a. January 6, 2021 In this short article, we review the four main approaches for property valuation - Market Data, Cost, Income, and Appraisal. In this position does the manager need a real estate license? a. Can a licensee pay an unlicensed person for leads? A real estate licensee who assists the buyer and seller in a transaction but does not represent either party. b. a. Equitable right of redemption. A listing service whereby local members of the Board of REALTORS agree to share listings and commissions on properties sold jointly. Calendar of Events; Commission; Contact AREC; News; . d. By permission of the commission, Necessary items of a listing contract are: *information about the buyer's motivations and financial qualifications c. Have equal voting privileges b. b. b. a. 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. While a license is on inactive or expired status, the licensee is not subject to disciplinary actions. b. Their principal broker c. Must be a resident of Arkansas to get a license the seller has financed a portion of the purchase price and placed a junior lien on the property. b. Statutory Laws Have full time agents working under them When a licensee leaves the employment of a principal broker, he must immediately surrender his pocket card. An examination fee not to exceed $75 pursuant to 17-42-313, an appeal filing fee not to exceed $100 A real estate recovery fund fee not to exceed $25 Plus the actual cost of a state and federal criminal history background check. At this point, the buyer has what type of title to the property? d. An immediate family member of a salesperson, who is asked to procure clients for a consideration, The terms "real estate" and "real property": *Acting on behalf of more than one party without knowledge. When will full title and possession pass to his niece? b. loss of value due to uncollected delinquent rent. (The certificate is due no later than the end of the month one year following the date of initial licensure.). c. Is required As a real estate agent you must be well-versed in contracts of sale. a. Appointed for life c. A quorum In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? Only $35.99/year. It also may provide a more concrete basis for litigation if the buyer can determine that a seller filled out the form incorrectly or failed to disclose a defect the seller knew was material to the transaction. The principal broker is responsible and accountable for all trust funds received by the firm. Be opened to the public The assignee is secondarily responsible if it was agreed upon to pay the rent, and may even make rental payments directly to the landlord. A test must be taken c. Thirty-six hours if supplemented by a college degree With PrepAgent, you'll get instant access to expert-led webinars, prep videos, interactive learning tools, 1,000s of practice questions, and more. *Disclosure in writing. If you represent the Buyer, you must disclose this to the Seller or their agent at "first contact". All of the following are true of an open listing and an exclusive agency listing EXCEPT. Application designed and maintained by HCCS, Inc. The original tenant. 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. 2) the broker receives a commission no matter who finds the buyer, 1) Only one broker is authorized to sell A buyer and a seller sign a contract for the sale of real property. Free Arkansas Real Estate Practice Exam. Register and apply. a. Arkansas Real Estate Exam. Allowed The principal broker must then, within 7 days, notify and surrender the license and card to the Commission. c. Be punished by all the power of a circuit court Must always give the principal broker the deposit, Continuing education requirements for reinstating both inactive and expired licenses: A person who received the email chose to opt-out from receiving additional emails from the licensee. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. 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. The buyer in case of fraud d. Can be in a residence, A licensee transferred their license to another real estate company. *All licenses must be displayed at the place of business. The broker should: d. Can still serve on a limited basis as a buyer's agent and collect a commission, d. Can still serve on a limited basis as a buyer's agent and collect a commission, A real estate office must: Susan David is putting her two-bedroom, one-bathroom condo on the market. b. Exhibiting poor judgement b. The owner of a life estate may not transfer their ownership after death since their ownership is limited to a lifetime. b. Disciplinary actions against licensees are initiated by the filing of a written and signed complaint given by the complainant under oath. a. d. May not teach both continuing education and basic real estate to the same people, b. The passing grade for such section is no lower; Three years in some cases c. Anyone collecting rents for a fee, and not residing on the property Mortgage brokers do not provide loans, handle escrow funds, or check borrowers' creditworthiness for loans. To minimize the possibility of liability in a real estate transaction, a broker would use all of the following tools and methods EXCEPT. A broker whose license has expired for no more than 60 days d. Executive brokers are responsible only to the Arkansas Real Estate Commission, d. Executive brokers are responsible only to the Arkansas Real Estate Commission, An injunction is: A tax lien on a property can hinder the sale of the property because it is, A land contract, contract for deed, or installment contract has been reached between the seller and buyer. Offering comment as to the correctness of a deed, The market value of a parcel of real estate is. 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. 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? In Arkansas, there are 110 questions on the exam (80 national and 30 state). a. Boat Belting then collects cash on April 24 when the exchange rate for a peso is$0.099. Can a landlord charge an extra deposit for a service animal? Scan QR code or get instant email to install app. b. Salesmanship for buyer's agents Courses offered by the commission Is exempt from taxes a. Does there have to be compensation in order to have an agency relationship? Which of the following is NOT an example of governmental power? c. Both a and b Limited to 6 times a year Arkansas Real Estate Commission 612 South Summit Street, Little Rock, AR 72201-4740. c. Can be appealed to the state court within 3 months The landlord sells the building during the one-year lease term. Confidentiality ____ members of the AREC are appointed to represent consumers and shall not be actively engaged in or retired from the business of real estate. A listing can be taken for a term specified as "until notified". A licensee with an expired license may renew the expired license as active or inactive within ____ year after expiration. The ROI formula: after-tax cash flow equity 100% of the return, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Information Technology Project Management: Providing Measurable Organizational Value, Alexander Holmes, Barbara Illowsky, Susan Dean. However, the seller retains the right to sell the property without obligation to the brokerage. c. Can be held accountable by the commission for their actions c. Where licenses are hung Proper disclosure to a buyer should include: *agency 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. What occurs if the principal broker leaves the firm or dies? Obtain the written consent of the owner of the property. 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. Round to the nearest cent. 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. The other two cousins will retain their own fractional interests in the property and remain tenants in common with the deceased cousin's heirs. a. c. Can ask for waiver of said fee in cases of hardship b. No agency, or transaction brokerage. d. All people concerned, In filing a lawsuit against an owner in the sale of real estate, a principal broker is declaring: b. There is a 5-day grace period Also referred to as a transaction broker or a facilitator. inform any prospective buyers of the defect. a. the fiduciary relationship between the principal and the agent, The principal for whom a broker acts as agent. 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. Time-share (creation) instruments must provide arrangements for management and operation of the time-share. \hspace{8pt} Determine the interest earned by Carly Company on Baltimore Company bonds for 201020102010. 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. True of False, A smaller home is surrounded by larger, more expensive homes. Once the sale closes, the broker is no longer required to maintain records on the transaction. d. Deposited in the "Arkansas Real Estate Commission Fund", d. Deposited in the "Arkansas Real Estate Commission Fund", Funds collected by the commission are: Within 5 days following execution of the sales contract, the developer may cancel the contract without penalty. If an agent's license is revoked, the agent may be eligible to reapply for a new license within one (1) year from the date of revocation. All first time licensees' must pay $25.00 into the recovery fund within ninety (90) days of exam passage. Ringmen in an aution do not have to have a real estate license as long as the auctioneer they are working under has one. The answer is events that might have stigmatized the property. Proof of completion of 45 hours of Pre-License Education. Can a licensee sell a house without going through the brokerage? 4) Financing: 10%. d. The Commissioner has the right to interplea, A licensee must disclose which party they are representing in a real estate transaction to: They may take their own listings with them Sign up. c. A broker b. Click the card to flip Flashcards Learn Test Match Created by cjtrackie a. Then divide 640 by 128: 640 (acres in a section) 128 = 5 acres. d. A "point of departure" in negotiations, a. In a universal agency relationship, the principal empowers the agent to perform any and all actions that may be legally delegated to an agency In order to do this legally, the owner must get, Zoning ordinances normally define specific uses for land that are permitted within a municipality. a. After the successful completion of the real estate exam, how long does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? d. "Director" shall mean the executive director of the state board of continuing education, b. The bifore reforium Flashcards. A licensed broker. Boat Belting sells goods for 900,000 Mexican pesos. b. When can a time share developer cancel a contract? Time-shares must be registered. 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. What is the post-license education requirement? Arkansas Real Estate Exam. There was fraud committed This study guide will cover offers and negotiation, interests and identities of contract parties, descriptions of real estate, property price and payment, contingencies and special terms of sale, settlement dates, and signatures. Unless the broker has been employed by the seller under a valid written agency contract, the broker is not entitled to a commission. A final order of the Commission may be appeal in the Circuit Court. If one of the cousins dies without a will, to whom will his interest pass? a. d. Payment to victims of real estate fraud when ordered by the courts, c. Funding of research projects in real estate, Any act of violation occurring before December 31, 1979: How long does a broker keep the firm's records? d. Unlimited, The duties and responsibilities of the executive director are designated by: *property condition. The Arkansas Real Estate Commission approves continuing education course. a broker independently setting a company commission schedule. Can sometimes be reinstated by the Board 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. You must be sponsored by a managing broker in order to practice. Licensees are not allowed to practice real estate independently from their principal broker or executive broker. Time-share is considered to be a real estate interest. b. Licensees are not allowed to represent a property's price in any advertising that is different from the price agreed upon by the principal. Welcome to the National Real Estate Practice Exam This free practice exam is here to help you master the national portion of the real estate exam. They may be sued in civil court and subjected to punitive damages. No continuing education is required for the first renewal following the date a person is licensed. For the borrower, one discount point equals, In the income approach, all of the following are considered when calculating net operating income EXCEPT, The ability of a community to attract income and business is known as the community's, To determine whether a location can be put to future use as a retail store, you would examine. Must still be accountable to the commission for their actions a. 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. d. Outside of state jurisdiction, An appeal after a dismissal of complaint: Use a graphical technique to display this information. 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. Must immediately be deposited in an escrow account b. Balance refers to the amount remaining after certain mathematical calculations have been completed. A woman has permission from her friend to hike on his property during the autumn months. Let's start your studying right now! Property manager. d. The principal broker must approve of their transfer, c. The commission needs to be notified of the transfer, A licensee tells their principal broker that they lost their pocket card. a. a. b. Continuing education courses require testing in order to obtain credit. How long does a licensee have to answer a disciplinary action? A person must hold a real estate license of sometime to legally own a real estate company. State-specific practice tests are not available.