Prepare for success on the Arkansas Real Estate Salesperson exam with our comprehensive Q&A package. Delve into a curated collection of questions and detailed answers covering every essential aspect of Arkansas real estate law, regulations, practices, and ethics.
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Arkansas Real Estate Commission is made up how many members? 5 members Who appoints AREC members? Governor How long do AREC members serve? 3 years How many staff members implement commission's responsibilities and decisions? 15 staff members What are the AREC member qualifications? -Thr...
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Add to cartArkansas Real Estate Commission is made up how many members? 5 members Who appoints AREC members? Governor How long do AREC members serve? 3 years How many staff members implement commission's responsibilities and decisions? 15 staff members What are the AREC member qualifications? -Thr...
Generally speaking, what happens if an applicant fails the criminal background check due to a felony conviction? They are denied licensure Which of the following activities does not require a real estate license? Building a house for another for compensation The licenses of the principal broke...
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Add to cartGenerally speaking, what happens if an applicant fails the criminal background check due to a felony conviction? They are denied licensure Which of the following activities does not require a real estate license? Building a house for another for compensation The licenses of the principal broke...
Kent has knowledge that Brent, another salesperson in the firm, purposefully published a misleading advertisement for a home in West Fork. What does the commission say Kent's duty is in this situation?Report it in writing to the commission. Which of the following costs is eligible for disburseme...
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Add to cartKent has knowledge that Brent, another salesperson in the firm, purposefully published a misleading advertisement for a home in West Fork. What does the commission say Kent's duty is in this situation?Report it in writing to the commission. Which of the following costs is eligible for disburseme...
A real estate office may not be located where? a. the salesperson's home b. a real estate school c. an office building d. a mobile homeA. A Salesperson cannot have a firm - Principal Broker only. All of the locations listed are acceptable Which one of the following is not a $30 fee? a. applica...
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Add to cartA real estate office may not be located where? a. the salesperson's home b. a real estate school c. an office building d. a mobile homeA. A Salesperson cannot have a firm - Principal Broker only. All of the locations listed are acceptable Which one of the following is not a $30 fee? a. applica...
The members of the Arkansas Real Estate Commission are: a. Elected b. Hired by the Commission's executive director c. Selected by the Legislature d. Appointed by the GovernorD The term of an Arkansas Real Estate Commissioner is: a. determined by the Governor b. two years c...
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Add to cartThe members of the Arkansas Real Estate Commission are: a. Elected b. Hired by the Commission's executive director c. Selected by the Legislature d. Appointed by the GovernorD The term of an Arkansas Real Estate Commissioner is: a. determined by the Governor b. two years c...
What is the purpose of the Arkansas real estate license law to protect the public interest in the real estate marketplace through the regulation of real estate brokers and salespersons. The legal basis for the license law is derived from the State's police powers The license law is contained ...
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Add to cartWhat is the purpose of the Arkansas real estate license law to protect the public interest in the real estate marketplace through the regulation of real estate brokers and salespersons. The legal basis for the license law is derived from the State's police powers The license law is contained ...
Maximum amount due for a filing fee of a time share interval project $1,000 Time share annual renewal fee $500 A timeshare developer found guilty of a timeshare law in fraction can be fined up to imprisoned for how long $5000 and one year Real estate sales person's license expire when Dece...
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Add to cartMaximum amount due for a filing fee of a time share interval project $1,000 Time share annual renewal fee $500 A timeshare developer found guilty of a timeshare law in fraction can be fined up to imprisoned for how long $5000 and one year Real estate sales person's license expire when Dece...
What is the purpose of license law? To protect the public, safety, and welfare. Can an associate broker have supervisory authority? No Does an executive broker have to be under supervision? Yes To who made an executive broker exercise supervision over? Executive brokers and sales persons ...
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Add to cartWhat is the purpose of license law? To protect the public, safety, and welfare. Can an associate broker have supervisory authority? No Does an executive broker have to be under supervision? Yes To who made an executive broker exercise supervision over? Executive brokers and sales persons ...
The members of the Arkansas Real Estate Commission are: a. Elected. b. Hired by the Commission's executive director. c. Appointed by the Governor. d. Selected by the Legislature. c. Appointed by the Governor. The term of an Arkansas Real Estate Commissioner is: a. determined by the Governor...
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Add to cartThe members of the Arkansas Real Estate Commission are: a. Elected. b. Hired by the Commission's executive director. c. Appointed by the Governor. d. Selected by the Legislature. c. Appointed by the Governor. The term of an Arkansas Real Estate Commissioner is: a. determined by the Governor...
A title insurance policy protects against title defects A) which have been cleared by a quiet title suit. B) that occurred before closing. C) found after closing. D) no matter when they are discovered. C) found after closing. The title commitment would list any defects found before closing ...
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Add to cartA title insurance policy protects against title defects A) which have been cleared by a quiet title suit. B) that occurred before closing. C) found after closing. D) no matter when they are discovered. C) found after closing. The title commitment would list any defects found before closing ...
The memhbers of the AREC are Appointed by the governor of the state of Arkansas Who investigates and disciplines real estate licensees who have violated real estate licensing laws and regulations? The AREC(ARKANSAS REAL ESTATE COMMISSION if THE arec finds AN UNLICENSED INDIVIDUAL HAS BEEN LIST...
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Add to cartThe memhbers of the AREC are Appointed by the governor of the state of Arkansas Who investigates and disciplines real estate licensees who have violated real estate licensing laws and regulations? The AREC(ARKANSAS REAL ESTATE COMMISSION if THE arec finds AN UNLICENSED INDIVIDUAL HAS BEEN LIST...
When are Meeting of the Commission held and where? The Monday following the second Tuesday of the month at the office unless otherwise specified. What is required to appear before the Commission? Notify in 15 days before date in writing, file with the director, nature and purpose, clear and conci...
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Add to cartWhen are Meeting of the Commission held and where? The Monday following the second Tuesday of the month at the office unless otherwise specified. What is required to appear before the Commission? Notify in 15 days before date in writing, file with the director, nature and purpose, clear and conci...
If Harley, a buyer looking at a property in Mena, were given misinformation about the property by Bentley, his buyer agent, who is responsible? Bentley* Harley Seller Seller's agent - When buyers have their own agent, the seller's agent is not responsible for the actions of the buyer's agen...
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Add to cartIf Harley, a buyer looking at a property in Mena, were given misinformation about the property by Bentley, his buyer agent, who is responsible? Bentley* Harley Seller Seller's agent - When buyers have their own agent, the seller's agent is not responsible for the actions of the buyer's agen...
AREC members 5 total and are appointed by govener 3 have been licensed in arkansas for 5 years 2 never been in real estate to represent consumer, 1 over 60 3 year term starting jan1 executive director of AREC delegates all duties authority and powers except rule making and adjudicative p...
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Add to cartAREC members 5 total and are appointed by govener 3 have been licensed in arkansas for 5 years 2 never been in real estate to represent consumer, 1 over 60 3 year term starting jan1 executive director of AREC delegates all duties authority and powers except rule making and adjudicative p...
Broker An intermediary between a buyer and seller in a highly organized market. Sales Associate A person who performs real estate activities while employed by a licensed real estate broker. Associate Licensee A licensed real estate salesperson who is employed by or associated with the broker t...
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Add to cartBroker An intermediary between a buyer and seller in a highly organized market. Sales Associate A person who performs real estate activities while employed by a licensed real estate broker. Associate Licensee A licensed real estate salesperson who is employed by or associated with the broker t...
The members of the Arkansas Real Estate Commission are designated by a. the Arkansas Association of REALTORS™. b. public election estate licensees by election d. governor d. governor All funds received by a broker in connection with an accepted contract on behalf of his principal must be d...
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Add to cartThe members of the Arkansas Real Estate Commission are designated by a. the Arkansas Association of REALTORS™. b. public election estate licensees by election d. governor d. governor All funds received by a broker in connection with an accepted contract on behalf of his principal must be d...
Commission meetings: Can be called by a majority Meetings of the commission are held: At the commission's office An appearance before the commission: Is mandatory if subpoenaed All agendas of the commission are: Allotted approximate time intervals Salaries of the employees of the commis...
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Add to cartCommission meetings: Can be called by a majority Meetings of the commission are held: At the commission's office An appearance before the commission: Is mandatory if subpoenaed All agendas of the commission are: Allotted approximate time intervals Salaries of the employees of the commis...
A.A.I.D. - Steps of Advertising This acronym describes the process of grabbing attention through advertising. Attention - ad must grab people's attention Action - ad must inspire action Interest - ad must lead to greater interest beyond initial attention Desire - ad must appeal to the ...
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Add to cartA.A.I.D. - Steps of Advertising This acronym describes the process of grabbing attention through advertising. Attention - ad must grab people's attention Action - ad must inspire action Interest - ad must lead to greater interest beyond initial attention Desire - ad must appeal to the ...
Equatible A buyer makes an offer on a seller's house, and the seller accepts. Both parties sign the sales contract. At this point, the buyer has what type of title to the property? Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? The salesperson's princip...
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Add to cartEquatible A buyer makes an offer on a seller's house, and the seller accepts. Both parties sign the sales contract. At this point, the buyer has what type of title to the property? Who is ultimately responsible for a salesperson's mistakes in writing a sales contract? The salesperson's princip...
A farmer owns the W 120f the NW 14 of the NW 14 of a section. The adoining property can be purchased for $2,300 per acre. Owning all of the NW 14 of the section would cost the farmer $322,000 What must a home inspector do to comply with the requirements of the Arkansas Home hspector Registration ...
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Add to cartA farmer owns the W 120f the NW 14 of the NW 14 of a section. The adoining property can be purchased for $2,300 per acre. Owning all of the NW 14 of the section would cost the farmer $322,000 What must a home inspector do to comply with the requirements of the Arkansas Home hspector Registration ...
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? A. 5 acres B. 10 acres C. 80 acres D. 2.5 acres 2 x 2 x 4 x 4 x 4= 256 640/256= 2.5 D. 2.5 acres Sell...
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Add to cartHomeowner 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? A. 5 acres B. 10 acres C. 80 acres D. 2.5 acres 2 x 2 x 4 x 4 x 4= 256 640/256= 2.5 D. 2.5 acres Sell...
How many days prior to a hearing date must the executive director of the Arkansas Commission notify persons involved in a complaint? 30 In Arkansas revenue stamps must be purchased and placed on the deed prior to closing. The cost per $1,000 of the sales price is $3.30 What type of license mus...
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Add to cartHow many days prior to a hearing date must the executive director of the Arkansas Commission notify persons involved in a complaint? 30 In Arkansas revenue stamps must be purchased and placed on the deed prior to closing. The cost per $1,000 of the sales price is $3.30 What type of license mus...
Maximum amount due for a filing fee of a time share interval project $1,000 Time share annual renewal fee $500 A timeshare developer found guilty of a timeshare law in fraction can be fined up to imprisoned for how long $5000 and one year Real estate sales person's license expire when Dece...
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Add to cartMaximum amount due for a filing fee of a time share interval project $1,000 Time share annual renewal fee $500 A timeshare developer found guilty of a timeshare law in fraction can be fined up to imprisoned for how long $5000 and one year Real estate sales person's license expire when Dece...
The Commission consists of _____ members. a. Three b. Five c. Six d. Nine Five How many AR RE commission members are licensed vs not licensed? 3 licensed, 2 not licensed How are non licensed AR RE commissioners selected? From the state at large, subject to senate confirmation If you cla...
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Add to cartThe Commission consists of _____ members. a. Three b. Five c. Six d. Nine Five How many AR RE commission members are licensed vs not licensed? 3 licensed, 2 not licensed How are non licensed AR RE commissioners selected? From the state at large, subject to senate confirmation If you cla...
Gina works for a brokerage in Little Rock, and a lender asks her to provide a professional opinion on how much a local property is worth. Once she conducts her research and provides her estimate, what term is she allowed to use to describe her findings? Broker price opinion In Arkansas, _____ are...
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Add to cartGina works for a brokerage in Little Rock, and a lender asks her to provide a professional opinion on how much a local property is worth. Once she conducts her research and provides her estimate, what term is she allowed to use to describe her findings? Broker price opinion In Arkansas, _____ are...
A property management agreement is a written contract between theowner and property manager The answer is owner and property manager. A property management agreement is a written contract between the owner and the property manager. How are members of the Arkansas Real Estate Commission's boar...
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Add to cartA property management agreement is a written contract between theowner and property manager The answer is owner and property manager. A property management agreement is a written contract between the owner and the property manager. How are members of the Arkansas Real Estate Commission's boar...
In a timely manner 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 A licensee is representing the buyer solely in a real estate transaction. When must the agent disclo...
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Add to cartIn a timely manner 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 A licensee is representing the buyer solely in a real estate transaction. When must the agent disclo...
Brokerage The business of bringing people together in Real Estate transaction Broker A person or company licensed to buy, sell, exchange, or lease real property Appraisal Process of developing opinion of a property market value based on established methods and the professional judgment Prop...
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Add to cartBrokerage The business of bringing people together in Real Estate transaction Broker A person or company licensed to buy, sell, exchange, or lease real property Appraisal Process of developing opinion of a property market value based on established methods and the professional judgment Prop...
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