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. They can reactivate their license without testing if they apply by: ie. b. The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. 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? 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. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. b. After the conveyance, Jim and Manny. c. Can be appealed to the state court within 3 months Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. Attorneys-in-fact and attorneys-at-law Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? The principal broker is generally responsible for all business conducted by the firm. . Be placed on a window ledge, easily viewed from the street, A branch office is NOT: State-specific practice tests are not available. a. May 20, 2021; linda hunt commercials; nail salon in publix plaza near me . c. Is granted upon submission of application How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? a. A residence What does one need to apply for a broker's license? a. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: In Arkansas, there are 110 questions on the exam (80 national and 30 state). Needs their own separate trust account 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. b. y=y+1x;(0,0), Gross annual income/gross income multiplier, 3 licensed 5+, 2 represent consumers with one being 60+, Real Estate Recovery Fund fee to licensee, $25 per year or amount to keep $250,000 balance, Licensed members of the commission are chosen, Non licensed members of the commission are chosen, By the state at large subject to senate confirmation, Deliver a lease, take security deposit or rent, acting with written instructions. Is not covered by the Real Estate Recovery Fund Death of a tenant in common would usually cause property to pass according to the decedent's will. To qualify for a conventional loan under Fannie Mae guidelines, a borrower's total monthly obligations, including housing costs plus other regular monthly payments, must NOT exceed. a. After the broker sells some of the lots, the landowner refuses to pay him a commission. At this point, the buyer has what type of title to the property? Controlling risk is preparing before something occurs, such as putting CO monitors in all units. c. The commissioner 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. Authority to act on behalf of Principal. representative. What type of agency allows the agent to have power of attorney? To maintain an active license, an agent must complete six (6) hours of continuing education annually. 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. Must disclose any knowledge of property repairs needed, Money received by a salesperson: The Arkansas Administrative Procedure Act d. Can renew their license anytime, a. a. Ninety hours d. Voted upon every 4 years by members of the local board, a. Study Plan. b. Sixty hours The name of any lien holders 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. The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. All types of real estate licenses expire on the last day of the year each year. When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: One who is "on their own" in buying or selling real estate Dual agency means representing both principal parties to a transaction. The "branch office" is a principal broker's primary place of business b. a. d. Is restrained by "conflict of interest" laws, c. Is free to promote and conduct seminars, Materials provided by the commission are: c. A picture of the building front with sign must be submitted d. Must be given to the principal broker, Records of transactions of real estate sales: a. Courses offered by the commission Are whenever possible b. d. Punished if convicted, Criminal proceedings against violators of real estate law may be instituted by all of the following EXCEPT: The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Free to the public by choice Loyalty 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. When does a licensee have to file an appeal of ruling? The exception to this time limitation is where a licensee has obtained a license through misrepresentation. In most cases, the special agent may not bind the principal to a contract. 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. A special assessment is applied to all licensees to cover it b. 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: Applies to everyone with no exceptions d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: A breach of ethics Both parties sign the sales contract. Who is responsible? c. The broker's trust account a. 1 / 159. a. a. The Arkansas Recovery Fund b. Flashcards & Study Guides With Real AR Test Examples It gives the buyer full knowledge of all issues with the property. Must be shredded upon closing Four There was compensation promised b. The rules and regulations of the Arkansas Real Estate Commission. Is ignored because of the statute of frauds The loss of value due to the normal wear and tear on a property is called, Under an existing zoning ordinance, no signs that extend more than three feet above the highest point of a roof may be placed on any building. No later than three business days after the loan application is received by the lender. 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 . c. Be punished by all the power of a circuit court c. Is free to promote and conduct seminars c. May need approval Classify the following as either a revenue or a capital expenditure. c. Have equal voting privileges On what date do all Arkansas real estate licenses expire? Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. In this position does the manager need a real estate license? Record Boat Beltings payment of cash on October 25, when the exchange rate for a Swiss Franc is$1.14. c. The signature of the lien holder Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. Proof of completion of 45 hours of Pre-License Education. Blog Home Uncategorized arkansas real estate exam quizlet. Be placed on a window ledge, easily viewed from the street c. A licensee working under a principal broker in buying or selling real estate Mandatory Property issues must always be fully disclosed to any potential buyer. Do nothing. b. 86.5% of CompuCram users pass their licensing exam the first time! 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: If an agent drafts an offer, as the selling agent their signature must also appear on the contract. a. English..There are 1,216 incorporated cities in the state of Texas. Records may be kept electronically. b. We've outlined these four different approaches in an easy-to-digest manner that will help you learn how properties are appraised and valued. A licensee is representing the seller solely in a real estate transaction. Is established by a majority Have the words "Real Estate, Realtor," or other identifying words included A broker tells her that he can sell the lots. The prompt withdrawal of earned fees and compensation must be completed to reduce the risk of the broker being found guilty of unlawful commingling of funds. a. c. The duty of the licensee Must disclose any knowledge of property repairs needed Universal agency. All of the following are false EXCEPT: Go through a fingerprinting process. The _________________ is established to pay damage claims to members of the public who have suffered monetary loss attributed to real estate licensees. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. 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. d. Must take and pass the Arkansas Real Estate Law section to be licensed in their state, c. Is subject to revocation of their Arkansas license for violations in their own state, Failure to pay recovery fund fees within 90 days of passing the license test may result in: b. They passed it in another state; No- the Arkansas Real Estate Commission could suspend the licensee's license. Commissioners who come from the real estate industry must have been licensed for a minimum of seven (7) years. Will be treated as an expired license Criminal background checks must have been completed within six (6) weeks prior to the application being processed by the Commission. Demand the commission pay punitive damages to the injured party Under an assignment of a lease, who is primarily responsible for rental payments to the landlord? The answer is events that might have stigmatized the property. A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. 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. d. Neither a or b, In a court of law, copies made of original documents held by the commission are: 4) Financing: 10%. When an actual introduction has taken place. 36% of the borrower's total monthly gross income. Used by the State Once the sale closes, the broker is no longer required to maintain records on the transaction. a. Revoke their license 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. 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. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. d. Must wait 10 days for a character check and verification, b. a. A referral fee can only be paid if the receiving party has a valid active real estate license. The principal broker is responsible and accountable for all trust funds received by the firm. The characteristics of value include what values? The expiration date As a fiduciary, the agent has a legal obligation to fulfill specific fiduciary duties throughout the term of the relationship. a. *breach Given to the state by law b. b. Is exempt from taxes Requires consent of all licensed brokers All applications expire one year following successful completion of the examination, or the date of the application, whichever occurs first. *revocation of the agent's license. Continuing education courses require testing in order to obtain credit. d. Charge for by dictate of the Governor, c. Charged for by choice of the commission, Fees, fines, and penalties collected by the commission are: *abandonment by the agent d. Limited by the commissioner, Terms for members of the commission are: The buyer will have what type of estate upon closing? Disaster relief for real estate professionals a. the seller finances the property and retains title until the final payment is made by the buyer. Patent defects are property defects that are easily visible when inspecting a property.