Arkansas Real Estate Exam Review Questions and Answers

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 deposited into an escrow or trust account within A) one business day of execution of the offer. B) one business day of receiving the offer. C) three business days of obtaining all signatures for the contract. D) three business days of receiving the offer. c. three business days of obtaining all signatures for the contract If a complainant disagrees with the director of the Commission's dismissal of a written complaint, the complainant may A) file for a hearing before the Arkansas attorney general. B) call the chairman of the Commission and discuss it. C) file for a hearing in chancery court in the county in which the complainant lives. D) submit a request in writing, along with a filing fee, to obtain a determination from the entire Arkansas Real Estate Commission. D) submit a request in writing, along with a filing fee, to obtain a determination from the entire Arkansas Real Estate Commission. A principal broker who receives trust funds must either maintain a separate trust account or have an escrow agent hold trust funds in his A) general account. B) trust account. C) checking account. D) mutual account. trust account After the successful completion of the real estate exam, how much time does the new licensee have to pay the license fee and the fee for the Arkansas Real Estate Recovery Fund? A) 30 days B) 90 days C) By December 31 of the licensee's first year D) Within the first year the licensee is licensed 90 days Any person wishing to file an appeal of a Arkansas Real Estate Commission ruling of investigation must request such appeal in writing to the Commission within what, if any, time frame? A) 10 days following the date of the dismissal B) 30 days following the date of the dismissal C) No appeal is allowed and all rulings are final. D) 60 days following the date of the dismissa d. 60 days following date of dismissal The maximum compensation that will be paid from the Arkansas Real Estate Recovery Fund for the acts of any one licensee or any group of related claims is 75000