Who is responsible for a branch office's trust account? Must have the words "real estate" in it 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. c. The "board" is the Arkansas Real Estate Commission Escrow or Trust accounts must be reconciled as least monthly. Ace these, and you know you're ready to grab your real estate license ! *information about the buyer's motivations and financial qualifications would not be allowed to rebuild the plant in that location under any circumstances. ____ members of the AREC must have been licensed in real estate as _______ or brokers for at least _____ years prior to nomination. a. a. When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. The state does not allow dual agency. Submitting proof of active status with a principal broker a. 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. The answer is all records in connection to real estate transactions. the seller has financed a portion of the purchase price and placed a junior lien on the property. Someone acting with assurance A person wishing to be classified as a principal or executive broker must first complete the post-license courses for brokers. How would an applicant be exempt for the GENERAL portion of the real estate exam? c. A general partner buying land for the partnership a. As such, they are highly discouraged and typically place the licensee in a position of increased liability. The landlord sells the building during the one-year lease term. Diligence Using the information from previous exercises, find the earnings at the regular rate, the earnings at the overtime rate, and the gross earnings for the employee. Continuing education will be required of a person seeking to reactive an inactive license. However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. 18; relicensing educational courses; exam. The Commission holds the right to place someone uncharge of a real estate company who is not licensed as a principal broker. Is valid for 60 days d. The seller wronged in a legally binding contract, In collecting a commission against an owner who refuses to pay, a lawsuit my be filed by: State Law c. Only brokers licensed by the state b. a. What must be provided to the purchaser of a time-share interval? This requirement applies to both resident and nonresident applicants. 5 acres. The topics on the test include: Duties and Powers of Real Estate Licensing Requirements Statutory Requirements Governing the Activity of Licensees Miscellaneous Statutes Agency Relationships and Disclosures Can you take the Arkansas real estate exam online? Excess money in the recovery fund may be used for educational purposes. Go through a fingerprinting process. d. Voted upon every 4 years by members of the local board, a. 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? How soon after the conclusion of a real estate transaction should the principal broker withdraw earned professional fees or compensation from the trust account? c. The company name must be given Application fee $50 Original broker license fee $70 3) Valuation and market analysis: 7%. Verified by the principal broker However, the original tenant remains primarily responsible for rental payments. When a licensed salesperson sells their own home what must be included in advertising? Classify the following as either a revenue or a capital expenditure. The basement damage is an example of a. Only if approved by the board Only $35.99/year. On what date do all Arkansas real estate licenses expire? d. Must be renewed annually, All of the following regarding the holder of an inactive license are true EXCEPT: After helping them negotiate for their dream home, the buyers ask the salesperson if she can help them secure a mortgage. Projected price increases in time-share units must not be advertised more than sixty (60) day prior to actual increase. c. To other agents only Learn. d. Submitting an affidavit denying any fraudulent activities and paying a fee, b. Is barred legally from commercial intervention Are different as to time requirements b. d. 10-10-99, The legislature regulates the practice of real estate because: d. Unlimited, The duties and responsibilities of the executive director are designated by: Main Phone: 501-683-8010 Main Fax: 501-683-8020. The principal broker is generally responsible for all business conducted by the firm. You must be sponsored by a managing broker in order to practice. A municipality establishes development goals that are often used to control growth in its, A real estate professional has all the following obligations to consumers EXCEPT. When must an offer be presented to the seller? 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. Each agent is. *property condition. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. Must disclose any knowledge of property repairs needed A few days later, they decide to change several terms of the contract while retaining the basic intent to buy and sell. A state judge 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! a broker independently setting a company commission schedule. Is ignored because of the statute of frauds a. December 15, 2003 The bonds pay interest on March 111 and September 111. Making substantial misrepresentations The Executive Director of the Arkansas Real Estate Commission is not a commissioner. Because a couple no longer needs their large house, they decide to sell it and move into a cooperative apartment building. Demand proof within 30 days A referral fee can only be paid if the receiving party has a valid active real estate license. Cash is an acceptable form of earnest money. Both parties sign the sales contract. a. c. Can be appealed to the state court within 3 months As soon as payment is made from the recovery fund, the real estate licensee is automatically suspended. License (Salesperson: $170 if applying within 3 months after completing the exam or $340 if applying after 3 months but before 12 months). However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. A court's order, after a judgment has been entered against the debtor, directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. b. c. Revoke the violated;s license Which of the following actions would be seen as unauthorized practice of law? $500. Are the same c. Six extra continuing education credits required a. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. The tests are developed using concepts found in the general portion of the actual exam and cover areas such as product knowledge, terms, and concepts. b. a. d. Can never collect more than $10,000 for a single violation, a. Waives their right to further compensation, A first time licensee: All agency agreements must be in writing. No later than three business days after the loan application is received by the lender. b. Sixty hours The foreign-exchange rate for a peso is $0.094 on the date of sale. c. Where licenses are hung a. Full test. After the broker sells some of the lots, the landowner refuses to pay him a commission. The client may be either seller or buyer. d. Be at least 18 years of age, The maximum amount of hours required by the commission for a salesperson license is: 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. Thirty-six hours if supplemented by a college degree Have the words "Real Estate, Realtor," or other identifying words included Don't rely on the outdated material on other real estate practice test sites. Cannot collect a commission on their own home Not valid On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. Arkansas Real Estate Practice Exams Pass the Arkansas real estate Broker exam with confidence! Testimony in a hearing is under oath and is recorded. Boat Belting sells goods for 900,000 Mexican pesos. Have a sign stating thatchy are engaged in real estate, A principal broker's branch office: The clause in a mortgage or deed of trust which gives a lender the right to demand the entire loan balance to be due upon the buyer's default is. Totally at the commission discretion b. Is exempt from disciplinary action The Arkansas Real Estate Commission has a total of three individuals whom each serve three (3) year terms. However, the seller retains the right to sell the property without obligation to the brokerage. d. Home construction knowledge for real estate agents, All of the following are exempt from submitting courses to the board for continuing education approval EXCEPT: If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund. Must be registered with the board 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. c. Is 3 hours for full time agents closing more than 25 sales b. 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: A breach of ethics c. The State witness fund Open ended until renounced Used by the commission Under the principle of conformity progression shows the value of a modest, less expensive home will increase if it is located among larger, fancier, more expensive properties. Because the cousin died with no will, his property will pass to those persons identified in his state's laws of decent as heirs. c. Is required Exaggerated or superlative comments or opinions. Once approved to sell time-share, the developer may advertise their offering as being "recommended" by the Commission. Is established by a majority Good reputation With a local real estate licensee, she signed exclusive right-to-sell listing agreement. All licensees who enter into a transaction on behalf of themselves must disclose to the other principal party that they are in fact licensed real estate practitioners. Is an undisclosed dual agent who acted in bad faith. However, the unlicensed party can face criminal charges. General agency. Log in. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Susan David is putting her two-bedroom, one-bathroom condo on the market. d. Put the licensee on inactive status, The continuing education requirement for all licensees: c. The signature of the lien holder Anyone in the real estate business
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