Arkansas Real Estate Exam Law Portion Flashcards

Arkansas Real Estate Exam (Law Portion) Flashcards The SenateAREC member appointments made by the governor are confirmed by whom?Classroom Hourat least 50 minutes, but not more than 60 minutes, of actual classroom instruction with the instructor present

• membersHow many members are on the Arkansas Real Estate

Commission?Unlicensed real estate activityoffering or engaging in any practice, act, or operation set forth in subdivision 10 without a valid RE license 60 daysHow many days do you have to appeal a decision made from a complaint to AREC?10 daysall motions concerning, or related to the hearing must be in writing and filed at the Commission office no later than ___ days before teh scheduled hearing date.supervisory authority over licenseesWhat do Principal and Executive brokers have that Associate brokers do not?20 days after service of the complaintHow long does the licensee have to respond to complaints filed with AREC?$55 per day plus travel and expenseshow much are AREC members paid?True - an owner can sell their own property an owner of an individual freehold or lease hold interest in real estate does not need a license to sell it. (True or False) do all things necessary and convenient to carry into effect the Arkansas Real Estate License Law, Arkansas Timeshare Law, and regulations subject to the general supervision ofthe commission What does the AREC Executive Director have the authority to do?True - a person can buy their own property A person attempting to acquire for his/her own use a freehold or leasehold interest in real estate does not need a RE license (True or False) Monday immediatly preceding the second Tuesday of each month When are regular AREC meetings held?Executive DirectorWho is the chief executive and administrative officer for the Arkansas Real Estate commission?ordered to appear for a hearingWhat heppens when the executive director of AREC determines there is sufficient proof of a violation?Leasing, Auctioning, selling, listing, & managing propertyWhat does Real Estate Licesnse law say you need a license to be able to do?Real Estate License LawWhat is the following law called?"no one can act as a real estate broker, or salesperson, in Arkansas or engage in any real estate activites for the expectation of compensation such as leasing, auctioning, selling, listing, managing property, unless that person has been issued an Arkansas Real Estate License called?

Dated & Signed under oathWhat is required for responses to complaints filed with AREC Reasonable amount of timehow long do you have to remit any money's coming into your possession which belong to others?Announce decision, or take the matter under advisement for later decision What happens at a hearing after the commission deliberates on the issues?1- Suspension, revoation, or denail of license2- Penalty not more than $10003- Complete additional education4- Retake License exam5- restrictions on license or practice6- payment of restitution, damages, or other penalties What can the commission impose if there is a violation?Real Estatean interest in real property fails to state prima facie or lacks sufficient proof of a violation When can the executive director of AREC dismiss a complaint?1- do all thing necessary and covenient for carrying into effect RE lic law2- administer oaths3-adopt a seal4-Retain records5-conduct training6-make changes What are the powers and duties of the real estate commission?Associate BrokerAn individual who has a broker's license and is employed by a principal broker, but is not an executive broker.15 daysHow many days in advance must you notifiy AREC before appearing before the commission?fraud, Misrepresentation, and concealment 3 ways of obtaining RE license that are violations of RE license law file suit in circuit courtwhat is AREC authorized to do to collect a penalty assessed under RE law?

• must have RE license, 1 non-RE person, 1 person over

60 years old What are the 3 ways the AREC members are divided?Send a copy of complaint with instructions on how to rectify

to:1- the salesperson2- the principal broker

What will the director do if they establish a prima facie case of a violation of the Ar RE License Law or regulation?Commission's Hearing officerwho presides over the hearing and regulates procedural aspects of the hearing, including ruling on admissibility of evidence and objections?

• In writing2. Signed by the compainant under oath3.

Dated4. Filed with the director What are the requirements for complaints filed against licensees with AREC.Continuing educationpostlicensure education derived from participation in courses in RE related subjects approved by AREC

• yearsHow long is the term for AREC members?
• yearsHow long must a principal broker keep records?

Branch OfficePrincipal broker's office other than his or her principal place of business Continuing Education Unitperiod of 10 contract hours of actual classroom instruction with the instructor present All personsWho should be placed under oath when appearing before the commission and giving testimony

• of the last 5 yearsOf the 3 licensed Real Estate AREC members, how long

must they have been licensed?

BPO (Broker's Price Opinion"estimate prepared by licensee that details probable selling price of real estate based on condition, market, neighborhood, and information about sales of comparable real estate The GovernorWho appoints the AREC members 15 daysOnce a decision is made at a hearing, any motion for reconsideration must be filed within ____ days from the date the decision is first announced Chair & Vice chairOnce new AREC members are appointed, AREC meets to establish what positions from it's members.30 daysHearings shall be scheduled for a day at least how many days prior to the hearing date?Class D FelonyA violation of Real Estate License Law results in what?Principal Brokerindividual expecting to act or acting for another for a fee, commission, or other consideration Salespersona person who has a salesperson license, is employed by a principal broker, and participates in RE activities.protect the public from questionable real estate practicesWhy was Real estate license law created?Principal brokerExecutive BrokerAssociate BrokerSalesperson What are the 4 main licenses issued by AREC

Executive Brokerindividual who:* Has broker's license* Employed by a

principal broker* Particpates in Real Estate activities Licenseean individual who holds any type of license issued by the commission 1- convicted of a felony,2- violence3- fraud4- dishonesty5- untruthfullness6- untrustworthyness Types of crimes that lead to violation of RE license law