Arkansas Real Estate Flashcards

Arkansas Real Estate Flashcards Of these, which one could be seen as a common real estate violation in Arkansas?Mandy didn't disclose to potential buyers that she was showing her own listing, or that she represents the sellers.In Arkansas, is having a brokerage policy enough to meet a broker's responsibility to supervise?Only if it's enforced Monty is advertising a number of listings in the local Paragould newspaper and includes the fair housing logo in the ad. What else is required?The words "equal opportunity housing" Raymond, a licensee in Russellville, wants to be sure to comply with Arkansas law, so he always retains records related to a transaction for at least _____.Three years Randall is an agent representing Charlie, the seller. He is approached by Tina, a buyer who is interested in purchasing Charlie's home, to act as her agent. What actions must Randall take before becoming Tina's agent?Obtain written, informed consent from both Charlie and Tina Thor is helping his client, Jane, search for a property to buy in Siloam Springs. Thanos is representing his seller client, Odin, who owns the house Jane would like to make an offer on. In this scenario, who has the obligation to be knowledgeable about the real estate market conditions and property pricing for the seller client?Thanos Which of these advertisements would be compliant with Arkansas license law?Paul's ad discloses his license status and his brokerage firm's name.Joe manages several properties for Candice in Hot Springs. In a money pinch, Joe decides to use a tenant's security deposit to pay for some needed maintenance on another unit. Which is true regarding Joe's actions?Joe may use the deposit to pay for other expenses and fees, if this was specifically allowed by the tenant agreement.Liam, a broker in Pine Bluff, has a very irate client who has filed a complaint against him. When will Liam first hear from the commission about the complaint made against him?After the commission's initial review of the complaint Monica's business is booming. She's an Arkansas licensee representing an owner who's selling a $500,000 home on one side of town, and a buyer who's purchasing a $300,000 property on the other side of town. As it happens, the seller and buyer both know each other from church and have been talking to others about Monica's talents, which has brought in several new leads for her to pursue. What type of agency relationship does Monica have with the seller and buyer?She is each party's agent.Who must protect the Ayesha's best interests during the negotiation of a sales contract for her property in Searcy?Her seller agent

Which of the following individuals would be ineligible for a real estate salesperson license in Arkansas?Martin, who has been convicted of a felony.What is part of the transaction records? sales contracts Which of these statements describes the purpose of agency disclosures in Arkansas?To protect consumers by keeping them informed 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?If she makes any amendments to her registration, she'll have 30 days to inform the commission.How soon after a possible license law violation is committed must a complaint be filed with the Arkansas Real Estate Commission?Within three years of the alleged act Licensee Jude is representing Christian in the sale of his property in Fort Smith to Roberta, the buyer customer.Which of these statements is true?Although Jude has an obligation of absolute fidelity to Christian, this does not relieve him of his obligation of dealing honestly with Roberta.Super Bank of Arkansas wants to determine the approximate selling price of a property in Fort Smith. Who would typically prepare the BPO?A real estate licensee Miranda terminated her affiliation with her firm, East Side Realty. She has been doing deals without a new broker affiliation. Her prior broker Bruce at East Side Realty learned about her actions. What should Bruce do?Bruce needs to report Miranda to the Arkansas Real Estate Commission.Providing relevant reports to the property owner on a regular basis is one of a property manager's _______.Primary obligations Tamron is hosting an open house for a listing in which she represents the seller. During the open house, a buyer customer asks Tamron for her opinion on a real estate-related topic. Tamron provides the buyer with a few pieces of advice. What best describes this situation?Tamron may have unintentionally created a dual agency situation by giving a customer advice while representing the other party.The Arkansas Real Estate Commission has reviewed a complaint and determined a prima facie case exists. How soon after a copy of the complaint is sent to the respondent must an answer be received?20 days Arkansas broker, Elios, is required to have all agreements regarding real estate in writing in EXCEPT for which one?Non-exclusive agency agreements or contracts Who or what entity funds the Arkansas Real Estate Recovery Fund?All Arkansas licensees Any offers Aki receives from her buyer client must be presented to the listing firm ______.No later than the close of the next business day Which of the following is a true statement regarding recordkeeping requirements for Arkansas real estate licensees?Records are subject to AREC audit.The Arkansas Real Estate Commission regulations require

______.

All contracts to have an expiration date Charlotte is selling her farm in Lowell. What responsibility does her selling agent, Oliver, have to her?Seek a sale at the best price at terms acceptable to Charlotte.

By accepting and depositing earnest money funds, Lucas, an Arkansas principal broker, is agreeing to ______.Abide by Arkansas license laws related to trust funds In a buyer agency relationship, who does the Arkansas licensee represent?The buyer What must a licensee do prior to acting as a dual agent?Obtain written, informed consent from both the buyer and the seller.Gemma's seller client, Hugo, is selling his house in Benton.As Hugo's seller agent, Gemma has several tasks to perform for him. One of these tasks is to ______.Communicate all offers and counter-offers to the seller Which of these documents provides appropriate agency disclosure?Agency Representation Disclosure form What type of record contains information about all money received and spent related to a property?Owner ledger Which of the following is an example of deceptive advertising?Intentionally misidentifying a property's square footage Which of the following statements about Arkansas client trust accounts is true?Principal brokers are responsible for and may open trust accounts and make deposits and disbursements.In Arkansas, which of these situations demonstrates illegal dual agency?At an open house Thomas is holding for his client, Rod, a buyer says she wants to make an offer. She details her situation; Thomas waits until she finishes and then suggests that she offer a non-refundable earnest money deposit to strengthen her offer.If a seller client chooses to waive some or all of the duties that an agent is required by Arkansas law to provide, what must be done?All parties must complete and sign a waiver of duties statement.Arkansas licensee Ken is so excited to get his first listing that he can hardly wait to start marketing the property. The owners, Buck and Sally Henson, are coming in tomorrow morning to sign the listing agreement. Ken, whose motto is "No time like the present," immediately put a for sale sign on the Hensons' lawn. Which of the following is true of this situation?Ken can only place a for sale sign on a property when a listing agreement is in place unless the owner authorizes it.Property manager Jack just took on a new client in Rogers.In order to build a good relationship, Jack should ______.Keep the property owner informed Dennis is a broker in Rogers who wants to open a branch office location in Prairie Creek. What does he need to do to open a branch office?Obtain a duplicate branch office license.Which of the following scenarios is considered a violation of FTC advertising rules?Sarah just started her career as a solo agent and decided

to try a new marketing campaign slogan: "Come let our

team of hard-working agents find you the home of your dreams!" Leon received a cancellation notice from a couple he'd helped sign a timeshare purchase contract two days ago.How should Leon respond?He should send both a written acknowledgement letter and the couple's deposit back within 30 days.

To whom must Junior, a salesperson in Ozark, provide agency disclosures prior to entering into an agency agreement?Any party Amanda, an Arkansas resident, helps her neighbor sell his home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______.Doesn't need a real estate license If the Arkansas Real Estate Commission finds a licensee guilty of not disclosing agency relationship options for all real estate transactions, it has the authority to issue a fine, require additional education, and ______.Revoke or suspend a licensee's license Gina works for a brokerage in Little Rock, and a lender asks her to provide a professional opinion on how much a local property is worth. Once she conducts her research and provides her estimate, what term is she allowed to use to describe her findings?Broker price opinion In a buyer agency relationship, what is the seller's relationship to the licensee?The seller is the licensee's fiduciary.Seller Ahmed wants to waive some of the duties his Arkansas real estate agent owes him. How can he do this?Ahmed and the agent must make the waiver of duties statement part of their agency agreement.Evelyn received notice of an AREC audit of her clients' trust account for a sales transaction. Thank goodness she's a stickler for record keeping. Which records are used to produce a monthly reconciliation?Journals, check registers, and reconciliation worksheets After a client filed a complaint against Camilla, AREC conducted a thorough investigation into the alleged violation. Who would NOT have been interviewed as part of the complaint investigation process?The executive director Jennifer is selling her property in Little Rock. She has hired Larry as her agent. After the property is listed, Jane brings her client Andrew to see the property, which Andrew is interested in purchasing. Who is Larry in this scenario?A seller's agent You used REALTOR® on your business card although your membership in NAR expired last year and you didn't renew it. Under Arkansas law, what type of violation is this?Untruthful advertising A person performing real estate activities under the judgment or order of an Arkansas court, such as a trustee in a bankruptcy, is ______.An exception to the real estate licensing requirement 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?A dual agent Which of the following is an Arkansas buyer's agent's task or duty?Representing the buyer's interests