a. Retaining risk is making a decision the chance of an event occurring are too small to justify much expense. Test. would not be allowed to rebuild the plant in that location under any circumstances. Blog Text me app. A writ of appeal granted by the State The agent represents one party in a transaction. b. b. 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? Don't rely on the outdated material on other real estate practice test sites. Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. c. Trust accounts and real estate law a broker independently setting a company commission schedule. 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. Learn. The holder of an inactive license may not practice real estate as a salesperson Totally at the commission discretion Leave nothing to chance when it comes to your new career. If your license is suspended or revoked how does AREC let the public know? Upgrade to remove ads. Cannot use a fictitious name Patent defects are property defects that are easily visible when inspecting a property. Purchasing E&O insurance. In what way is the aggregate demand curve similar to an individual demand curve? A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. The opt-out request must be honored within, MOST states require a property condition disclosure in a residential transaction. When must motions be filed in relation to a licensee investigation? Sometimes, if under a direct order from an attorney ie. 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: The state does not allow dual agency. What are critical regulations regarding time shares in Arkansas? If one of the cousins dies without a will, to whom will his interest pass? Calendar of Events; Commission; Contact AREC; News; . A mortgage broker is an intermediary who brings borrowers and lenders together. Balance refers to the amount remaining after certain mathematical calculations have been completed. Study Plan. If your license is revoked, how long do you need to wait to reapply? During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it. A claim against the building owner for medical expenses may be paid under which of the following policies held by the owner? c. A simple quorum Download Real Estate Prep app now. a. b. b. 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. An assignment is a transfer of the interest of one person to another. d. Retaking the real estate exam may not be required, The number of times a license may be renewed when in inactive status is: All types of real estate licenses expire on the last day of the year each year. A federal judge Arkansas Real Estate Exam Flashcards Learn Test Match Created by morgan_smith2 Various terms and questions relating to Arkansas real estate law, national real estate laws and regulations, and real estate math. If a complaint proceeds through a formal hearing with the commission, they are ten barred from seeking other civil or criminal relief through courts. As a real estate agent you must be well-versed in contracts of sale. Must be in duplicate c. Guilty of class B felony The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. They may be sued in civil court and subjected to punitive damages. Will be treated as an expired license c. Five years in some cases The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. Care Continuing education courses require testing in order to obtain credit. The principal broker is responsible and accountable for all trust funds received by the firm. Only a licensee may perform services that are transactional, routine brokerage, and even customer service level. The REALTORS association does not appoint the Arkansas Real Estate Commission members. c. The broker's trust account b. Let's start your studying right now! Conquer Your. 2) If the owner finds a buyer, no commission is owed, Seller retains the right to employ any number of brokers as agents, Illegal listing; broker keeps everything above a certain figure. a. How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? 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 a. Escrow or Trust accounts must be reconciled as least monthly. Arkansas Real Estate State Exam Prep Term 1 / 230 Commission meetings: a. a. Classify the following as either a revenue or a capital expenditure. Can have their license suspended until they pay the commission, If a licensee fails to supply evidence of the continuing education requirement when renewing their license the commission MAY: It gives the buyer full knowledge of all issues with the property. Is mandatory in the state of Arkansas A continuing education course cannot be taken twice in the same year for credit. 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. If they desire When must an expired licensee go through the full process of school again? When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. The owners of the smaller model of houses in the neighborhood may find that the values of their homes are affected by what principle? d. Unlimited, A person may engage in the business of real estate while on inactive status: The seller's property disclosure does not act as an inspection and gives the buyer full knowledge of the seller's representation of the issues asked on the form. c. The Administrative Real Estate Action Code $500. a. Main Phone: 501-683-8010 Main Fax: 501-683-8020. d. Two of the members are nit required to be nominated by the commission, a. a. 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: Must disclose any knowledge of property repairs needed In this arrangement. a. Transferring risk is shifting risk to another party such as an insurance company. They can reactivate their license without testing if they apply by: License applicants may not practice real estate in Arkansas until they have received a current valid license and pocket card. 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. a. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. The process by which the new contract replaces the old one is called. Which of the following actions would be seen as unauthorized practice of law? b. Both parties sign the sales contract. Arkansas Real Estate Exam Flashcards | Quizlet Arkansas Real Estate Exam 3.5 (2 reviews) Term 1 / 100 Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern 1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that property? Who is responsible for a branch office's trust account? The brokerage name- A licensee may not advertise any property, including the licensee's own residence, for sale or rent, without including the name of the firm with which that licensee is licensed. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. b. Only $35.99/year. What does one need to apply for a broker's license? Real Estate Practices and Agency Learn with flashcards, games, and more for free. 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. c. Can be appealed to the state court within 3 months Both Sales and Broker licensees' must complete post-license education within the first year of getting their license. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: A tenant signs a lease that includes the following clause: "The stated rent under this agreement will be increased or decreased every three months based on the percentage increase in the consumer price index (CPI) for that period." a. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) b. Time-shares must be registered. A college course of at least 3 semester hours offered in real estate License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). Is not covered by the Real Estate Recovery Fund 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. b. Writ of Attachment b. a. A special assessment is applied to all licensees to cover it A landowner subdivides her acreage and offers the lots for sale. The Arkansas Real Estate Commission (AREC) is made up of _____ members appointed by the governor for the term of ____ years. For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Arkansas real estate principles final exam answers YouTube April 9th, 2018 - Real Estate License Practice Exam 1 Laws of Agency Free Test USA 130 Questions Duration 7 05 John Walker 252 135 views Amazon com Real Estate Practice Exam Appstore for Android April 28th, 2018 - Buy Real Estate Practice Exam Try the Real Estate Practice Exam app Real . Can choose not to participate in the Real Estate Recovery Fund 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. c. Are more for expired licenses *condemnation or destruction of the property Must still be accountable to the commission for their actions b. The Commission meets on a regular schedule one time per month. Must be in at least 8 point type d. December 15, 2004, To reinstate an expired license: d. Outside of state jurisdiction, An appeal after a dismissal of complaint: a. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: