loss of value due to uncollected delinquent rent. Competition is the interaction of supply and demand causing prices for property to rise or fall. b. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. 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. a. Can be waived by the principal broker's request Acting under the direct written instructions. Testimony in a hearing is under oath and is recorded. Must be registered with the board 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 designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. The commission need not pay a. c. Submit their experience to the commission for consideration c. The buyer in case of fraud b. a. Revoke their license Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. The foreign-exchange rate for a peso is $0.094 on the date of sale. Special, or limited, agency. Only $35.99/year. The seller takes back a purchase money mortgage from the buyer for the remaining 10%. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court. Is exempt from the licensing requirements. The seller's property disclosure form yields which of the following benefits for the transaction? Real estate professionals are not liable for discovery and disclosure of latent defects not disclosed by the purchaser. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. d. Can renew their license anytime, a. A graduated rental agreement states specific rate increases over time. b. The "Commission" is the State Board of Private Career Education c. Trust accounts and real estate law c. Are illegal in Arkansas Pass Your State Exam Instant Access 90-day Access to All Exam Prep Materials Expert Customer Support Risk-free Pass Guarantee Real Estate Salesperson Exam Prep Real Estate Broker Exam Prep The bonds pay interest on March 111 and September 111. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. d. Never, A person with an expired license: d. Work only for him/her self, In all company real estate ads: If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. a. A breach of ethics The deceased friend was, In the purchase agreement, the buyer and seller agreed to liquidated damages as a remedy for default. A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. The maximum amount that can be paid from the recovery fund for one (1) violation by a licensee is $25,000.00. Application fee $50 Original broker license fee $70 Cannot use a fictitious name a. c. The company name must be given What fee does a licensee incur to move to another broker? In this case the salesperson. The Arkansas Real Estate Commission has authority over auctioneers who action real estate in Arkansas. Diligence b. If a borrower in default pays the lender the amount in default, plus costs, before the foreclosure sale, the debt will be reinstated in some states. 18 months after the consumer's last purchase, delivery, or payment. a. c. The signature of the lien holder b. State-specific practice tests are not available. c. The board must approve them It is published in a newspaper of statewide circulation. b. Promulgate necessary rules b. A broker who wishes to place a For Sale sign on a listed property must first. If your license is suspended or revoked how does AREC let the public know? Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. d. All of the above, A licensed real estate agent: d. Only award actual damages within the regulations set by the commission, d. Only award actual damages within the regulations set by the commission, After a final order by the commission, appeals: 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: Is established by a majority c. Both a & b 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. Prelicensure courses can apply to C.E. A real estate salesperson has been working with buyers. The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartment. a. A licensee who is responsible to no one and can set his or her own hours b. Is exempt from taxes b. Cannot sell their own home 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell Time-share (creation) instruments must provide arrangements for management and operation of the time-share. A property manager is offered a choice of three insurance policies with different deductibles. However, Arkansas law does not require real estate licensees to disclose information about stigmatized property. Both parties sign the sales contract. Have part time agents working under them a. The public demands it Continuing education courses require testing in order to obtain credit. Zoning and Planning October 12, 2020 Post license classes can be taken through correspondence. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. b. Cannot collect a commission on their own home 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. Allowed A buyer learns from his real estate professional that the ownership rights of the seller's property will continue forever and that no other person claims to be the owner or has any ownership control over the property other than the seller. d. Determined by the commission on an independent basis, Licensed applicants from another state must: Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. 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: 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? Given to the state by law arkansas real estate exam quizlet. Must submit work experience requirements to the board c. Be handicap assessable b. Grade examinations Patent defects are property defects that are easily visible when inspecting a property. Who is responsible? a. What is the post-license education requirement? a. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. c. May ask the seller to disclose The characteristics of value (DUST) are: demand, utility, scarcity, and transferability. a. An associate broker may have salespeople working under them The "branch office" is a principal broker's primary place of business Must submit the signatures of three people who vouch for his integrity d. The Commission itself, The number of meetings of the commission is: b. Sign up. b. Regarding CE credits, how much can you miss before you no longer get credit for attending? d. Can be reheard by a written request of the injured party, After compensation is paid out of the Real Estate Recovery Fund to a recipient, the licensee: Loans made to brokers during slow times Occurs when the broker should have known that a statement about a material fact was false. A salesperson working under a principal broker If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. Who has the responsibility to train subordinate licensees? a. Broker applicants must provide proof of licensure as an active real estate salesperson or broker for at least____ months within the previous ____ month period preceding the date of application. d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: The mortgagee because it holds the property as security. Apply for a term of "reinstatement" The exception to this time limitation is where a licensee has obtained a license through misrepresentation. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Vocabulary words for Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math.. Includes studying games and tools such as flashcards. c. Without recourse Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? One, operating without a real estate licensee where required to do soy law, may be charged with a Class D Misdemeanor. Walk in prepared, walk out confident, pass the exam. One member must be a Realtor 60 years of age or older The maximum amount that can be paid from the recovery fund for the multiple acts of any one (1) licensee is $75,000.00. Real Estate Exam; California Real Estate Test 1; California Real Estate Test 2; California Real Estate Test 3; Real Estate Exam Questions; Real Estate Test; Classify the following as either a revenue or a capital expenditure. It can be initially made orally. The seller has agreed in principle to making certain repairs prior to closing. $500. d. Abide by the rules of the Real Estate Service Board, b. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations. However, the original tenant remains primarily responsible for rental payments. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor. a. Disbursement from the trust account may only be made when: d. Expires at the end of 30 days, Signs require all of the following EXCEPT: d. Must pay the recipient punitive damages, b. What are critical regulations regarding time shares in Arkansas? Is subject to review by the Commission, Penalties for violations include: one authorized by the principal to execute specific acts. Real Estate Agents License Research Paper Again, the exam varies from state to state. Be active holders of real estate licenses A principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. An agency contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority. The original tenant. d. Left to the discretion of the board, The monitoring of continuing education courses by the commission is: Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. Should the salesperson refer the buyers to this lender? a. b. a. a. a. An attorney performing their duties b. Applies to everyone with no exceptions Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. b. Is barred legally from commercial intervention c. Charged for by choice of the commission Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? Universal agency. b. Only the ______________ has authority to supervise others or designate others to supervise. c. Five times How long does a licensee have to answer a disciplinary action? The REALTORS association does not appoint the Arkansas Real Estate Commission members. *Train and supervise subordinate brokers and salespersons. Round to the nearest cent. Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education). The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. Needs fewer than 3 members on the company's board of directors a. c. If they desire Managing and sales agents must be registered, bonded. Arkansas Real Estate Exam. MLS employees have to have a real estate license. 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. There were holidays *Discharge administrative duties. The principal broker is responsible and accountable for all trust funds received by the firm.
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