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d. The Commission itself, The number of meetings of the commission is: An agent can lose their license for working independent of their broker. Property issues must always be fully disclosed to any potential buyer. a. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. A continuing education course cannot be taken twice in the same year for credit. When the state or local government restricts the amount of rent a landlord can charge, All of the following are characteristics of value EXCEPT, A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. 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. 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. c. December 31, 2003 The passing grade for such section is no lower; d. Is voluntary, In determining recipients of the trust account program the commission: a. Paying a fee established by the commission The exams are written under the supervision of the commission and administered by an independent testing company. Agents representing a SELLER must disclose agency relationship to a prospective BUYER *In a timely manner When must motions be filed in relation to a licensee investigation? Always requires a fee to be paid to the commission Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. b. 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. Licensees are not allowed to practice real estate independently from their principal broker or executive broker. Can work independently of an Arkansas principal broker in his or her own state A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. 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: English..There are 1,216 incorporated cities in the state of Texas. Excess money in the recovery fund may be used for educational purposes. With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. *Upon first substantive contact. Anyone in the real estate business *property condition. 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. The associate broker: a broker who just sells and lists. 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. d. Waives the right of cancellation, The section naming the "Real Estate Law" is Transferring risk is shifting risk to another party such as an insurance company. b. cost center. A misdemeanor- Any time-share violation may be considered a misdemeanor. b. The son-in-law has, When estimating the value of property using the cost approach, all of the following are considered by an appraiser EXCEPT. 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. An owner may always sell his own property without a license: It can be initially made orally. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. 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: Will be returned The original tenant. Only four such transfers are allowed per a year Mandatory Applies to everyone with no exceptions Flashcards. c. May ask the seller to disclose d. All of the above, A licensed real estate agent: c. Have equal voting privileges Exaggerated or superlative comments or opinions. The answer is three days. The commission The purchaser has defaulted; It gives the buyer full knowledge of all issues with the property. a. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n). All types of real estate licenses expire on the last day of the year each year. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. When does the commission send renewal notices? c. A fee must be paid Only $35.99/year. Should the salesperson refer the buyers to this lender? There are a total of 180 questions on the Arkansas real estate exam. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. b. Statutory Laws This right is known as an equitable right of redemption. 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. b. Any person acting as real estate broker or salesperson who does not hold an active, valid Arkansas real estate license or who otherwise violates any provision of the licensee law shall be guilty of Class D felony. c. The State witness fund The salesperson knows a lender that pays agents a fee for referring purchasers to them. A form of ownership that husbands and wives can choose or create by deciding to do so and declaring it as such in contracts and deeds. 5 acres B. Used by the commission $500. a. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. c. A "continuing education unit" is only possible with the instructor present in class When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. Go through a fingerprinting process. b. Promulgate necessary rules Click the card to flip Flashcards Learn Test Match Created by cjtrackie One agent representing the Buyer and another agent representing the Seller is known as Dual Agency. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: *abandonment by the agent a. Promulgate desirable rules One member must be a Realtor 60 years of age or older, All of the commission members can: a. The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. Trust funds must be deposited no later than 3 business days. A graduated rental agreement states specific rate increases over time. At this point, the buyer has what type of title to the property? Must still be accountable to the commission for their actions, Inactive licenses: If the brokerage ceases to exist, the most recent principal broker carries responsibility for the firm's records. d. Neither a nor b, An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. b. A licensed broker. Writ of Attachment b. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? b. a broker independently setting a company commission schedule. Offers received by selling agents must be presented to the listing firm by the close of the following business day. d. Precludes the person from practicing real estate up to one year, b. Ethics in the real estate profession A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. The rules have the same force and effect as the law. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. They can reactivate their license without testing if they apply by: Free Arkansas Real Estate Practice Exam. The executive director How will each error come to the bookkeepers attention, other than by chance discovery? Public offering statements must be provided to all purchasers of a time-share interval. b. a. Free to the public by choice 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. 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. d. A member of a trade organization, A broker also working as a full time personnel manager may: Allowed a. Arkansas Real Estate Exam. It really depends on the type of license you would like to have. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: The agent represents one party in a transaction. b. If a salesperson leaves their broker what must happen? d. If in an office building, must appear on the directory, a. d. Put the licensee on inactive status, The continuing education requirement for all licensees: a. C, 8. This right is called a(n). In this problem, multiply all denominators: 2 4 4 4 = 128. Qty: Add to Cart Check items to add to the cart or select all Reviews Questions Description Demo d. Illegal, The interest on trust accounts program: Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Click the card to flip Definition 1 / 230 C. Can be called by a majority d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: c. Attorneys need not have a license to sell real estate for their clients Is exempt from taxes Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. You will have between 2-4 hours to complete your exam. Can be waived by the principal broker's request c. Only brokers licensed by the state Obtain the written consent of the owner of the property. Study Plan. 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. a. One hundred dollars per a year of inactivity The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. c. Excess distributed annually to members 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: Which currencies weakened? Dual agency means representing both principal parties to a transaction. No- the Arkansas Real Estate Commission could suspend the licensee's license. Avoid risk is the removal of risk, such as repair cracked sidewalks. An appraiser asked to estimate the value of an existing strip shopping center would probably give the MOST weight to which approach to value? a. Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14.