Arkansas Real Estate State Exam Prep
____ individuals of the AREC are appointed to represent purchasers and shall no longer be
actively engaged in or retired from the commercial enterprise of real estate. _____ of those
ought to be as a minimum 60 years of age and represents the aged. - ANS-Two; One
____ participants of the AREC ought to were licensed in actual estate as _______ or agents for
at the least _____ years prior to nomination. - ANS-Three; salesclerk; five
A department workplace does now not ought to have a primary broking. - ANS-True
A branch workplace is NOT:
a. Where information are kept
b. A house
c. Where licenses are hung
d. Required to have a second principle broker - ANS-d. Required to have a 2nd principle broking
A broker additionally running as a full time employees supervisor may additionally:
a. Have component time dealers operating underneath them
b. Have complete time dealers operating below them
c. Act as main dealer for listings only
d. Work most effective for him/her self - ANS-d. Work only for him/her self
A broking is required to show, at their administrative center, the license of all marketers in their
firm. - ANS-True
A broking ought to deposit earnest money within three (3) days of receipt. - ANS-False
A fee quorum:
a. Is no longer possible below country rules
b. Is set up by means of a majority
c. Is described to be three individuals
d. Is determined at the first annual assembly of the individuals - ANS-b. Is hooked up via a
majority
A criticism which is dismissed by means of the government director of the Commission can be
appealed with the aid of the complainant within ninety (90) days. - ANS-False
A continuing schooling route cannot be taken two times inside the identical 12 months for credit
score. - ANS-True
,A very last order of the Commission can be appeal in the Circuit Court. - ANS-True
A first time licensee:
a. Can choose not to take part inside the Real Estate Recovery Fund
b. Must pay a one time rate of $50.00
c. Can ask for waiver of said fee in cases of problem
d. May be asked to only pay $10.00 - ANS-d. May be requested to most effective pay $10.00
A license to exercise real property is wanted for all the following except:
a. Anyone shopping for or promoting actual estate
b. A broker whose license has expired for no greater than 60 days
c. Anyone gathering rents for a charge, and not residing on the property
d. An on the spot family member of a salesclerk, who is requested you got customers for a
attention - ANS-a. Anyone shopping for or promoting real property
A licensed actual estate agent:
a. Cannot sell their personal home
b. Cannot accumulate a commission on their personal domestic
c. Must include the truth that they may be an agent in selling their domestic
d. Cannot put it up for sale their personal domestic - ANS-c. Must consist of the fact that they're
an agent in selling their home
A licensee is supposed to inform the Commission if they have to lose their pocket license card. -
ANS-True
A licensee can be assessed a economic penalty up to $1,000.00 for each violation. - ANS-True
A licensee have to expose which party they are representing in a actual property transaction to:
a. All events or their sellers
b. Their main dealer
c. To other sellers only
d. To the commissioner - ANS-a. All events or their dealers
A licensee tells their most important broking that they lost their pocket card. The broking should:
a. Immediately make a photocopy of their license and feature them carry it
b. Notify the fee
c. Have the licensee call the fee
d. Explain that wallet playing cards are in violation of commission regulations - ANS-b. Notify the
commission
A licensee transferred their license to every other real property corporation. All of the
subsequent are false EXCEPT:
a. Only four such transfers are allowed consistent with a yr
b. They may additionally take their very own listings with them
, c. The fee needs to be notified of the transfer
d. The principal broker have to approve in their switch - ANS-c. The commission desires to be
notified of the switch
A licensee with an expired license may additionally renew the expired license as lively or
inactive within ____ year after expiration. - ANS-one
A listing may be taken for a term targeted as "until notified". - ANS-False
A non-resident licensee:
a. Is obligated to turn out to be a resident if more than half of their profits comes from Arkansas
b. Can work independently of an Arkansas primary broker in his or her personal country
c. Is issue to revocation of their Arkansas license for violations in their personal country
d. Must take and pass the Arkansas Real Estate Law section to be certified in their nation -
ANS-c. Is subject to revocation of their Arkansas license for violations in their own country
A man or woman might also have interaction within the commercial enterprise of real property at
the same time as on inactive status:
a. Only with the predominant broker's permission
b. Only if approved by using the board
c. Up to twelve months, then renewal is obligatory
d. Never - ANS-d. Never
A individual need to maintain a actual estate license of someday to legally very own a real
estate corporation. - ANS-False
A person receiving reimbursement for damages with the aid of the fee:
a. Waives their right to further compensation
b. Must sign a widespread shape
c. Is held chargeable for all costs
d. Can in no way acquire greater than $10,000 for a unmarried violation - ANS-a. Waives their
proper to further repayment
A person who has, within the beyond, been convicted of a criminal or crime is robotically barred
from being capable of obtain a real property license. - ANS-False
A individual who's indigent may not be relieved from paying the submitting costs in an appeal. -
ANS-True
A man or woman wishing to be categorised as a major or government broking have to first
entire the submit-license publications for agents. - ANS-True
A man or woman with an expired license:
a. Must nevertheless be responsible to the fee for his or her movements
____ individuals of the AREC are appointed to represent purchasers and shall no longer be
actively engaged in or retired from the commercial enterprise of real estate. _____ of those
ought to be as a minimum 60 years of age and represents the aged. - ANS-Two; One
____ participants of the AREC ought to were licensed in actual estate as _______ or agents for
at the least _____ years prior to nomination. - ANS-Three; salesclerk; five
A department workplace does now not ought to have a primary broking. - ANS-True
A branch workplace is NOT:
a. Where information are kept
b. A house
c. Where licenses are hung
d. Required to have a second principle broker - ANS-d. Required to have a 2nd principle broking
A broker additionally running as a full time employees supervisor may additionally:
a. Have component time dealers operating underneath them
b. Have complete time dealers operating below them
c. Act as main dealer for listings only
d. Work most effective for him/her self - ANS-d. Work only for him/her self
A broking is required to show, at their administrative center, the license of all marketers in their
firm. - ANS-True
A broking ought to deposit earnest money within three (3) days of receipt. - ANS-False
A fee quorum:
a. Is no longer possible below country rules
b. Is set up by means of a majority
c. Is described to be three individuals
d. Is determined at the first annual assembly of the individuals - ANS-b. Is hooked up via a
majority
A criticism which is dismissed by means of the government director of the Commission can be
appealed with the aid of the complainant within ninety (90) days. - ANS-False
A continuing schooling route cannot be taken two times inside the identical 12 months for credit
score. - ANS-True
,A very last order of the Commission can be appeal in the Circuit Court. - ANS-True
A first time licensee:
a. Can choose not to take part inside the Real Estate Recovery Fund
b. Must pay a one time rate of $50.00
c. Can ask for waiver of said fee in cases of problem
d. May be asked to only pay $10.00 - ANS-d. May be requested to most effective pay $10.00
A license to exercise real property is wanted for all the following except:
a. Anyone shopping for or promoting actual estate
b. A broker whose license has expired for no greater than 60 days
c. Anyone gathering rents for a charge, and not residing on the property
d. An on the spot family member of a salesclerk, who is requested you got customers for a
attention - ANS-a. Anyone shopping for or promoting real property
A licensed actual estate agent:
a. Cannot sell their personal home
b. Cannot accumulate a commission on their personal domestic
c. Must include the truth that they may be an agent in selling their domestic
d. Cannot put it up for sale their personal domestic - ANS-c. Must consist of the fact that they're
an agent in selling their home
A licensee is supposed to inform the Commission if they have to lose their pocket license card. -
ANS-True
A licensee can be assessed a economic penalty up to $1,000.00 for each violation. - ANS-True
A licensee have to expose which party they are representing in a actual property transaction to:
a. All events or their sellers
b. Their main dealer
c. To other sellers only
d. To the commissioner - ANS-a. All events or their dealers
A licensee tells their most important broking that they lost their pocket card. The broking should:
a. Immediately make a photocopy of their license and feature them carry it
b. Notify the fee
c. Have the licensee call the fee
d. Explain that wallet playing cards are in violation of commission regulations - ANS-b. Notify the
commission
A licensee transferred their license to every other real property corporation. All of the
subsequent are false EXCEPT:
a. Only four such transfers are allowed consistent with a yr
b. They may additionally take their very own listings with them
, c. The fee needs to be notified of the transfer
d. The principal broker have to approve in their switch - ANS-c. The commission desires to be
notified of the switch
A licensee with an expired license may additionally renew the expired license as lively or
inactive within ____ year after expiration. - ANS-one
A listing may be taken for a term targeted as "until notified". - ANS-False
A non-resident licensee:
a. Is obligated to turn out to be a resident if more than half of their profits comes from Arkansas
b. Can work independently of an Arkansas primary broker in his or her personal country
c. Is issue to revocation of their Arkansas license for violations in their personal country
d. Must take and pass the Arkansas Real Estate Law section to be certified in their nation -
ANS-c. Is subject to revocation of their Arkansas license for violations in their own country
A man or woman might also have interaction within the commercial enterprise of real property at
the same time as on inactive status:
a. Only with the predominant broker's permission
b. Only if approved by using the board
c. Up to twelve months, then renewal is obligatory
d. Never - ANS-d. Never
A individual need to maintain a actual estate license of someday to legally very own a real
estate corporation. - ANS-False
A person receiving reimbursement for damages with the aid of the fee:
a. Waives their right to further compensation
b. Must sign a widespread shape
c. Is held chargeable for all costs
d. Can in no way acquire greater than $10,000 for a unmarried violation - ANS-a. Waives their
proper to further repayment
A person who has, within the beyond, been convicted of a criminal or crime is robotically barred
from being capable of obtain a real property license. - ANS-False
A individual who's indigent may not be relieved from paying the submitting costs in an appeal. -
ANS-True
A man or woman wishing to be categorised as a major or government broking have to first
entire the submit-license publications for agents. - ANS-True
A man or woman with an expired license:
a. Must nevertheless be responsible to the fee for his or her movements
