Arkansas Real Estate Law Practice Questions and Answers

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. application for a salesperson's license b. transfer from one company to another c. replacement of a lost license or pocket card d. duplicate license for a broker's branch officeA. Application fee for Salesperson's and Broker's license is $50 The AREC does not have the power to do what? a. appoint commission members b. issue subpoena duces tecum c. conduct real estate seminars d. administer oathsA. Real Estate Commissioners are appointed by the governor Arkie Sawyer is in the Army, stationed at Ft. Jackson, South Carolina. He plans to retire soon, in Arkansas, and work in real estate. Which of the following would NOT meet Arkansas' educational requirements for a salesperson's license? a. obtaining thirty (30) classroom hours in real estate principles from the accredited University of South Carolina within sixty classroom hours of real estate education c. completing 60 hours in real estate in a business school approved by the AREC located close to Ft. Jackson, 30 of which must be in basic principles of real estate d. returning to Arkansas for 60 classroom hours in the Basic Principles of Real Estate at any Arkansas licensed Real Estate CompanyD. "Key word - COMPANY". Must be a post secondary school - not a real estate company. An offer and acceptance contract in Arkansas would be in violation of the license law if: a. it did not state the closing date b. the parties did not receive a copy of the signed offer and acceptance c. it did not include earnest money d. if it were signed by a seventeen-year old female who had her minority rights removedB. Everyone who signed must receive copies of all documents Salesperson Post-Licensure (18 hrs) will need to be completed: a. Within 6 days of passing the exam b. Within 12 months after the date the individual was licensed. c. Within 6 months after the date the individual was licensed d. By Dec. 31 of the year they were licensedC. Must be within 6 months after the date the individual was initially licensed All real estate licenses expire yearly on what date? a. December 31 b. November 30 c. September 30 d. January 1A. Dec. 31 of each year - does not matter when your license was issued.