Arkansas Real Estate License Law questions and answers 100% verified.

Arkansas Real Estate License Law questions and answers 100% verified. A property management agreement is a written contract between the - correct answer. owner 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 board selected? - correct answer. Appointed by the governor The answer is appointed by the governor. The members of the board are appointed by the governor and approved by the senate. Arkansas license law requires that - correct answer. a broker make the real estate business his or her major activity if employing agents. The answer is a broker make the real estate business his or her major activity if employing agents. Anybody can remove the signs from the subject property. Arkansas license law states that a broker engaged in any field other than real estate is presumed to be gainfully employed in a non-real estate related field. The presumption may be overcome by proof that such employment is in a "like-kind" field to real estate. No law requires that real estate appraisers look at a property prior to listing. Licensees must take six hours of continuing education each year in order to have their license renewed active. What are the three types of agency recognized in Arkansas? - correct answer. Seller, buyer, and disclosed dual The answer is seller, buyer, and disclosed dual. Arkansas recognizes single agency, such as representing the seller or the buyer, as well as dual agency, as long as both parties agree. A salesperson had his Arkansas salesperson license revoked. When will the salesperson be eligible to reapply for licensing? - correct answer. Two years The answer is two years. A licensee whose license has been revoked shall be eligible to apply for a new license two years from the date of revocation. Buyer-brokerage contracts in Arkansas - correct answer. are required by law to be in writing if they are exclusive in nature. The answer is are required by law to be in writing if they are exclusive in nature. The buyer-brokerage contract is an employment contract and must be in writing if exclusive in nature. Open buyer-brokerage agreements are not required to be in writing but are highly recommended as set forth in Regulation 10. Buyer-brokerage contracts are definitely regulated, just as listing agreements are regulated. Who must have a real estate license to perform the following activities? - correct answer. Company that for a fee (not commission) matches individuals from different parts of the country who want to exchange properties and assists them in doing so The answer is company that for a fee (not commission) matches individuals from different parts of the country who want to exchange properties and assists them in doing so. Anyone who matches individuals for a fee or commission requires a real estate license. Court-appointed individuals are not required to have a real estate license. The resident manager is specifically exempt from being required to have a real estate license. In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? - correct answer. $500 The answer is $500. The time-share developer must file an application and pay a $300 filing fee plus $5 for each 25 intervals, not to exceed the sum of $500. A broker received an accepted contract and earnest money deposit. Under Arkansas law, the broker should - correct answer. deposit the money in an existing special escrow account in which all earnest money received from buyers may be held at the same time. The answer is deposit the money in an existing special escrow account in which all earnest money received from buyers may be held at the same time. The broker may deposit this buyer's funds into an escrow account containing money from other customers and clients. Detailed record keeping is required. 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? - correct answer. In a timely manner The answer is in a timely manner. The licensee should disclose to the buyer his or her agency relationship with the seller in a timely manner under the particular circumstances, so as to avoid possibly eliciting or receiving information that otherwise would need to remain confidential. The purpose of the Arkansas Real Estate Recovery Fund is to - correct answer. provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. The answer is provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. The purpose of the recovery fund is to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee while violating the license law or committing other illegal acts related to a real estate transaction. An associate broker - correct answer. has met the qualifications of a broker. The answer is has met the qualifications of a broker. An associate broker is a person who has met all the requirements for a broker's license but has not chosen to apply to become the principal broker. A licensed principal broker must hold the license of an associate broker. In Arkansas, an applicant for a real estate license must do all of the following EXCEPT - correct answer. live within the state of Arkansas. The answer is live within the state of Arkansas. An applicant does not have to live in Arkansas. There are many out-of-state Arkansas licensees. In Arkansas, applications for any real estate license must be completed prior to taking the written exam. The applicant must be at least 18 years of age and provide three character reference signatures. A licensee fails to 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 - correct answer. $1,000 per violation. The answer is $1,000 per violation. A licensee found guilty of nondisclosure may be disciplined with a $1,000 fine per violation. If a broker violates the Arkansas license law, resulting in monetary damage to a consumer, what is the latest date on which the injured party may file a lawsuit that may result in a collection from the real estate recovery fund? - correct answer. Three years after the alleged violation The answer is three years after the alleged violation. The injured party must take action within three years from the alleged violation. A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer and the seller. The day of closing, the escrow's closing agent called to tell the broker the $500 was missing. Who is responsible? - correct answer. The buyer and seller would be responsible. The answer is the buyer and seller would be responsible. The broker is solely responsible and accountable for all trust funds received by the firm and is held responsible for funds delivered to an escrow agent selected by the principal broker. However, the broker is not responsible for funds delivered to an escrow agent solely selected by the parties to a transaction. Cash is an acceptable form of earnest money. Under Arkansas real estate law, the licensee who must be employed in real estate full-time is a(n) - correct answer. designated executive branch broker. The answer is designated executive branch broker. The designated executive branch broker must be a full-time broker and may not be gainfully employed in a non-real-estate-related field. All of the following statements regarding the Arkansas Real Estate Commission are true EXCEPT - correct answer. the Arkansas Association of REALTORS® appoints the members of the commission. The answer is the Arkansas Association of REALTORS® appoints the members of the commission. The REALTORS® association does not appoint the Arkansas Real Estate Commission members. The commission enforces the rule. An executive director administers the operations of the commission. The exams are written under the supervision of the commission and administered by an independent testing company. A broker has former clients interested in seeing a new listing that the broker's firm has just listed. In this situation, the broker - correct answer. may want to consider discussing dual agency with the buyers. The answer is may want to consider discussing dual agency with the buyers. The broker may wish to discuss dual agency with the buyers (former clients or customers may have disclosed information that would be expected to remain confidential and not disclosed to the seller, such as seller needs, motivations, strategies for selling, and financial situation). Arkansas does not allow facilitator position or split agency arrangements. A licensed salesperson may hold a concurrent license with more than one Arkansas broker under which of the following circumstances? - correct answer. Under no circumstances The answer is under no circumstances. A salesperson may be licensed with only one broker. In Arkansas, who is generally responsible for ensuring that the closing is handled in exact accordance with the contract? - correct answer. Principal broker The answer is principal broker. It is generally the responsibility of the principal broker of the listing firm to ensure that the real estate closing is conducted properly and in exact accordance with the agreement of the buyer and the seller. Regarding the use of trade names or insignias of membership in a real estate organization by Arkansas licensees, - correct answer. licensees may not use them unless they are members of the organization. The answer is licensees may not use them unless they are members of the organization. The Arkansas Real Estate Regulations provide that a licensee shall not use terms such as REALTOR®, Realtist, or any other trade name or insignia of membership of any real estate organization of which the licensee is not a member. The Arkansas Real Estate Commission has the right to revoke or suspend an agent's license for all of the following EXCEPT A) when an agent advertises in the newspaper without including his or her affiliation with a real estate company. B) when an agent is working as an undisclosed dual agent. C) when an agent receives a $500 cash finder's fee and fails to disclose this to his or her broker. D) when an agent has written permission from the property owner to leave a real estate sign on the property, even once the listing agreement has expired. - correct answer. when an agent has written permission from the property owner to leave a real estate sign on the property, even once the listing agreement has expired.