Arec EXAM QUESTIONS WITH |\ |\ |\ |\
ANSWERS
Once a licensee has been terminated, the principal broker
|\ |\ |\ |\ |\ |\ |\ |\
must notify the Arkansas Real Estate Commission within -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔7 days
|\ |\ |\ |\
Typically, what are the three types of agency recognized
|\ |\ |\ |\ |\ |\ |\ |\ |\
in Arkansas? - CORRECT ANSWERS ✔✔Seller, Buyer, and
|\ |\ |\ |\ |\ |\ |\ |\
Disclosed Dual |\
Who establishes the salaries of all the employees of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Commission? - CORRECT ANSWERS ✔✔The Director |\ |\ |\ |\ |\
Who is the chief executive and administrative officer of
|\ |\ |\ |\ |\ |\ |\ |\ |\
the Commission? - CORRECT ANSWERS ✔✔The Director
|\ |\ |\ |\ |\ |\
In Arkansas a person who by phone, or in person tries to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
encourage people to attend sales presentations is |\ |\ |\ |\ |\ |\ |\
typically classified as a/an - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔Aquisition agent |\
Can the Arkansas Real Estate Commission issue
|\ |\ |\ |\ |\ |\ |\
subpoenas? - CORRECT ANSWERS ✔✔Yes, the Arkansas |\ |\ |\ |\ |\ |\ |\
, Real Estate Commission may issue subpoenas. Per
|\ |\ |\ |\ |\ |\ |\
Arkansas Real Estate Code: 17-42-508. |\ |\ |\ |\
An Arkansas licensed salesperson may hold a concurrent
|\ |\ |\ |\ |\ |\ |\ |\
license with more than one broker under which of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
following circumstances? - CORRECT ANSWERS ✔✔Never.
|\ |\ |\ |\ |\ |\
Under no circumstances may an Arkansas salesperson
|\ |\ |\ |\ |\ |\ |\
hold their license with more than one broker.
|\ |\ |\ |\ |\ |\ |\
What is an exchange program according to The Arkansas
|\ |\ |\ |\ |\ |\ |\ |\ |\
Time-Share Act? - CORRECT ANSWERS ✔✔An exchange |\ |\ |\ |\ |\ |\ |\
program is a method, arrangement, or procedure for the
|\ |\ |\ |\ |\ |\ |\ |\ |\
voluntary exchange of time-share interests among time-|\ |\ |\ |\ |\ |\
share owners. Per The Arkansas Time-Share Act: 18-14-
|\ |\ |\ |\ |\ |\ |\
102
For violations of the Arkansas Timeshare License Law the
|\ |\ |\ |\ |\ |\ |\ |\ |\
Commission can fine how much per violation? - CORRECT |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔5000 |\
The Arkansas Real Estate Commission laws and
|\ |\ |\ |\ |\ |\ |\
regulations are an expression of - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\
✔✔The Arkansas Real Estate Commission laws and
|\ |\ |\ |\ |\ |\ |\
regulations are an expression of the police power of the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
state. Its uses of laws and regulations are not only to its
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
licensee members but also to preserve the health, safety,
|\ |\ |\ |\ |\ |\ |\ |\ |\
and public welfare.
|\ |\
ANSWERS
Once a licensee has been terminated, the principal broker
|\ |\ |\ |\ |\ |\ |\ |\
must notify the Arkansas Real Estate Commission within -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔7 days
|\ |\ |\ |\
Typically, what are the three types of agency recognized
|\ |\ |\ |\ |\ |\ |\ |\ |\
in Arkansas? - CORRECT ANSWERS ✔✔Seller, Buyer, and
|\ |\ |\ |\ |\ |\ |\ |\
Disclosed Dual |\
Who establishes the salaries of all the employees of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Commission? - CORRECT ANSWERS ✔✔The Director |\ |\ |\ |\ |\
Who is the chief executive and administrative officer of
|\ |\ |\ |\ |\ |\ |\ |\ |\
the Commission? - CORRECT ANSWERS ✔✔The Director
|\ |\ |\ |\ |\ |\
In Arkansas a person who by phone, or in person tries to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
encourage people to attend sales presentations is |\ |\ |\ |\ |\ |\ |\
typically classified as a/an - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔Aquisition agent |\
Can the Arkansas Real Estate Commission issue
|\ |\ |\ |\ |\ |\ |\
subpoenas? - CORRECT ANSWERS ✔✔Yes, the Arkansas |\ |\ |\ |\ |\ |\ |\
, Real Estate Commission may issue subpoenas. Per
|\ |\ |\ |\ |\ |\ |\
Arkansas Real Estate Code: 17-42-508. |\ |\ |\ |\
An Arkansas licensed salesperson may hold a concurrent
|\ |\ |\ |\ |\ |\ |\ |\
license with more than one broker under which of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
following circumstances? - CORRECT ANSWERS ✔✔Never.
|\ |\ |\ |\ |\ |\
Under no circumstances may an Arkansas salesperson
|\ |\ |\ |\ |\ |\ |\
hold their license with more than one broker.
|\ |\ |\ |\ |\ |\ |\
What is an exchange program according to The Arkansas
|\ |\ |\ |\ |\ |\ |\ |\ |\
Time-Share Act? - CORRECT ANSWERS ✔✔An exchange |\ |\ |\ |\ |\ |\ |\
program is a method, arrangement, or procedure for the
|\ |\ |\ |\ |\ |\ |\ |\ |\
voluntary exchange of time-share interests among time-|\ |\ |\ |\ |\ |\
share owners. Per The Arkansas Time-Share Act: 18-14-
|\ |\ |\ |\ |\ |\ |\
102
For violations of the Arkansas Timeshare License Law the
|\ |\ |\ |\ |\ |\ |\ |\ |\
Commission can fine how much per violation? - CORRECT |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔5000 |\
The Arkansas Real Estate Commission laws and
|\ |\ |\ |\ |\ |\ |\
regulations are an expression of - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\
✔✔The Arkansas Real Estate Commission laws and
|\ |\ |\ |\ |\ |\ |\
regulations are an expression of the police power of the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
state. Its uses of laws and regulations are not only to its
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
licensee members but also to preserve the health, safety,
|\ |\ |\ |\ |\ |\ |\ |\ |\
and public welfare.
|\ |\
