Arkansas Real Estate Exam |350 Questions and
Answers
principal broker - -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 - -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 - -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.
-associate broker - -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 - -Be of majority age (18 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 - -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
, -application procedure for initial licensure - -for documentation evidencing fulfillment of
the requirements previously identified concerning education, experience, character, age,
etc
submit payment for the non-refundable application fee as well as the license examination
fee.
requested the criminal background check may then take the license examination
-invalidate the results of exam and applicant must reapply an retest - -Applicants who
pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days
from the date of the examination. Failure to pay these fees will:
-90 days following exam date - -Upon successful completion of the examination, the
applicant must submit the proper forms and fees to the Commission no later than
-a six-month extension - -if an applicant fails one of the sections of the exam, he or she is
granted a _____ re-take and pass the failed portion. misses deadline he or she must re-take
the entire exam.
-if the examinee waits more than one year - -he or she must re-take the exam and re-apply
for the license.
-exempt from general portion of exam if: - -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: - -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 - -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 - -All Arkansas real estate licenses, active or inactive, expire on___ even in
the initial year of licensure
-september 30 - -The deadline for renewing the license without paying additional fees
-90 prior to expiration - -the Commission will issue a renewed license upon receipt of the
application no later than
-7 days - -Inactive licensees must notify the Commission of any change in name or address
within
, -To activate an inactive license - -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 - -the reactivation requirement will be
the same as a new applicant.
-to reactivate an expired license - -submit a renewal application, pay the appropriate fee,
and satisfy continuing education and any other requirements
-On or about July 15th - -the Commission sends licensees notice to renew licenses for the
upcoming year.
-in a specific topic identified by the Commission - -At least one hour of the 6-hour
requirement will be
-the first partial year, nor the following full year of licensure - -New licensees are not
required to complete the CE requirement in:
-At least one hour of the 6-hour requirement - -will be in a specific topic identified by the
Commission (courses may not be taken twice to meet the requirement)
-courses exempt from SBPCE approval are: - -Courses offered by Realtor Associations or
affiliated councils.
Courses approved by the Commission.
3+-hour real estate-related courses offered by universities or colleges.
-new salesperson requirement: - -complete 18-hour AREC Post-license course w/in one
year following the end of the month of the date of the issuance of the initial license
-new broker requirement - -complete 30-hour broker course w/in 1 year following the
end of the month of the date of the issuance of the initial license. if the broker had
completed the SP's post-license course w/in 3 yrs prior to date of licensure, need only take
an additional 12-hour course
-no more than 30 days - -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 - -immediately
surrender his or her pocket card to the principal broker
-7 days following the termination - -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: - -file a transfer application signed by the new principal
Answers
principal broker - -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 - -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 - -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.
-associate broker - -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 - -Be of majority age (18 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 - -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
, -application procedure for initial licensure - -for documentation evidencing fulfillment of
the requirements previously identified concerning education, experience, character, age,
etc
submit payment for the non-refundable application fee as well as the license examination
fee.
requested the criminal background check may then take the license examination
-invalidate the results of exam and applicant must reapply an retest - -Applicants who
pass the exam must pay the license fee and Real Estate Recovery Fund fee within 90 days
from the date of the examination. Failure to pay these fees will:
-90 days following exam date - -Upon successful completion of the examination, the
applicant must submit the proper forms and fees to the Commission no later than
-a six-month extension - -if an applicant fails one of the sections of the exam, he or she is
granted a _____ re-take and pass the failed portion. misses deadline he or she must re-take
the entire exam.
-if the examinee waits more than one year - -he or she must re-take the exam and re-apply
for the license.
-exempt from general portion of exam if: - -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: - -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 - -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 - -All Arkansas real estate licenses, active or inactive, expire on___ even in
the initial year of licensure
-september 30 - -The deadline for renewing the license without paying additional fees
-90 prior to expiration - -the Commission will issue a renewed license upon receipt of the
application no later than
-7 days - -Inactive licensees must notify the Commission of any change in name or address
within
, -To activate an inactive license - -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 - -the reactivation requirement will be
the same as a new applicant.
-to reactivate an expired license - -submit a renewal application, pay the appropriate fee,
and satisfy continuing education and any other requirements
-On or about July 15th - -the Commission sends licensees notice to renew licenses for the
upcoming year.
-in a specific topic identified by the Commission - -At least one hour of the 6-hour
requirement will be
-the first partial year, nor the following full year of licensure - -New licensees are not
required to complete the CE requirement in:
-At least one hour of the 6-hour requirement - -will be in a specific topic identified by the
Commission (courses may not be taken twice to meet the requirement)
-courses exempt from SBPCE approval are: - -Courses offered by Realtor Associations or
affiliated councils.
Courses approved by the Commission.
3+-hour real estate-related courses offered by universities or colleges.
-new salesperson requirement: - -complete 18-hour AREC Post-license course w/in one
year following the end of the month of the date of the issuance of the initial license
-new broker requirement - -complete 30-hour broker course w/in 1 year following the
end of the month of the date of the issuance of the initial license. if the broker had
completed the SP's post-license course w/in 3 yrs prior to date of licensure, need only take
an additional 12-hour course
-no more than 30 days - -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 - -immediately
surrender his or her pocket card to the principal broker
-7 days following the termination - -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: - -file a transfer application signed by the new principal
