AREC EXAM QUESTIONS WITH COMPLETE
SOLUTIONS
Once |a |licensee |has |been |terminated, |the |principal |broker |must |notify |the |Arkansas |Real |
Estate |Commission |within |- |CORRECT |ANSWER✔✔-7 |days
Typically, |what |are |the |three |types |of |agency |recognized |in |Arkansas? |- |CORRECT |
ANSWER✔✔-Seller, |Buyer, |and |Disclosed |Dual
Who |establishes |the |salaries |of |all |the |employees |of |the |Commission? |- |CORRECT |
ANSWER✔✔-The |Director
Who |is |the |chief |executive |and |administrative |officer |of |the |Commission? |- |CORRECT |
ANSWER✔✔-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 |ANSWER✔✔-Aquisition |agent
Can |the |Arkansas |Real |Estate |Commission |issue |subpoenas? |- |CORRECT |ANSWER✔✔-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 |ANSWER✔✔-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 |
ANSWER✔✔-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 |ANSWER✔✔-5000
The |Arkansas |Real |Estate |Commission |laws |and |regulations |are |an |expression |of |- |CORRECT |
ANSWER✔✔-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.
Which |is |NOT |under |the |jurisdiction |of |the |Arkansas |Real |Estate |Commission? |- |CORRECT |
ANSWER✔✔-Injunctions |are |handled |by |Arkansas |state |judges |not |the |commission. |Injections |
are |court |ordered |typically. |The |commission |handles |complaints, |reprimands, |investigations, |
and |more |- |just |not |injunctions, |that |falls |on |the |judges |and |the |court |system.
The |Mason |family |entered |into |a |purchase |agreement |with |the |seller |of |a |single |family |
residence. |Ten |days |into |the |transaction |the |family |is |given |a |copy |of |the |Arkansas |Residential |
Property |disclosure |statement. |On |the |disclosure |the |seller |notes |that |the |loft |has |a |leak. |
What |rights |if |any |does |The |Mason |family |have? |- |CORRECT |ANSWER✔✔-For |one |to |four |
family |units, |Arkansas |law |requires |the |seller |to |give |the |buyer |a |property |disclosure |form. |If |
the |buyer |receives |the |form |before |entering |the |contract |there |are |typically |no |rights |of |
rescission. |In |our |case, |since |the |Mason |family |entered |into |a |purchase |agreement |without |
the |form |they |have |3 |days |to |rescind |the |contract.
How |much |does |a |new |license |have |to |pay |into |the |Arkansas |Real |Estate |Commission's |
Recovery |Fund? |- |CORRECT |ANSWER✔✔-25
Every |Arkansas |real |estate |principal |broker |must |keep |transaction |records |for |how |many |
years? |- |CORRECT |ANSWER✔✔-3 |years
SOLUTIONS
Once |a |licensee |has |been |terminated, |the |principal |broker |must |notify |the |Arkansas |Real |
Estate |Commission |within |- |CORRECT |ANSWER✔✔-7 |days
Typically, |what |are |the |three |types |of |agency |recognized |in |Arkansas? |- |CORRECT |
ANSWER✔✔-Seller, |Buyer, |and |Disclosed |Dual
Who |establishes |the |salaries |of |all |the |employees |of |the |Commission? |- |CORRECT |
ANSWER✔✔-The |Director
Who |is |the |chief |executive |and |administrative |officer |of |the |Commission? |- |CORRECT |
ANSWER✔✔-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 |ANSWER✔✔-Aquisition |agent
Can |the |Arkansas |Real |Estate |Commission |issue |subpoenas? |- |CORRECT |ANSWER✔✔-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 |ANSWER✔✔-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 |
ANSWER✔✔-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 |ANSWER✔✔-5000
The |Arkansas |Real |Estate |Commission |laws |and |regulations |are |an |expression |of |- |CORRECT |
ANSWER✔✔-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.
Which |is |NOT |under |the |jurisdiction |of |the |Arkansas |Real |Estate |Commission? |- |CORRECT |
ANSWER✔✔-Injunctions |are |handled |by |Arkansas |state |judges |not |the |commission. |Injections |
are |court |ordered |typically. |The |commission |handles |complaints, |reprimands, |investigations, |
and |more |- |just |not |injunctions, |that |falls |on |the |judges |and |the |court |system.
The |Mason |family |entered |into |a |purchase |agreement |with |the |seller |of |a |single |family |
residence. |Ten |days |into |the |transaction |the |family |is |given |a |copy |of |the |Arkansas |Residential |
Property |disclosure |statement. |On |the |disclosure |the |seller |notes |that |the |loft |has |a |leak. |
What |rights |if |any |does |The |Mason |family |have? |- |CORRECT |ANSWER✔✔-For |one |to |four |
family |units, |Arkansas |law |requires |the |seller |to |give |the |buyer |a |property |disclosure |form. |If |
the |buyer |receives |the |form |before |entering |the |contract |there |are |typically |no |rights |of |
rescission. |In |our |case, |since |the |Mason |family |entered |into |a |purchase |agreement |without |
the |form |they |have |3 |days |to |rescind |the |contract.
How |much |does |a |new |license |have |to |pay |into |the |Arkansas |Real |Estate |Commission's |
Recovery |Fund? |- |CORRECT |ANSWER✔✔-25
Every |Arkansas |real |estate |principal |broker |must |keep |transaction |records |for |how |many |
years? |- |CORRECT |ANSWER✔✔-3 |years
