarding time shares in Arkansas? As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. The commission Only informational services are considered "ministerial" and may be performed by a nonlicensee. Fines not exceeding $10,000 for each offense 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: A photograph of the company yard signs must be on file at he Commission at all times. c. Both the listing agent and the principal broker All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. authorization for the manager to receive referral fees from service providers. Under a special agency agreement, the principal delegates authority to conduct a specific activity, after which the agency relationship terminates. Also referred to as a transaction broker or a facilitator. Loans made to brokers during slow times Is concerned with the profit margin of the company a. No continuing education is required for the first renewal following the date a person is licensed. b. a. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. d. Abide by the rules of the Real Estate Service Board, b. A listing can be taken for a term specified as "until notified". b. The Commission may allow a temporary continuation under a person approved by the Commission. b. credit can apply to Prelicensure requirements Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. In what way is the aggregate demand curve similar to an individual demand curve? Must be in duplicate Proof of non-activity in real estate must be given a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell 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. Competition is the interaction of supply and demand causing prices for property to rise or fall. In an Arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount? c. Attorneys need not have a license to sell real estate for their clients ie. Transfer one's rights under the contract. d. A salesperson residing outside the country of violation, d. A salesperson residing outside the country of violation, Prosecutions of violators are done by: Must hold an active real estate license This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. Property management duties do not include accepting rebates from a service provider. a. The monies are refunded to the purchaser. Which of the following actions would be seen as unauthorized practice of law? *renunciation c. Are illegal in Arkansas Flashcards. c. Be punished by all the power of a circuit court Accept a rebate from a service provider. However, the original tenant remains primarily responsible for rental payments. The instrument of authorization is the power of attorney. It really depends on the type of license you would like to have. 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. d. Is satisfied for the following year for new licensees, d. Is satisfied for the following year for new licensees, As to correspondence courses meeting the continuing education requirement: The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. Excess money in the recovery fund may be used for educational purposes. Can the owner of a lifehold estate convey title via a will to their heirs? *Disclosure in writing. Click the card to flip . Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner The salesperson knows a lender that pays agents a fee for referring purchasers to them. They may need to pay additional fees This right is known as an equitable right of redemption. Log in. Demand proof within 30 days d. Must wait 10 days for a character check and verification, b. a. a. The Arkansas Real Estate Commission approves continuing education course. b. Sixty hours of classroom instruction Who is exempt from Arkansas Real Estate licensing? c. Is no longer considered liable in lawsuits b. c. Can be held accountable by the commission for their actions 1 / 159. a. All other client or customer funds received must be deposited within three days of receipt. c. A quorum A Swiss franc costs $1.12 on the purchase date. d. None of the above, In real estate: *A permanently attached and clearly displayed sign bearing the firm's name. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. Toggle through the questions and view helpful hints. Don't rely on the outdated material on other real estate practice test sites. c. Must be a resident of Arkansas to get a license Loyalty b. b. When can a time share developer cancel a contract? Conquer Your. All agency agreements must be in writing. Have the words "Real Estate, Realtor," or other identifying words included 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. Punitive damages may be awarded for willful violations of the time-share act. A broker is required to display, at their place of business, the license of all agents in their firm. English..There are 1,216 incorporated cities in the state of Texas. *Written disclosure before contracting. Has the right to appeal to the commission within 30 days Purchasing E&O insurance. In some cases a. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Let's start your studying right now! 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: Be active holders of real estate licenses The two salespersons are presumed to maintain the privacy, and serve the interest of the party they represent. All licensees are issued ___ year terms and expire on December 31st. d. Voted upon every 4 years by members of the local board, a. The answer is all records in connection to real estate transactions. d. Can be in a residence, A licensee transferred their license to another real estate company. The expiration date b. A "classroom hour" is at least 50 minutes long, but never longer than 60 minutes, A license to practice real estate is needed for all of the following except: b. Statutory Laws 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. b. a. The original tenant. a. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). Only four such transfers are allowed per a year CompuCram's real estate sales agent exam prep product provides all the tools and resources necessary to pass the real estate exam the first time. Inactive and expired: 6 hours for every year, not to exceed 30 hours. A property is owned by three cousins as tenants in common. 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. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Must take all educational requirements required by a beginner d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: c. Charged for by choice of the commission A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. How long does a broker keep the firm's records? *Failure to account for moneys belonging to other parties. *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. Immediately- Earned professional fees or compensation are considered the broker's personal funds and must be withdrawn from the trust account immediately. The Commission has the power to suspend or revoke a license. Obtain the written consent of the owner of the property. Is exempt from taxes One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. a. *information about the buyer's motivations and financial qualifications Reasons an agency relationship may terminate without successful completion *death or incapacity of either party 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 property manager is offered a choice of three insurance policies with different deductibles. a. a. 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. 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. Real Estate Agent License Practice Test. Application fee $50 Original broker license fee $70
