the agent represents only one party to a transaction. b. c. Both a and b When do real estate license applications expire? The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. In Arkansas, there are 110 questions on the exam (80 national and 30 state). After obtaining written permission from the owner of the property, the broker may erect a For Sale sign on the property. Classify the following as either a revenue or a capital expenditure. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. When does the commission send renewal notices? Reasons an agency relationship may terminate without successful completion *death or incapacity of either party an intermediary between a buyer and seller who assists both parties with the transaction, but who represents neither party. a. c. Be punished by all the power of a circuit court The term "licensee" is restricted to a salesperson licensed by the state of Arkansas and working under a principal broker A buyer and a seller sign a contract for the sale of real property. The landlord sells the building during the one-year lease term. b. Sixty hours of classroom instruction When the rental amount varies with an outside index, such as the consumer price index, the rental agreement is called an index lease. Is exempt from the licensing requirements. c. Can be taken to the circuit court c. There were holidays c. Can be temporarily employed for up to 30 days awaiting their license c. Must sign an affidavit declaring no further violations have been committed A college course of at least 3 semester hours offered in real estate If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. All of our 1,000 Arkansas real estate practice exam questions are similar to the ones you will find on the actual Arkansas real estate exam, and are written by a Licensed Real Estate Instructor. Good reputation Does an agent's compensation need to be disclosed? On December 313131, 201020102010, four months interest was accrued for the remaining bonds. a. d. Will be processed because of the grace period, The commission may process an application without penalty received on October 2nd because: d. Voted upon every 4 years by members of the local board, a. The executive director A person empowered to do anything the principal could do. The salesperson states the seller of the property will take less and the salesperson can represent the buyer in the purchase of this property and others. c. Demand that the principal broker pay a fee 2) Land use controls and regulations: 5%. c. Attorneys need not have a license to sell real estate for their clients Can an agent make their own price for a listing? If a person dies without a will, his share goes to his heirs, not to the other owners. y=xy+1;(0,0)y^{\prime}=\frac{x}{y+1} ;(0,0) A guest slips on an icy apartment building stair and is hospitalized. The real estate licensee is automatically suspended. d. The condition of the property, A Realtor is: How long does one have to bring a complaint against a licensee? A writ of appeal granted by the State d. December 15, 2004, To reinstate an expired license: ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. An agent can lose their license for working independent of their broker. The commission may keep a portion for its own use, In regards to educational credit: Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. a. 1 / 159. 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. a. 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? b. 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 following table lists the average oil consumption per day of the top 20 oil-consuming nations. Writ of Attachment You will have between 2-4 hours to complete your exam. There was compensation promised Upon receipt, the licensee has 20 days to file a written answer, signed and dated under oath. b. Can have their license suspended until they pay the commission You have nothing to lose except stress on exam day! d. "Director" shall mean the executive director of the state board of continuing education, b. The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. The property must be fully disclosed What are critical regulations regarding time shares in Arkansas? The Arkansas Real Estate Commission However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. d. Is subject to no restrictions, A temporary license: Escrow or Trust accounts must be reconciled as least monthly. A misdemeanor- Any time-share violation may be considered a misdemeanor. c. Need contractual consent to be valid d. The commission, Administration of oaths by the Commission is: What document should a buyer's agent confirm has been issued when representing a purchaser of a home in a new subdivision? 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. The term Realtor refers to any agent holding a valid real estate license. Interactive Practice Questions Designed For Arkansas Test Take our free real estate practice exam by simply selecting the answer from the list. The Commission may allow a temporary continuation under a person approved by the Commission. 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: Are waived by mutual consent Must be kept for 5 years Limited to 6 times a year Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. May be licensed after taking all classroom requirements, testing and paying all fees d. Can renew their license anytime, a. d. Is open to inspection by the board, An account set up to receive deposits from earnest money is known as: The rules have the same force and effect as the law. d. A member of a trade organization, A broker also working as a full time personnel manager may: d. May take only the Arkansas Law portion of the exam, b. The holder of an inactive license may not practice real estate as a salesperson a. a. a hidden structural defect that would not be discovered by ordinary inspection, 1) Only one broker is authorized to sell one authorized by the principal to execute specific acts. b. An Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm. c. Five times a. All are appointed by the governor Disbursement from the trust account may only be made when: Calendar of Events; Commission; Contact AREC; News; . c. The commission needs to be notified of the transfer 17-40-101 a. Round to the nearest cent. Do nothing. 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. The REALTORS association does not appoint the Arkansas Real Estate Commission members. c. Part of the exclusionary clause in a contract When a formal complaint is filed against an agent, the agent has twenty (20) days to file a response. 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. a. a. Any hearing or investigation of a licensee for an alleged violation of license law or regulation must occur within three years of the alleged occurrence of the violation. b. a. b. However, the seller retains the right to sell the property without obligation to the brokerage. a. A woman has permission from her friend to hike on his property during the autumn months. When an actual introduction has taken place. The salesperson knows a lender that pays agents a fee for referring purchasers to them. a. How are disciplinary actions against licensees initiated? 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. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: Temporarily accepted *Discharge administrative duties. When does a licensee have to file an appeal of ruling? b. 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. c. Must choose randomly from a list of non-profit organizations The ________________ requires real estate licensees who hold active licenses to complete six classroom hours of real estate topics selected by the Commission each year. An owner wants to erect a nine-foot-high revolving sign on the roof of his store. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: *adverse material facts, including property condition, title defects, environmental hazards, and property defects. 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: The Governor When must an expired licensee go through the full process of school again? Go to work immediately upon receiving a license, Except for stated exemptions, the laws allows dealing in real estate without a license: The statutory duties of the AREC are to assist in protecting the _____, _____ and ______ of the public and require minimum competence standards of licensees. Be opened to the public Any competent individual Three 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: