arkansas real estate exam quizlet

a. Must be in duplicate In an exclusive right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. Does there have to be compensation in order to have an agency relationship? Who is responsible for a branch office's trust account? All funds received by a broker in connection with an accepted contract on behalf of his or her principal must be deposited into an escrow or trust account within Three days of obtaining all signatures for the contract. A misdemeanor- Any time-share violation may be considered a misdemeanor. What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? c. The "board" is the Arkansas Real Estate Commission b. Must still be accountable to the commission for their actions c. The broker's trust account Arkansas Adverse Possession Laws all parties to the contract exchange binding promises. As of 2013, 246 cities have a population of 10,000 or more, 68 boast populations of at least 50,000 and 35 have at least 100,000 residents. The Arkansas Real Estate Commission may do everything necessary and convenient to carry into effect the provisions of the law. Agent represents Buyer and Seller; common to use separate agents within same brokerage. c. investment center. a. Arkansas Real Estate Test Prep - State Test Only $62.00 Add to Cart 86.5% of CompuCram users pass their licensing exam the first time! Ethics in the real estate profession The Executive Director of the Arkansas Real Estate Commission is not a commissioner. c. A "continuing education unit" is only possible with the instructor present in class b. c. Can ask for waiver of said fee in cases of hardship Must be made active within a year However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. All of the following are examples of a property managers duties EXCEPT. c. Never convicted of a felony There was compensation promised c. Both a & b c. The deficit comes from the state treasury c. Paying a fee established by the board A federal judge Delivery of a lease application or lease. When a payment is made from the Real Estate Recovery Fund due to a licensee acting improper, what happens to the licensee? d. Voted upon every 4 years by members of the local board, a. How do you calculate acres in a legal description? Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: Leasing assistants. 1,000 Real Estate Practice Test Questions Our real estate test prep comes with over 500 multiple choice practice real estate test questions, and 450 vocabulary test questions with detailed answer explanations. 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. After the buyer's offer was accepted, the buyer had the home inspected. Single agency In Exercises 111 through 121212 , plot the slope field for the given differential equation and use it to sketch the graph of the solution that passes through the specified point. Allowed b. A specific disclosure required by Arkansas regulation is that of the agent's compensation. Record Boats cash collection. A licensee must disclose information involving any known facts about a property that would affect its value or desirability. Arkansas Real Estate Exam. Home. b. December 31, 2004 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: c. Held as irresponsible by the courts 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 d. If in an office building, must appear on the directory, a. A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. d. Must determine if the company resides in Arkansas, d. Must determine if the company resides in Arkansas. d. Waives the right of cancellation, The section naming the "Real Estate Law" is d. Is subject to retroactive disciplinary action by the commission, a. Demand proof within 30 days When must the agent disclose his or her agency relationship to the prospective buyer? The testing fee is paid to the Commission along with the application. Indicate which of the following items would be reported as an extraordinary item on Pitchford Corporations income statement. Must sign a standard form A person who is indigent may not be relieved from paying the filing fees in an appeal. a. The purchaser has defaulted; b. Exhibiting poor judgement 5) General principles of agency: 13%. The Arkansas Real Estate Commission A mortgage broker locates potential borrowers, processes preliminary loan applications, and submits the applications to lenders for final approval. a. Accounting d. Must pay the recipient punitive damages, b. A writ of appeal granted by the State . The original tenant. The rules and regulations of the Arkansas Real Estate Commission. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Leave nothing to chance when it comes to your new career. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. c. Both the listing agent and the principal broker Arkansas Real Estate Commission (AREC) requires all applicants for original licensure as a real estate salesperson or broker to complete a state and federal criminal background check. The Commission will not investigate a complaint unless it has ben filed within three (3) years of the occurrence. d. Expires at the end of 30 days, Signs require all of the following EXCEPT: Office Hours: Monday - Friday | 8:00a - 4:30p 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: c. Benefits of the developer d. Not be compensated for services offered, A commission quorum: b. . Arkansas Real Estate Exam. one who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind ie. a. What fee does a licensee incur to move to another broker? December 31. The basement damage is an example of a. If your license is revoked, how long do you need to wait to reapply? Two years' experience as salesperson or broker within four-years. The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. c. At least one represents consumers Because joint tenancy must be declared, Jim and Manny remain joint tenants with a two-thirds interest while Wendell, because of his passive acquisition of his share of the property, becomes a tenant in common with Jim and Manny. Is exempt from taxes What must be provided to the purchaser of a time-share interval? 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. The Quaker Foods division of PepsiCo is most likely treated as a(n) d. A prosecuting attorney, All of the following are true EXCEPT: Fulfillment, Term Expires, Mutual agreement,Breach of Contract, death, Purpose fulfilled, Term Expires, Property destroyed, Transfer of Title, Mutual Agreement, Breach of Contract, Death, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Alexander Holmes, Barbara Illowsky, Susan Dean, The Cultural Landscape: An Introduction to Human Geography, AP Edition. a. The members of the board are appointed by the governor and approved by the senate. d. Explain that pockets cards are in violation of commission rules, Prohibited acts include all of the following EXCEPT: Adverse material facts regarding a property of which a licensee would be expected to have knowledge and disclose under the Arkansas Real Estate Commission do NOT include. *abandonment by the agent Here is an outline of what is quizzed on the Michigan state licensing exam: 1) Property ownership: 8% of the questions. c. Is 3 hours for full time agents closing more than 25 sales Can a landlord charge an extra deposit for a service animal? The broker can. Exaggerated or superlative comments or opinions. b. In a subagency, a broker or licensed salesperson works as the agent of a broker who is the agent of a client. Is not covered by the Real Estate Recovery Fund, A person receiving compensation for damages by the commission: Tenancy by the Entireties is an estate that is recognized in some states between husband and wife, who have equal right of possession and enjoyment during their joint lives and with the right of survivorship--that is when one dies, the property goes to the surviving tenant. A federal judge b. b. In these two scenarios, which currencies strengthened? For help with the national portion we have our national real estate practice quiz. b. Does an agent's compensation need to be disclosed? An attorney performing their duties A person must hold a real estate license of sometime to legally own a real estate company. Classify the following as either a revenue or a capital expenditure. Flashcards. Excess money in the recovery fund may be used for educational purposes. However, the original tenant remains primarily responsible for rental payments. b. The "Commission" is the State Board of Private Career Education Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. c. Is granted upon submission of application a. If an agent drafts an offer, as the selling agent their signature must also appear on the contract. a. Arkansas Real Estate Chapter 7 - 36 cards asdfghkjl - 24 cards ASREB A 1-3 - 6 cards AZ Real Estate License -CH1 - 20 cards AZ Real Estate Prep - 91 cards AZ Test Questions - 110 cards Basic Appraisal Principles - Key Terms - 161 cards Basic Appraisal Procedures - 122 cards Basic appraisal procedures - 138 cards 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. a. Have full time agents working under them would not be allowed to rebuild the plant in that location under any circumstances. What is the continuing education requirement for Arkansas licensees? c. May need approval c. The company name must be given What type of agency gives the agent certain tasks including the authority to enter into contracts? Appointed by the governor. Go through a fingerprinting process. If the property manager selects the policy with the highest deductible, which risk management technique is being used? d. All of the above, The name of a real estate firm: b. a broker independently setting a company commission schedule. Who has the responsibility to train subordinate licensees? Violators of time-share laws are guilty of a misdemeanor and face fines up to $5,000 and one-year incarceration. Which currencies weakened? d. Are more for inactive licenses, The developer of a time-share program: d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Full test. The broker should: Where records are kept 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." dramatic irony in macbeth act 3, la jolla ymca class schedule, recent arrests in endicott, ny,

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