Arkansas Real Estate National Exam
Questions with Answers
Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern
1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that
property?
A. 5 acres
B. 10 acres
C. 80 acres
D. 2.5 acres - ✔✔2 x 2 x 4 x 4 x 4= 256
640/256= 2.5
D. 2.5 acres
Seller Gareth is certain there are no clouds on his property's title. What type of deed should he
provide buyers to show his assurance of title?
A. Special
B. Quitclaim
C. General warranty
D. Permanent - ✔✔C. General warranty
Licensee chad works for broker Michael. Licensee Chad has a listing agreement with seller Ray.
Licensee Chad decided to transfer brokers. what will most likely happen with chad's listing?
A. It will stay with Michael's brokerage
B. It will be automatically terminated
,C. It will go with chad
D. It will be transfer to an unbiased brokerage - ✔✔A. It will stay with Michael's brokerage
A power of sale clause is required for
A. deed in lieu
B. a non-judicial foreclosure
C. a judicial foreclosure
D. a temporary foreclosure - ✔✔B. a non-judicial foreclosure
Good springs has a tax base of $90,000,000 and a budget of $1,100,000. What is the tax rate in
terms of mills?
A. 12.2 mills
B. 1.2 mills
C. 8.2 mills
D. 2.1 mills - ✔✔1,100,00/90,000,000 = .0122
A. 12.2 mills.
Marylin and Andy live together and are co-owners of a property but are not married. what is
the most likely form of co-ownership for marylin and Andy?
A. Tenancy by the entireties
B. United tenancy
C. Partnership tenancy
D. Tenancy in common - ✔✔D. Tenancy in common
,Agent Emily's listing was sold by another agent in her brokerage.Emily is entitled to a
A. Selling side commission
B. neutral party commission
C. equal party commission
D. listing side commission - ✔✔B. neutral party commission
In construction, the term "pitch" refers to
A. the type of flooring used.
B. the slop of the roof.
C. a type of frame construction.
D. the type of piping used. - ✔✔B. the slop of the roof.
A buyer will receive a water bill for an estimated $30 at the end of the month. at closing, the
seller has used an estimated $24 of the water. What should appear on the closing statement?
A. Credit the seller for $6, debit the buyer for $6
B. Credit the seller for $6, debit the buyer for $24
C. Credit the buyer for $6, debit the seller for $24
D. Credit the buyer for $24, debit the seller for $24 - ✔✔D. Credit the buyer for $24, debit the
seller for $24
what is the term for the loss of value of an improvement due to functional inadequacies, often
caused by age or poor design?
A. Chronological obsolescence
B. Economic obsolescence
, C. Environmental obsolescence
D. Functional obsolescence - ✔✔D. Functional obsolescence
In Arkansas, the requirement of a criminal background check
A. is required for broker applicants only.
B. includes fingerprinting.
C. is conducted by the department of homeland security.
D. authorizes the release of information to the public under the freedom of information Act. -
✔✔includes fingerprinting
In a(n)____________, an owner sets a minimum amount that he wants to receive from the sale
of the property and lets the broker have as commission any amount above the set minimum.
A. open listing
B. net listing
C. closed listing
D. return listing - ✔✔B. net listing
A licensee accepts compensation on a transaction from both the buyer and seller. In this case,
the licensee
A. has violated license laws.
B. must disclose the fact to his principal.
C. must disclose this fact in writing to his principal broker.
D. must disclose the fact to all parties in writing. - ✔✔D. must disclose the fact to all parties in
writing.
Questions with Answers
Homeowner Dean owns the Northwestern 1/2 of the Northwestern 1/2 of the Northeastern
1/4 of the southwestern 1/4 of the south western 1/4 of section 31. how many acres is that
property?
A. 5 acres
B. 10 acres
C. 80 acres
D. 2.5 acres - ✔✔2 x 2 x 4 x 4 x 4= 256
640/256= 2.5
D. 2.5 acres
Seller Gareth is certain there are no clouds on his property's title. What type of deed should he
provide buyers to show his assurance of title?
A. Special
B. Quitclaim
C. General warranty
D. Permanent - ✔✔C. General warranty
Licensee chad works for broker Michael. Licensee Chad has a listing agreement with seller Ray.
Licensee Chad decided to transfer brokers. what will most likely happen with chad's listing?
A. It will stay with Michael's brokerage
B. It will be automatically terminated
,C. It will go with chad
D. It will be transfer to an unbiased brokerage - ✔✔A. It will stay with Michael's brokerage
A power of sale clause is required for
A. deed in lieu
B. a non-judicial foreclosure
C. a judicial foreclosure
D. a temporary foreclosure - ✔✔B. a non-judicial foreclosure
Good springs has a tax base of $90,000,000 and a budget of $1,100,000. What is the tax rate in
terms of mills?
A. 12.2 mills
B. 1.2 mills
C. 8.2 mills
D. 2.1 mills - ✔✔1,100,00/90,000,000 = .0122
A. 12.2 mills.
Marylin and Andy live together and are co-owners of a property but are not married. what is
the most likely form of co-ownership for marylin and Andy?
A. Tenancy by the entireties
B. United tenancy
C. Partnership tenancy
D. Tenancy in common - ✔✔D. Tenancy in common
,Agent Emily's listing was sold by another agent in her brokerage.Emily is entitled to a
A. Selling side commission
B. neutral party commission
C. equal party commission
D. listing side commission - ✔✔B. neutral party commission
In construction, the term "pitch" refers to
A. the type of flooring used.
B. the slop of the roof.
C. a type of frame construction.
D. the type of piping used. - ✔✔B. the slop of the roof.
A buyer will receive a water bill for an estimated $30 at the end of the month. at closing, the
seller has used an estimated $24 of the water. What should appear on the closing statement?
A. Credit the seller for $6, debit the buyer for $6
B. Credit the seller for $6, debit the buyer for $24
C. Credit the buyer for $6, debit the seller for $24
D. Credit the buyer for $24, debit the seller for $24 - ✔✔D. Credit the buyer for $24, debit the
seller for $24
what is the term for the loss of value of an improvement due to functional inadequacies, often
caused by age or poor design?
A. Chronological obsolescence
B. Economic obsolescence
, C. Environmental obsolescence
D. Functional obsolescence - ✔✔D. Functional obsolescence
In Arkansas, the requirement of a criminal background check
A. is required for broker applicants only.
B. includes fingerprinting.
C. is conducted by the department of homeland security.
D. authorizes the release of information to the public under the freedom of information Act. -
✔✔includes fingerprinting
In a(n)____________, an owner sets a minimum amount that he wants to receive from the sale
of the property and lets the broker have as commission any amount above the set minimum.
A. open listing
B. net listing
C. closed listing
D. return listing - ✔✔B. net listing
A licensee accepts compensation on a transaction from both the buyer and seller. In this case,
the licensee
A. has violated license laws.
B. must disclose the fact to his principal.
C. must disclose this fact in writing to his principal broker.
D. must disclose the fact to all parties in writing. - ✔✔D. must disclose the fact to all parties in
writing.
