Home; About Us. Free Real Estate Practice Exam | Real Estate Practice Test - CompuCram Applications must be submitted to AREC BEFORE the applicant is fingerprinted. *information about the buyer's motivations and financial qualifications What must be provided to the purchaser of a time-share interval? A principal broker is an individual who performs certain real estate services for another party for compensation. Must submit the signatures of three people who vouch for his integrity a. d. December 15, 2004, To reinstate an expired license: b. 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. Demand proof within 30 days d. Individuals who meet and maintain minimum standards, d. Individuals who meet and maintain minimum standards, In real estate: It gives the buyer full knowledge of all issues with the property. b. a. Proof of completion of 45 hours of Pre-License Education. Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. Managing and sales agents must be registered, bonded. In general, you should expect your real estate licensing exam to be around 100-150 multiple choice questions; about 60-80 state-specific questions, and about 80-100 questions related to generally universal real estate concepts. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. However, you can pass it easier with our free arkansas real estate practice exam 2022. Our real estate practice exam pulls from a large pool of questions, so you can expect a different study experience each time you take it. Three a. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. 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. b. This requirement applies to both resident and nonresident applicants. b. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? c. Can ask for waiver of said fee in cases of hardship d. May take only the Arkansas Law portion of the exam, b. a. a. A buyer starts a conversation about the property and tells the salesperson she is an investor looking for a number of properties. c. Guilty of class B felony One hundred dollars per a year of inactivity, All of the following are false EXCEPT: d. The company's business account, A salesperson collecting security deposits from rental units they own: If an agent is terminated or decides to leave a firm, the principal broker has up to thirty (30) days to notify the Commission and return the license. 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. (g) Loss from damage to a warehouse in southern California from a minor earthquake. Pick Your State - Real Estate Prep Guide Let's start your studying right now! c. The State witness fund Mostly mean the same After the conveyance, Jim and Manny. a. Needs fewer than 3 members on the company's board of directors When does a licensee have to file an appeal of ruling? Can work independently of an Arkansas principal broker in his or her own state Community Property is a law of ownership that exists in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and some other states. Likewise, they may give rise to questions of breaches of agency law, such as loyalty and disclosure. The firm's records must be maintained by the principal broker for three years, available for inspection. c. Act as principal broker for listings only c. Must be retained until closing However, if the plant is destroyed by fire or other hazard, the tire company MOST likely. An executive broker can bring a suit against the public if they fail to pay the commission due. This is an example of, Defined as a loss in value from any cause, depreciation is generally divided into three categories. When must an expired licensee go through the full process of school again? a. Leasing assistants. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. 86.5% of CompuCram users pass their licensing exam the first time! A residence d. If in an office building, must appear on the directory, a. Upgrade to remove ads. a. 100+ Free Real Estate Practice Exam Questions (February 2023) Full test. Agreement in which the buyer works with only one broker, although the broker is free to represent other buyer clients. Members of the public may have access to the MLS, but not to all of the features and content. As a real estate agent you must be well-versed in contracts of sale. The Real Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members. Arkansas Property and Real Estate Laws - FindLaw a. Sometimes, if under a direct order from an attorney When selling or renting their own personal owned properties, an agent can use "for sale by owner" or "for rent by owner" signs. *Sign offer and acceptance forms. 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. Generally, examinees will have anywhere from 90 minutes to four hours to complete the exam in its entirety. 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. The principal broker The basement damage is an example of a. Free to the public by choice They can reactivate their license without testing if they apply by: c. Must include the fact that they are an agent in selling their home A latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage. a. The license application and fees must be received by the AREC within ___ days of the examination date. A complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within ninety (90) days. c. Charged for by choice of the commission 2) Land use controls and regulations: 5%. A time-share project may be advertised without submitting anything to the Commission. A borrower's monthly housing expenses, including PITI, must not exceed 28% of the borrower's total monthly gross income. A specific disclosure required by Arkansas regulation is that of the agent's compensation. The Commission may allow a temporary continuation under a person approved by the Commission. c. Held as irresponsible by the courts Real estate licensing authorities do not regulate or arbitrate commission disputes between a broker and a prospective client. Learn More A bachelor died owning real estate that he devised to his niece. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) d. An auctioneer, doing no more than two actions of real estate a year is exempt from a real estate license, c. A "continuing education unit" is only possible with the instructor present in class, A non-resident licensee: What is the post-license education requirement? Is mandatory in the state of Arkansas Cannot sell their own home To maintain an active license, an agent must complete six (6) hours of continuing education annually. 2023 - BT Management, Inc. All rights reserved. No continuing education is required for the first renewal following the date a person is licensed. b. Appointed for life Their principal broker A broker tells her that he can sell the lots. 5 acres. Used by the commission c. A "continuing education unit" is only possible with the instructor present in class The economic principle of anticipation states that value is created by the expectation that certain events will occur affecting the value of a property. A purchaser makes a 10% down payment on a house and acquires an 80% first mortgage from a lender. Over 97% of our students have used our real estate practice test and other exam prep products to pass their real estate exam the first time through. The Arkansas Real Estate License Examinations are developed and administered by Pearson VUE, a National Independent Testing Company. Good reputation b. Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. b. Must immediately be deposited in an escrow account How are members of the Arkansas Real Estate Commission's board selected? No agency, or transaction brokerage. "At first glance" Excess money in the recovery fund may be used for educational purposes. 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. You have nothing to lose except stress on exam day! An oral agreement does not constitute a valid agency contract entitling the broker to a commission. c. Both a and b If your license is suspended or revoked how does AREC let the public know? How much experience does a realtor need to be a broker? a. 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. Care, Obedience, Loyalty, Disclosure, Accounting and confidentiality. Have the words "Real Estate, Realtor," or other identifying words included A listing salesperson acting as the seller's agent is holding an open house. a. d. Limited by the commissioner, Terms for members of the commission are: You'll have the chance to review a 99-question real estate practice exam at no cost to you. 30+ Free Arkansas Real Estate Practice Exam Questions (February 2023) a. Test. d. Abide by the rules of the Real Estate Service Board, b. Log in. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. Has the right to appeal to the commission within 30 days 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? Need not disclose a. Accept a rebate from a service provider. a. One hundred dollars per a year of inactivity c. Can be appealed to the state court within 3 months Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations.