Download Arkansas Real Estate Law Mid-Term Question And ANSWERS (update) 2023 and more Exams Nursing in PDF only on Docsity!
And ANSWERS (update) 2023
In a timely manner - Correct Answer ✅ A licensee is representing the seller solely in a real estate transaction. When must the agent disclose his or her agency relationship to the prospective buyer? At first contact - Correct Answer ✅ A licensee is representing the buyer solely in a real estate transaction. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? No, not without written consent from the seller for dual representation - Correct Answer ✅ A buyer prospect enters into a buyer agency contract with the licensee. The prospect is interested in seeing the licensee's listing. At the time of the listing, the seller authorized the licensee to a seller agency only. Can the licensee show the property to this buyer prospect? $1000 per violation - Correct Answer ✅ A licensee fails disclose his or her agency relationship under the time and manner required by law. If found in violation, the Arkansas Real Estate Commission may impose a fine of, Inform the buyer the showing cannot occur without written consent from the seller - Correct Answer ✅ A buyer wishes to enter into a buyer agency relationship. On the particular house that the buyer wants to look at, the seller did not give written dual agency authorization to ABC Realty. this situation, the agent can
And ANSWERS (update) 2023
is entitled to collect a commission - Correct Answer ✅ A licensed broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker is entitled to collect a commission - Correct Answer ✅ A licensed broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker Yes, it can occur if both the buyer and the seller give their written consent to dual agency - Correct Answer ✅ A real estate company has entered into agency agreements with both a seller and buyer. The buyer is interested in making an offer on the seller's property Can this occur? Cannot disclose to the buyer offers received on the seller's property while it was listed with him - Correct Answer ✅ The listing agreement with the seller has expired and the seller lists with a different brokerage firm. The original listing agent now has a buyer interested in the seller's property. The original listing agent
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show Broker W's listing. When must Agency Representation be disclosed to Broker W if Broker P is representing the buyer as a buyer's agent? May want to consider discussing dual agency with the buyers - Correct Answer ✅ A broker has former clients interested in seeing a new listing that his firm has just listed. In this situation, the broker Seller, Buyer, Disclosed Dual - Correct Answer ✅ What are the three types of agency recognized in Arkansas? Both parties give their written informed consent to the dual compensation - Correct Answer ✅ In a dual agency situation, broker may collect a commission from both the seller and the buyer if The seller and buyer must be informed of the situation and agree to the broker representing both of them - Correct Answer ✅ A buyer who is a client of the broker wants to purchase a house that the broker has listed for sale. Which of the following statements is true? Seller - Correct Answer ✅ Who must complete the owner property disclosure report?
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After closing - Correct Answer ✅ The Owner Property Disclosure report may be delivered to the prospective buyer in any of the following situations EXCEPT Should advise the seller to answer truthfully about any problems or conditions known to the seller - Correct Answer ✅ In Arkansas, when an agent is listing a home and asks the seller to complete a property condition disclosure, the agent Can sue the seller and the broker for withholding a known material fact
- Correct Answer ✅ Six months after the buyer bought a house, the roof leaked during a rainstorm. When the house was listed, the seller told the broker that the roof leaked, but they both agreed not to tell any prospective buyers. The broker claims that the buyer did not ask about the roof. Under these facts, the buyer A state government official selling 50 acres of state land - Correct Answer ✅ "Engaging in the real estate business" consists of acting for another. All of the following people must have a real estate license EXCEPT $300 - Correct Answer ✅ In Arkansas, what is the amount due for a filling fee of a time-share interval project? Buyer as an agent - Correct Answer ✅ The broker has entered into a listing agreement with the seller. Another broker from a different real estate
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Three years - Correct Answer ✅ In Arkansas, real estate commissioners serve for Who submits a list to fill vacancies for the Arkansas Real Estate Commission's Board? - Correct Answer ✅ The Arkansas Association of REALTORS $100 - Correct Answer ✅ Any person who wishes to appeal a ruling for a dismissal of a complaint by the Arkansas Real Estate Commission's Executive Director may do by filing a fee of Arkansas Real Estate Commission - Correct Answer ✅ In Arkansas, the real estate license law is administered by the The governor - Correct Answer ✅ The members of the Arkansas Real Estate Commission are designated by Make and enforce the rules by which all real estate licensees must abide
- Correct Answer ✅ The Arkansas Real Estate Commission has the authority to 60 days following the dismissal - Correct Answer ✅ Any person wishing to file an appeal of a commission ruling of investigation must request such
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appeal in writing to the Arkansas Real Estate Commission within what time frame, if any? within 30 days - Correct Answer ✅ Once the Arkansas Real Estate Commission has accepted a complainant's request for an appeal hearing, the appellant pays for the appeal costs. How many days, if any, after notification of amount due must the appellant pay the fees? A random selection of licensees - Correct Answer ✅ The Arkansas Real Estate Commission may undertake an investigation of a licensee based on all the following grounds EXCEPT Live within the state Arkansas - Correct Answer ✅ In Arkansas, an applicant for a real estate license must do all of the following EXCEPT Being of good moral character - Correct Answer ✅ In Arkansas, which of the following is a requirement for obtaining a broker's license? There is no expiration date for applying - Correct Answer ✅ A prelicensing student successfully completed her real estate educational requirements on November 1, 2000 What is the latest date on which she may apply for the salesperson exam?
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agreement was reached. - Correct Answer ✅ Three weeks before N begins his real estate pre-license class, he offers to help his neighbor sell her house. The neighbor agrees to pay N a five percent commission. The seller accepts and offer while N is taking the class and closes the day before N passes the examination and receives his salesperson's license. The neighbor refuses to pay N the agreed commission. Can N sue to recover payment? The Arkansas Real Estate Commission could suspend the licensee's license - Correct Answer ✅ An unlicensed person has been receiving $ cash from a licensed salesperson for successful buyer and seller leads. Is the agent in violation? December 31 of each year - Correct Answer ✅ When do real estate salesperson licenses expire in Arkansas? Pay an annual renewal fee of $60 - Correct Answer ✅ To renew a real estate license in Arkansas, a salesperson must $110 - Correct Answer ✅ An Arkansas broker applied to renew his broker's license on October 1, 2001. What is the fee for this renewal? $30 - Correct Answer ✅ What is the fee for a salesperson transferring to another broker during a single renewal period if the salesperson has already transferred one time this year?
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There is no "free time" - Correct Answer ✅ A licensee who allows his or her license to expire has how long to reinstate the license without monetary penalty? There is no "free time" - Correct Answer ✅ A licensee who allows his or her license to expire has how long to reinstate the license without monetary penalty? Ministerial acts - Correct Answer ✅ Routine services that do not create an agency relationship are referred to as Explain simple contract documents to prospective buyers - Correct Answer ✅ In Arkansas, an unlicensed real estate assistant may perform all of the following activities EXCEPT May inset factual information into form contracts under the employing broker's supervision and approval - Correct Answer ✅ Regarding licensing and duties of personal real estate assistants in Arkansas, they Not pay a commission to the assistant under the facts presented here - Correct Answer ✅ The broker's unlicensed assistant worked late nights and weekends to help difficult transaction. The assistant's ensure the successful closing of a extra work included making several phone calls to prospective buyers, encouraging them to accept the seller's
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Successful completion of 60 classroom, correspondence, or distance learning hours in general principles of real estate - Correct Answer ✅ Which of the following is a requirement to obtain a real estate salesperson's license in Arkansas? Engaging in the real estate business - Correct Answer ✅ A person must be licensed as a real estate broker or salesperson if that person is $5,000 - Correct Answer ✅ In Arkansas time-share development, a sales agent must show evidence of a corporate bond. How much is required? $5,000 and 1 year - Correct Answer ✅ A time-share developer found guilty time-share law infraction can be fined up to and imprisoned for how long? A misdemeanor - Correct Answer ✅ If found guilty of a time-share violation, the developer or agent can be charged with Annually - Correct Answer ✅ Licensees who have had their licenses suspended or revoked will appear in the newsletter from the Arkansas Real Estate Commission. How often is this newsletter published? An agent retains written permission to leave a real estate sign up on the property, even when his listing agreement expired - Correct Answer ✅ The
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Arkansas Real Estate Commission has the right to revoke or suspend a licensee's license for all of the following, EXCEPT when Agreeing with a seller to accept a listing for more than the broker's normal commission rate - Correct Answer ✅ In Arkansas, which of the following is legal and not grounds for revoking a broker's license? Deposits a buyer's down payment in his or her own bank account - Correct Answer ✅ The commission has the power to revoke or suspend a salesperson's license if the salesperson Licensee may be fined up to $1,000 per infraction - Correct Answer ✅ An unlicensed person has received a fee from a salesperson for spotting bids at a real estate auction. All of the following are true EXCEPT for that the Being found liable in a civil trial for illegal discrimination - Correct Answer ✅ For which of the following acts is the Arkansas Real Estate Commission required to suspend or revoke a licensee's license? Two years - Correct Answer ✅ A salesperson had his Arkansas salesperson license revoked. When will the salesperson be eligible to reapply for licensing?
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Employing broker's firm name - Correct Answer ✅ Salesperson J-H placed the following order with the telephone company: list my name in the directory under heading, Real Estate as "J-H, Real Estate Salesperson, Residential Property My Specialty." J-H is also required to include Obtain the written consent of the owner of the property - Correct Answer ✅ A broker who wishes place "For Sale" sign on a listed property must first Must indicate that the ads were placed in the name of a licensed real estate broker - Correct Answer ✅ When advertising real property, real estate licensees Unethical in Arkansas at any time - Correct Answer ✅ Listings based on a "net price" are The broker accepted an unethical net listing - Correct Answer ✅ An elderly couple told the broker that they wanted to sell their house and net $50,000 for the sale. The broker accepted the listing and sold it for $160,000. He gave $50,000 to the sellers and kept the rest. Which of the following is correct? Negotiable between the broker and principal - Correct Answer ✅ In Arkansas, real estate commission rates are
And ANSWERS (update) 2023
Are determined by agreement of the broker and his or her principal - Correct Answer ✅ Commissions earned by a broker in a real estate sales transaction One working day of acceptance of the offer - Correct Answer ✅ All funds received by a broker on behalf of his or her principal must be deposited in an escrow or trust account within The buyer and seller would be responsible - Correct Answer ✅ A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and seller. The day of closing, the escrow's closing agent called to tell the broker the S500 was mission. Who is responsible? Deposit the money in an existing special escrow account in which all earnest money received from buyers may be held at the same time. - Correct Answer ✅ A broker received an accepted contract and earnest money deposit. Under Arkansas law, the broker should All checks, deposit slips, and bank statements must include the word "escrow" or "trust" as part of the account name - Correct Answer ✅ Which of the following correct broker establishes and account to hold money belonging to others? Is in violations of regulations for improperly handling escrow funds - Correct Answer ✅ A broker manages three properties for the same owner.
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Inform the owner in writing that the salesperson is a licensee before making an offer - Correct Answer ✅ A broker lists a small office building. Because the property is in excellent condition and produces a good, steady income, the broker's salesperson has decided to purchase it as an investment. If the broker's salesperson wishes to buy this property, the salesperson must Has failed to properly disclose his or her agency relationship - Correct Answer ✅ A licensed salesperson obtains a listing. Several days later, the salesperson meets with prospective buyers at the property and tells them, "I am the listing agent for this property, and so I'm very familiar with it." Under these circumstances, the salesperson Give it to the broker - Correct Answer ✅ What must a licensee first do with the real estate pocket card upon termination of employment with a real estate broker? 7 days - Correct Answer ✅ Once a licensee has been terminated, the principal broker must notify the Arkansas Real Estate Commission within No specific termination date - Correct Answer ✅ Regarding listing agreements in Arkansas, which of the following could result in the suspension or revocation of a licensee's license to practice real estate?
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Give the seller signing the listing a legible, signed, true, and correct copy
- Correct Answer ✅ Upon obtaining a listing, a broker or licensed salesperson is obligated to Has withdrawn the broker's authority to sell the property and may be subject to a penalty - Correct Answer ✅ The seller listed his house for sale with the broker on February 1. The listing agreement was to last five months. In April, the seller decided that the house was no longer for sale. In this situation, the seller Yes, only with the listing agent's permission - Correct Answer ✅ The selling broker wishes to accompany the listing broker on the offer presentation. May this occur? Pope County Bar Association vs. Suggs (1981) - Correct Answer ✅ What is the name of the Arkansas Supreme Court ruling that requires all licensees to use attorney approved contracts and real estate forms? a broker make the real estate business his or her major activity if employing agents - Correct Answer ✅ Arkansas license law requires that Send the real estate license and pocket card of the salesperson to the Arkansas Real Estate Commission - Correct Answer ✅ A salesperson does something the principal broker learns is illegal. The broker terminates salesperson. The broker should
