Arkansas Real Estate Broker Exam Questions with Correct Answers

Maximum amount due for a filing fee of a time share interval project Correct Answer $1,000 Time share annual renewal fee Correct Answer $500 A timeshare developer found guilty of a timeshare law in fraction can be fined up to imprisoned for how long Correct Answer $5000 and one year Real estate sales person's license expire when Correct Answer December 31 of each year Who is generally responsible for ensuring that the closing is handled in exact accordance with the contract Correct Answer Principal broker Who makes and enforces the rules by which our real estate licensees must abide Correct Answer Arkansas real estate commission The Arkansas real estate commission members are designated by Correct Answer The governor and subject to confirmation by the senate All earnest money funds received by a broker on behalf of her principal must be deposited into an escrow a trust account within Correct Answer With in three days of the contract being signed A resident managers exempt from real estate licensing requirements Correct Answer Yes If found guilty of a timeshare violation, the developer or agent can be charged with Correct Answer A misdemeanor Earnest money received another companies listing should be Correct Answer Forwarded to the listing company Paying a commission or any valuable consideration to any unlicensed person for acts or services performed Correct Answer Is a violation and is punishable by suspension, revocation, or demotion of the licensee A broker's price opinion cannot contain the following words Correct Answer Market value, appraisal, appraised value