Arkansas state portion practice test
Jill is selling her property and hired David as her agent. David brings another client,
Kirk, to see the property, which Kirk is interested in purchasing. What kind of agent is
David acting as in this scenario? - answer A dual agent
David initially represented jill as a buyers agent but bc hes brought another client hes a
dual agency
Arkansas salesperson Sebastian has just moved from College Station to Maumelle.
Which of the following must he now do? - answer He must promptly contact AREC in
writing to inform them of his address change
this is the licensees responsibility not the brokers
Which of the following is something the commission has the authority to do to enforce
the arkansas time share act - answer- amend and repeal rules
- impose suspensions against developers
- set fees and penalties
What is NOT something the commission has the authority to do to enforce the Arkansas
Time-Share Act? - answerincarcerate developers guilty of violating the act
Arkansas license applicants who complete the 60-hour salesperson course have _____
days to pass their licensing exam - answerunlimited number
Which of the following is likely NOT an acceptable name to list on a place of business
sign for a real estate brokerage firm in Arkansas - answerC.
A. Arkansas Realty Group
B. Little Rock REALTORS®
C. Macmillan Brokers & Co.
D.Springdale Real Estate Company
Principal brokers must permanently attach a sign to their place of business containing
the name of the business and the words "real estate"" "realty" "REALTOR" or other
words approved by the commission
, Last year, when Susie applied for her salesperson's license, the recovery fund balance
was sitting at $268,000. How much did she have to pay into the fund with her
application for a license? - answerNothing
the maximum a licensee will have to pay into the recovery fund is $25 per year. If the
fund balance is already at or above $250,000, licensees may not have to pay anything
Which of the following is not a likely result of being found guilty of a license law violation
- answerA.
A. gaining more clients
B. Less ability to grow your business
C. Penalties from the commission
D. Tarnishing your professional reputation
Angie is a licensed timeshare developer in Arkansas. As she begins the process of
submitting her time-share plans and registration, which of the following is NOT correct?
- answerA.
A. If she makes any amendments to her registration, she'll have 30 days to inform the
commission.
B. She must submit an application for all time-share plans to the commission.
C. She needs to submit the name, address, and phone number for each agent
associated with the time-share plan.
D. She will need to pay the commission various registration fees
Walter is terrible at remembering to renew his broker's license each year. Fortunately,
each year he receives a renewal information reminder in _____. - answerJuly
AREC regulations require any contract for real property to be - answerin writing
Which document provides appropriate agency disclosure - answerAgency
Representation Disclosure form
What is vicarious liability as it applies to real estate in arkansas - answerwhen a broker
is held responsible for the actions or omissions of their licensee
Marissa, a new licensee in Booneville, has some questions. Which of these questions
can the Arkansas REALTORS® Association help her answer? - answerD.
Jill is selling her property and hired David as her agent. David brings another client,
Kirk, to see the property, which Kirk is interested in purchasing. What kind of agent is
David acting as in this scenario? - answer A dual agent
David initially represented jill as a buyers agent but bc hes brought another client hes a
dual agency
Arkansas salesperson Sebastian has just moved from College Station to Maumelle.
Which of the following must he now do? - answer He must promptly contact AREC in
writing to inform them of his address change
this is the licensees responsibility not the brokers
Which of the following is something the commission has the authority to do to enforce
the arkansas time share act - answer- amend and repeal rules
- impose suspensions against developers
- set fees and penalties
What is NOT something the commission has the authority to do to enforce the Arkansas
Time-Share Act? - answerincarcerate developers guilty of violating the act
Arkansas license applicants who complete the 60-hour salesperson course have _____
days to pass their licensing exam - answerunlimited number
Which of the following is likely NOT an acceptable name to list on a place of business
sign for a real estate brokerage firm in Arkansas - answerC.
A. Arkansas Realty Group
B. Little Rock REALTORS®
C. Macmillan Brokers & Co.
D.Springdale Real Estate Company
Principal brokers must permanently attach a sign to their place of business containing
the name of the business and the words "real estate"" "realty" "REALTOR" or other
words approved by the commission
, Last year, when Susie applied for her salesperson's license, the recovery fund balance
was sitting at $268,000. How much did she have to pay into the fund with her
application for a license? - answerNothing
the maximum a licensee will have to pay into the recovery fund is $25 per year. If the
fund balance is already at or above $250,000, licensees may not have to pay anything
Which of the following is not a likely result of being found guilty of a license law violation
- answerA.
A. gaining more clients
B. Less ability to grow your business
C. Penalties from the commission
D. Tarnishing your professional reputation
Angie is a licensed timeshare developer in Arkansas. As she begins the process of
submitting her time-share plans and registration, which of the following is NOT correct?
- answerA.
A. If she makes any amendments to her registration, she'll have 30 days to inform the
commission.
B. She must submit an application for all time-share plans to the commission.
C. She needs to submit the name, address, and phone number for each agent
associated with the time-share plan.
D. She will need to pay the commission various registration fees
Walter is terrible at remembering to renew his broker's license each year. Fortunately,
each year he receives a renewal information reminder in _____. - answerJuly
AREC regulations require any contract for real property to be - answerin writing
Which document provides appropriate agency disclosure - answerAgency
Representation Disclosure form
What is vicarious liability as it applies to real estate in arkansas - answerwhen a broker
is held responsible for the actions or omissions of their licensee
Marissa, a new licensee in Booneville, has some questions. Which of these questions
can the Arkansas REALTORS® Association help her answer? - answerD.
