Download Arkansas Real Estate Exam Question And Answers 2023 and more Exams Nursing in PDF only on Docsity!
Answers 2023
principal broker - Correct Answer ✅ an individual who performs certain real estate services for another party for compensation. ultimately responsible for the company's activities, notably the activities of other licensees as well as the business's trust accounts. real estate duties not requiring license - Correct Answer ✅ Delivery of a lease application or lease. Receiving a lease or lease application for delivery to the principal broker, real estate firm, or owner. Receiving a security deposit, rent payment or related payment for delivery to the principal broker, real estate firm, or owner. Acting under the direct written instructions of the principal broker, firm or owner in: Showing a rental unit. Assisting in the execution of a preprinted lease or rental agreement containing pre-established terms. Conveying information regarding a lease transaction prepared by the principal broker, firm, or owner to any person. executive broker - Correct Answer ✅ a licensed broker employed and supervised by a principal broker as an employee or independent contractor who can perform real estate services under the auspices of the principal broker, but who also has the authority to supervise associate brokers and salespersons.
Answers 2023
associate broker - Correct Answer ✅ licensed broker who, as an employee or independent contractor, may perform real estate services under the supervision of a principal broker or executive broker. The associate broker may not supervise any other licensee to qualify for a Arkansas license - Correct Answer ✅ Be of majority age ( years old). Satisfy educational requirements. Satisfy experience requirements. Pass the appropriate licensing examination. Demonstrate a record of professional conduct. Provide evidence of honesty, trustworthiness and integrity. Complete a criminal history background check. Pay the appropriate fees. requirement for brokers license - Correct Answer ✅ 60 classroom hours in real estate within a 3-year period prior to the date of application, documented by the approved school or other satisfactory evidence Two years experience as a licensed Arkansas salesperson, or salesperson or broker from another state, within the four-year period preceding the date of application
Answers 2023
exempt from general portion of exam if: - Correct Answer ✅ They passed the general portion in another state, subject to Commission approval; and The passing grade for such section is no lower; and The examinee is licensed in another state at the time he or she takes the Arkansas exam. requirements for non-resident licensure are: - Correct Answer ✅ Meet the same requirements as residents; or follow commissions non-resident regulations and meet requirements such as Affiliate with a resident or non-resident principal broker licensed by the Commission etc. If a resident or non-resident licensee terminates affiliation with a principal briker - Correct Answer ✅ the person's license is terminated until such time as a re-affiliation occurs with another principal broker and the nonresident/resident places his or her license on inactive status. December 31 - Correct Answer ✅ All Arkansas real estate licenses, active or inactive, expire on___ even in the initial year of licensure september 30 - Correct Answer ✅ The deadline for renewing the license without paying additional fees
Answers 2023
90 prior to expiration - Correct Answer ✅ the Commission will issue a renewed license upon receipt of the application no later than 7 days - Correct Answer ✅ Inactive licensees must notify the Commission of any change in name or address within To activate an inactive license - Correct Answer ✅ must complete 6 hours of CE for every year the licensee was inactive, up to a total of 30 hours. If a license has been expired in excess of 3 years - Correct Answer ✅ the reactivation requirement will be the same as a new applicant. to reactivate an expired license - Correct Answer ✅ submit a renewal application, pay the appropriate fee, and satisfy continuing education and any other requirements On or about July 15th - Correct Answer ✅ the Commission sends licensees notice to renew licenses for the upcoming year. in a specific topic identified by the Commission - Correct Answer ✅ At least one hour of the 6-hour requirement will be
Answers 2023
no more than 30 days - Correct Answer ✅ Commission may issue temporary licenses pending issuance of the permanent license, valid for __ When a licensee leaves the employment of a principal broker he/she must - Correct Answer ✅ immediately surrender his or her pocket card to the principal broker 7 days following the termination - Correct Answer ✅ principal broker must within _____ notify the Commission of the termination, and surrender the license and card to the Commission. This automatically de-activates the license to transfer an inactive licenses to another principal broker and Commission issue the a temporary license, licensee must: - Correct Answer ✅ file a transfer application signed by the new principal broker, pay fee, and submit a statement attesting to not take listings or other proprietary property of previous broker to the new principal broker When a principal broker discontinues business operations, or is terminated by an owner - Correct Answer ✅ must surrender the license and all licenses of employed brokers and salespersons of the firm to the Commission for conversion to inactive status, and all signage must be dismantled.
Answers 2023
licenses of the principal broker and all licensees employed or affiliated with the principal broker - Correct Answer ✅ must be retained by the principal broker and displayed in the broker's principal place of business broker's business identification requirements are: - Correct Answer ✅ permanently attached and clear sign bearing the firm's name. Clear terms that indicate the company is in the real estate business (broker must notify the Commission of any change signage, and furnish photographs for approval) executive broker - Correct Answer ✅ the principal broker must designate an ____to be licensed at the branch as supervisor of all licensees, designation of responsibility must be submitted in writing to the Commission (may not be employed in non-real estate related field) principal broker - Correct Answer ✅ party responsible for all inflows and outflows from the branch's trust account. independent dealing - Correct Answer ✅ license law that licensees are not allowed to practice real estate independently from their principal broker or executive broker independent dealing - Correct Answer ✅ A licensee representing themselves as a principal broker when he/ she is not, is an example of:
Answers 2023
referral fee - Correct Answer ✅ any mutually agreed upon consideration to be paid by a licensee to any person or entity subject to disciplinary action by the Commission: (10) - Correct Answer ✅ Obtaining license via fraud; violating rules/regulations of license laws; substantial misrepresentation; inducing parties to take action based on false statements, descriptions or promises; failure to account for moneys in a timely fashion; committing or being convicted of, or pleading no lo contendere to a felony for moral turpitude, fraud, dishonesty; accepting consideration for real estate services from anyone other than the principal broker; independent dealing;false or misleading advertising;being incompetent in real estate services such that the public is endangered; paying consideration for acts which violate license laws executive broker delegations - Correct Answer ✅ Sign offer and acceptance forms. Train and supervise subordinate brokers and salespersons. Discharge administrative duties including signing and handling transfer documents. Both principal broker and executive broker - Correct Answer ✅ responsible for strict supervision of real estate activities performed by all licensees in the firm or branch
Answers 2023
Both principal broker and executive broker responsible for training subordinate licensees in areas of: - Correct Answer ✅ Real estate practice; Professional ethics; Changes in laws and regulations of the Commission the principal broker - Correct Answer ✅ consummation of a transaction, including the preparation of documents and the closing itself, must be supervised by ____ the principal broker, OR the executive broker, and the licensee - Correct Answer ✅ If principal parties elect to have a 3rd party close the transaction, such as an attorney or title company, provide written closing instructions to the third party; review the client's closing statement, if available; and assurance that the closing is conducted in accordance w/ the agreement of the client, is the responsibilities of immediately delivered to the principal broker - Correct Answer ✅ all monies received by licensees in connection with a transaction belonging to others must be Advance fees - Correct Answer ✅ monies charged and received in advance of the performance of any real estate service, such as fees for advertising, listing, or offering a property for sale.
Answers 2023
account therefore remains accountable for trust fund activity if designates an escrow agent. principal broker NOT responsible for T.F accounting if - Correct Answer ✅ the parties to a transaction select another, third party escrow agent. Arkansas Real Estate Foundation, Inc. - Correct Answer ✅ Trust funds in Arkansas may bear interest if the principal broker elects to follow the "Interest on Real Estate Brokers' Trust Account Program," the recipient of the interest earned by the account must be trust or escrow; federally-insured depository institution - Correct Answer ✅ All trust fund accounts must bear the terms ___ or _. The account must be within a____ Principal brokers are required to provide the Commission with a written report of each trust account, including the account's: (5) - Correct Answer ✅ Name and number, Bank name and address,Opening date. (also required to report changes affecting the trust account, including firm name changes, changes in principal broker status, and changes to or closing of the account itself) 3 days following the execution of a real estate contract - Correct Answer ✅ Trust funds received by the principal broker or designated escrow agent must be deposited into the trust account no later than.
Answers 2023
(or deposited according to written instructions of principal parties) The lender must charge 4 points to raise the interest rate ½% to 5%. The borrower must pay 4% x $50,000, or $2,000. - Correct Answer ✅ A lender wants to yield 5% on a 4.5% loan of $50,000. How many points must the lender charge, and what will this cost the borrower? monthly - Correct Answer ✅ Trust fund accounts must be reconciled ___ to bank statements in writing. 3 years - Correct Answer ✅ Reconciliations records must be made available for inspection by the Commission and kept for deposited in the trust account - Correct Answer ✅ All security deposits for leases must be _____. company trust account - Correct Answer ✅ deposits received for lease agreements in properties OWNED BY EMPLOYED LICENSEES unless specifically authorized in writing by the tenant, must be deposited in A broker may properly disburse funds from an escrow or trust account upon: (7) - Correct Answer ✅ 1.Interpretation of the contract which authorizes him to hold funds.
Answers 2023
obtain permission from such listing agent - Correct Answer ✅ In order for a selling agent to show or negotiate the sale of a property listed with another licensee, the selling agent must first the close of the following business day - Correct Answer ✅ Offers received by selling agents must be presented to the listing firm by Time-share estate - Correct Answer ✅ A separate estate or interest in property, except for property tax purposes. leasehold or fee interest in property devoted to time- sharing, such as a tenancy in common, time span ownership, or interval ownership, and a time-share lease. Time share instrument - Correct Answer ✅ Any document which creates or regulates time-share programs Time-share developer - Correct Answer ✅ Any person or entity engaged in selling its own time-share estates or time-share use - excluding persons who are acting solely as sales agents violations of time-share law - Correct Answer ✅ Filing false or misleading documents. Engaging in unlawful practice. Conducting false or misleading advertising. Improper handling of purchaser's funds.
Answers 2023
Violation of license laws. Failure to properly register the time-share program. conducting hearings and suspending the licenses may also revoke the registration of a time-share program in the event the developer fails to comply with the suspension - Correct Answer ✅ The enforcement powers of the Commission for violations of time-share law include Violators of time-share laws are - Correct Answer ✅ guilty of a misdemeanor and face fines up to $5,000 and one year incarceration. In addition, they may be sued in civil court and subjected to punitive damages. Public offering statements; the date of the sale contract - Correct Answer ✅ __must be provided to purchasers of a time-share; deadline for furnishing is __ (sale contract voidable if purchaser hasn't received) 5 days - Correct Answer ✅ statement of rescission rights declaring that purchaser has ___ after contract execution to cancel the contract.There is no penalty for cancellation. 5 days - Correct Answer ✅ following execution of the sales contract, the developer may cancel the contract without penalty Within
Answers 2023
Township lines - Correct Answer ✅ are lines running east and west, parallel with the base line and six miles apart. Base Lines - Correct Answer ✅ run east and west Range Lines - Correct Answer ✅ are lines on either side of a principal meridian and are divided into six mile wide strips by lines that run north and south parallel to the meridian. 36 Sections; 640 acres - Correct Answer ✅ Each township square is divided into ___ one mile square. One section is also equal to__ sales comparison approach - Correct Answer ✅ compares the subject property to similar properties and makes adjustments on the basis of the date of the sale, the location, the physical features and/or amenities. cost approach - Correct Answer ✅ relies on the original cost of the property's land and improvements, the cost to reproduce or replace the property's improvements, and the degree to which the improvements have depreciated. Primarily used for properties with limited comparable data or income data, or for properties where the original cost is particularly applicable, such as brand new homes, non-income producing buildings, government properties or unique-purpose buildings.
Answers 2023
PHYSICAL DETERIORATION - Correct Answer ✅ a form of depreciation caused by the action of the physical elements, such as wind or snow, or just ordinary wear and tear. Functional obsolescence - Correct Answer ✅ a loss of value of an improvement due to functional inadequacies, often caused by age or poor design; may be curable or incurable Economic obsolescence - Correct Answer ✅ a loss of value resulting from extraneous factors that exist outside of the property itself over which an owner has little or no control. Causes might be proximity to nuisances, changes in land use or population, change in zoning Chronological Age - Correct Answer ✅ Actual age in years of the building, based on building date economic life - Correct Answer ✅ Estimated period where an improved property will yield a return over and above economic rent. In the case of an older structure, refers to the period during which the remaining improvements are depreciated for tax purposes. The period which an improvement has value in excess of its salvage value. Also called service life or useful life.
