However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. All agency agreements must be in writing. *bankruptcy Appurtenant easements afford the most protection since they are generally a permanent feature of the property, Jim, Manny, and Harry are joint tenants owning a parcel of land. 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? a. Is subject to review by the Commission Time-share agents must individually be bonded in an amount of $10,000.00. A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license. *Failure to account for moneys belonging to other parties. Loyalty Authority to act on behalf of Principal. d. If the party has passed 60 classroom hours in real estate, All of the following are required for issuance of a license EXCEPT: *Acting on behalf of more than one party without knowledge. In a general agency, the principal delegates to the agent ongoing tasks and duties within a particular business or enterprise. Property ownership and . Are concerned only with land *renunciation A federal judge d. The Real Estate Code of Conduct, b. The monies are refunded to the purchaser. The governor appoints all commissioners from a list of nominees submitted by the Arkansas Realtors Association. The seller has agreed in principle to making certain repairs prior to closing. Must be in at least 8 point type c. Both the listing agent and the principal broker intentional misrepresentation of an existing, important fact. As a real estate agent you must be well-versed in contracts of sale. Real Estate Agent Essay Some specialize in commercial property while others in the buying and selling of investment property. Must be shredded upon closing Because they bear the authority of government and are easily identified, liens by taxing authorities do not need to be recorded. the seller finances the property and retains title until the final payment is made by the buyer. If the recovery fund goes below $350,000.00, licensees' can be required to pay additional to restore the fund balance. Patent defects are property defects that are easily visible when inspecting a property. b. All funds shall either be deposited in the trust account of the principal broker or delivered to an escrow agent. In a coop sale with a listing firm, if their sellers are paying a selling bonus, the bonus may be paid directly to the agent who made the sale. Someone acting with assurance b. Assess exemplary damages There are circumstances where the broker may have some their own money in a trust account and it not be deemed commingling. An agent can lose their license for working independent of their broker. In a percentage lease, the tenant pays a specific rental amount plus a percentage of the tenant's gross income originating from the use of the property. A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. For help with the state portion you're in the right place! Interactive study tools, dynamic practice tests & simulated exams to help you pass the state portion of the Arkansas real estate exam the first time. Are waived by mutual consent Basic license requirements include the license must be _____ years of age, take _________________, and complete the __________. *If the business is located in an office building, the principal broker's business name must be listed in the directory and affixed to the entrance. a. d. The principal broker must pay out of his or her own trust account, With regards to the commission and the Real Estate Recovery Fund, a circuit court can: In a coop sale, the earnest money is held by the selling company. *adverse material facts, including property condition, title defects, environmental hazards, and property defects. a. 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. c. The duty of the licensee b. One hundred dollars per a year of inactivity, All of the following are false EXCEPT: When an actual introduction has taken place. b. Needs fewer than 3 members on the company's board of directors a. The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. Register and apply. The basement damage is a hidden structural defect known to the seller but not known to the brokerage firm or those working for the firm or to a purchaser. a. The purchaser has defaulted; Anyone in the real estate business c. A "continuing education unit" is only possible with the instructor present in class A federal judge The rules have the same force and effect as the law. 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. c. Revoke the violated;s license When the license has been expired for more than 2 years. The Arkansas Real Estate Commission 10 acres C. 80 acres D. 2.5 acres A licensee may be assessed a monetary penalty up to $1,000.00 for each violation. 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. Don't rely on the outdated material on other real estate practice test sites. A person empowered to do anything the principal could do. Three Illegal d. Determined by the commission on an independent basis, Licensed applicants from another state must: A salesperson working under a principal broker d. Unlimited, A person may engage in the business of real estate while on inactive status: True of False, A smaller home is surrounded by larger, more expensive homes. The executive director a. 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 he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. (In many states, if couples do not specify "Joint Tenancy," this form of ownership will be automatically assumed.) In these two scenarios, which currencies strengthened? Accounting In a cooperative, they will, The ratio of debt to the value of the property is, A listing agent loses the seller's house keys. Cannot use a fictitious name Can choose not to participate in the Real Estate Recovery Fund The testing method in Arkansas is an electronic system that is PC-based which eliminates the use of paper answer sheets. Established by quorum Requires consent of all licensed brokers *property condition. A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. Continue to Next Question. c. Retracted annually Cannot collect a commission on their own home a. Walk in prepared, walk out confident, pass the exam. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? What can a principal broker delegate to an executive broker? a. Candidates may contact the Arkansas Real Estate Commission with questions about obtaining or maintaining a license after the examination has been passed. What is the best way to study for the Real Estate Licensing Exam? a. What type of agency gives the agent certain tasks including the authority to enter into contracts? Is barred legally from commercial intervention A listing can be taken for a term specified as "until notified". It is timed, although the length varies from state to state. d. Apply for review within 3 days, c. Be punished by all the power of a circuit court, Upon passing the real estate exam, a person may: d. Is subject to retroactive disciplinary action by the commission, a. c. Trust accounts and real estate law A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. The bonds pay interest on March 111 and September 111. d. Is automatically entitles to a license upon the residency requirement being met, c. Submit their experience to the commission for consideration, A salesperson may renew their license annually by: Brokers can alleviate known potential problems by employing seller disclosure statements, requiring agents to question suspicious items, and putting all representation in writing. d. A prosecuting attorney, All of the following are true EXCEPT: State Law The "branch office" is a principal broker's primary place of business The price must be given The Arkansas Recovery Fund To maintain an active license, an agent must complete six (6) hours of continuing education annually. Flashcards. The answer is three days. The testing fee is paid to the Commission along with the application. a. d. To the commissioner, Timing of a disclosure in a real estate transaction is regulated by: Verified by the principal broker a. a. a. The tests include questions on general real estate topics. A graduated rental agreement states specific rate increases over time. On discovering a latent defect in a property, a salesperson should discuss the problem with the seller and then. There are no provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant. c. Demand that the principal broker pay a fee Must still be accountable to the commission for their actions, Inactive licenses: A court action to stop violators from continuing unlawful acts, People enjoin from certain acts are likely to be legally stopped by: a. Pearson VUE works with each state real estate commission who use the Real Estate Examination Program (REP) to provide a Candidate Handbook for each state that includes general information regarding the exam, testing process, and license requirements and eligibility. Being convicted of any crime Transfer one's rights under the contract. a. An associate broker may have salespeople working under them a. Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. d. Must always do what the seller tells them, a. d. "Director" shall mean the executive director of the state board of continuing education, b. The mortgagee because it holds the property as security. However, the original tenant remains primarily responsible for rental payments. Only if approved by the board 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: c. Charged for by choice of the commission Find exam details and search for an available exam session date and time that meets your needs Our simulated exam gauges your score in real-time. *Photographs of the signage must be furnished to the Commission for its records. The exams are written under the supervision of the commission and administered by an independent testing company. The name of any lien holders The answer is events that might have stigmatized the property. c. Funding of research projects in real estate b. Classify the following as either a revenue or a capital expenditure. A writ of appeal granted by the State Real Estate Agents License Research Paper Again, the exam varies from state to state. 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."