Arkansas Real Estate State Exam Prep Questions with Correct Answers

Commission meetings: a. Are whenever possible b. Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Correct Answer C. Can be called by a majority Meetings of the commission are held: a. At the commission's office b. At the board room c. In private d. At a public facility Correct Answer A. At the commission's office An appearance before the commission: a. Is mandatory if subpoenaed b. Is required of all agents c. Is subject to expenses d. Must be accompanied by the broker Correct Answer a. Is mandatory if subpoenaed All agendas of the commission are: a. Prepared by the commissioner b. Subject to board approval c. Given with at least 5 days notice d. Allotted approximate time intervals Correct Answer d. Allotted approximate time intervals Salaries of the employees of the commission are: a. Fixed by the Governor b. Voted on by the public c. Fixed by the director d. Subject to inflationary increases Correct Answer c. Fixed by the director Serving a subpoena is the responsibility of: a. The commission b. The Director c. The State Marshall d. The person requesting it Correct Answer d. The person requesting it The Duties of the Director of the commission are: a. Unlimited b. Controlled c. Irrevocable d. Voidable Correct Answer b. Controlled All of the following are false except: a. The annual renewal broker license fee is $75.00 b. The transfer fee is $35.00 c. The original salesperson license fee is $60.00 d. The appeal-filing fees $100.00 Correct Answer d. The appeal-filing fees $100.00 If a bank dishonors a broker or salesperson's check it can be: a. Charged a fee of $30.00 b. Collected from the principal broker c. Taken out of the Real estate recovery Fund d. Required to be made good within a "reasonable amount" of time Correct Answer b. Collected from the principal broker If a salesperson overpays on a check to the commission: a. The excess must be entirely and promptly refunded b. The commission may keep a portion for its own use c. It may be declared void and returned to the check writer d. The Commission is not obligated to return any of it. Correct Answer b. The commission may keep a portion for its own use In regards to educational credit: a. Prelicensure courses can apply to C.E. credit b. C.E. credit can apply to Prelicensure requirements c. Both a & b d. Neither a nor b Correct Answer d. Neither a nor b An out of state applicant whose state license does not offer Arkansas Licenses opportunities comparable. to Arkansas: a. May ask for a hearing before the commission b. May be licensed after taking all classroom requirements, testing and paying all fees c. Must be a resident of Arkansas to get a license d. May take only the Arkansas Law portion of the exam Correct Answer b. May be licensed after taking all classroom requirements, testing and paying all fees In general an application to renew a real estate license received by the commission after September 30th: a. Will be returned b. Will be treated as an expired license c. Will be revoked d. Will be processed because of the grace period Correct Answer b. Will be treated as an expired license