Many states permit a mortgagors to redeem their property after default but before a foreclosure sale. What can a principal broker delegate to an executive broker? Complete and pass the real estate examination. Main Phone: 501-683-8010 Main Fax: 501-683-8020. b. a. a. a. Loyalty d. All of the above, A licensed real estate agent: c. Illegal a. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. b. Salesmanship for buyer's agents Excess money in the recovery fund may be used for educational purposes. b. 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. Accept a rebate from a service provider. 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. Find Your State National & State Portions c. Trust accounts and real estate law A licensee who is responsible to no one and can set his or her own hours A business day includes Saturdays the lender is open for business. I, the principal broker, am out of town for not more than one (1) day. Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. When does a real estate application expire? Do nothing. As a real estate agent you must be well-versed in contracts of sale. a. Must pay a one time fee of $50.00 a. all parties to the contract exchange binding promises. Cannot use a fictitious name a. 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: a. The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Requires consent of all licensed brokers 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. a. d. Unlimited, A person may engage in the business of real estate while on inactive status: 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. Terms in this set (350) principal broker a. Fees: Examination Fees (Broker: $58) License (Broker: $125) For managing brokers: Proof of age 20 and above. Our simulated exam gauges your score in real-time. b. a. One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. c. To protect public health, safety and welfare State Law Inactive and expired: 6 hours for every year, not to exceed 30 hours. Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. Competition is the interaction of supply and demand causing prices for property to rise or fall. All of our 1,000 Arkansas real estate practice exam questions are similar to the ones you will find on the actual Arkansas real estate exam, and are written by a Licensed Real Estate Instructor. b. c. Retracted annually 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. the buyer receives equitable title to the property. c. Can be held accountable by the commission for their actions a. d. Require acceptance by the buyer, An "independent contractor" means: Is illegal c. Is defined to be 3 members The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. 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? This requirement applies to both resident and nonresident applicants. When an actual introduction has taken place. The Commission has the power to suspend or revoke a license. c. Have the licensee call the commission The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. Parties who may have been damaged by unlicensed persons performing real estate services cannot sue the unlicensed party. d. The commission sets the date manually, An agent places their license on inactive status on December 15, 2001. All trust funds shall be deposited either into the broker's trust or escrow account within three days of obtaining all signatures for the contract. E&O insurance policies vary from providers. a. a. As such, they are highly discouraged and typically place the licensee in a position of increased liability. A homeowner received estimates that ranged between $20,000 and $25,000 for repairing damage caused by water leaking into the basement. If a specific time period for delivering earnest money is not specified in an offer to purchase real estate, how long after acceptance of the offer must earnest money be delivered to the firm and deposited into a trust account? Must still be accountable to the commission for their actions a. *Discharge administrative duties. b. b. Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. b. a broker independently setting a company commission schedule. A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. 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. 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: Are people with AIDS are protected under the disability provision of the Fair Housing Act. Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. 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: b. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. Boat Belting buys inventory for 21,000 Swiss francs. A principal broker is an individual who performs certain real estate services for another party for compensation. Writ of Attachment Certain states also have a period of time after a foreclosure sale in which the borrower in default may redeem the property if the borrower pays the court; the right to redeem the property within the period is called a statutory right of redemption. General agency. c. Can be appealed to the state court within 3 months c. Both the listing agent and the principal broker What is the purpose of the Arkansas Recovery Fund? An executive broker can bring a suit against the public if they fail to pay the commission due. d. The commission, Administration of oaths by the Commission is: 5 acres B. Likewise, such lenders paying or parties receiving such referral fees may violate RESPA provisions. Is exempt from disciplinary action In Arkansas, there are 110 questions on the exam (80 national and 30 state). A court action to stop violators from continuing unlawful acts 1 / 159. c. To other agents only c. Is 3 hours for full time agents closing more than 25 sales When does the commission send renewal notices? Is not covered by the Real Estate Recovery Fund One member must be a Realtor 60 years of age or older Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. Unless a novation has occurred by a new lease contract being signed between the landlord and the assignee, the original tenant is primarily responsible for rental payments to the landlord. b. The principal broker is generally responsible for all business conducted by the firm. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell All parties or their agents 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: b. It gives the buyer full knowledge of all issues with the property. a. one authorized by the principal to execute specific acts. d. Is decided at the first annual meeting of the members, Salaries of the employees of the commission are established by: Someone acting with assurance A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. Leave nothing to chance when it comes to your new career. An oral agreement does not constitute a valid agency contract entitling the broker to a commission. a. The Arkansas Administrative Procedure Act, The Real Estate Recovery Fund deals with: d. Failure to disclose to all parties in a transaction, A revoked license: b. The broker requirement is to complete a 30-hour broker course within one year. a. MLS employees have to have a real estate license. A person must hold a real estate license of sometime to legally own a real estate company. a. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. No annual renewal fee is required as long as an agent is renewing on inactive status. No continuing education is required for the first renewal following the date a person is licensed. Only if approved by the board The original license fee and the recovery fund fee must be paid within 60 days of exam passage. How much experience does a realtor need to be a broker? One hundred dollars per a year of inactivity, All of the following are false EXCEPT: All of the following are true of an open listing and an exclusive agency listing EXCEPT. Base x height. What records maintained by the principal broker does the investigative staff of the Arkansas Real Estate Commission have power to investigate? What must be provided to the purchaser of a time-share interval? A guest slips on an icy apartment building stair and is hospitalized. The principal broker Leasing assistants. Name some critical material facts for disclosure: *the agent's opinion of the property's condition The request for appeal must be in writing and received by the commission no later than 60 days following the dismissal. Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. Verified by the principal broker Must sign a standard form If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". a. Salespeople can only receive compensation from their employing broker. All security deposits for leases must be deposited in the trust account. These Exam-Prep Courses with Guides and Answers are to help you pass your Sales Associate ( Pre-License ) Course Exam, your State Real Estate Sales Associate Exam and Post-License 45-hour Class for the states of Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Kentucky, Maine, Mississippi .

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