Arkansas Real Estate State Exam Prep Flashcards

Arkansas Real Estate State Exam Prep Flashcards

All of the commission members can:a. Be active holders of

real estate licensesb. Grade examinationsc. Have equal voting privilegesd. Not be compensated for services offered

• Have equal voting privileges

The duties and responsibilities of the executive director are

designated by:a. State Lawb. The Governorc. A simple

quorumd. The commission

• The commission

All of the following are exempt from requiring a real estate

license EXCEPT:a. An attorney performing their dutiesb.

An owner selling 3 of his own properties a yearc. A general partner buying land for the partnershipd. An auctioneer dealing with no more than 4 properties a year

• An auctioneer dealing with no more than 4 properties a

year

Prohibited acts include all of the following EXCEPT:a.

Being convicted of any crimeb. Making substantial misrepresentationsc. False advertising leading a person to act to their detrimentd. Failure to disclose to all parties in a transaction

• Being convicted of any crime

An "independent contractor" means:a. One who is "on their

own" in buying or selling real estateb. A licensee who is responsible to no one and can set his or her own hoursc. A licensee working under a principal broker in buying or selling real estated. A self employed builder of homes

• A licensee working under a principal broker in buying or

selling real estate

An injunction is:a. A court action to stop violators from

continuing unlawful actsb. A "meeting of the minds" in a real estate contractc. Illegald. A "point of departure" in negotiations

• A court action to stop violators from continuing unlawful

acts In filing a lawsuit against an owner in the sale of real

estate, a principal broker is declaring:a. There was

compensation promisedb. There was fraud committedc.Their rights under habeous corpusd. The Commissioner has the right to interplea

• There was compensation promised

All of the following regarding the holder of an inactive

license are true EXCEPT:a. The holder of an inactive

license may not practice real estate as a salespersonb. To activate an inactive license requires a feec. Can be held accountable by the commission for their actionsd. Can still serve on a limited basis as a buyer's agent and collect a commission

• Can still serve on a limited basis as a buyer's agent and

collect a commission

If a salesperson overpays on a check to the commission:a.

The excess must be entirely and promptly refundedb. The commission may keep a portion for its own usec. It may be declared void and returned to the check writerd. The

Commission is not obligated to return any of it.

• The commission may keep a portion for its own use

An appearance before the commission:a. Is mandatory if

subpoenaedb. Is required of all agentsc. Is subject to expensesd. Must be accompanied by the broker

• Is mandatory if subpoenaed

If a licensee does not renew their license by September

30th all of the following may apply EXCEPT:a. Their license

will be revokedb. They may need to pay additional feesc.Proof of current continuing education requirements may need to be submittedd. Retaking the real estate exam may not be required

• Their license will be revoked

An appeal after a dismissal of complaint:a. Is mandatory in

the state of Arkansasb. Always requires a fee to be paid to the commissionc. Can be filed by the defendant within 90 daysd. Must be in writing

• Must be in writing

A license to practice real estate is needed for all of the

following except:a. Anyone buying or selling real estateb. A

broker whose license has expired for no more than 60 daysc. Anyone collecting rents for a fee, and not residing on the propertyd. An immediate family member of a salesperson, who is asked to procure clients for a consideration

• Anyone buying or selling real estate

People enjoin from certain acts are likely to be legally

stopped by:a. A federal judgeb. A cooperating brokerc.

Chancery courtd. The seller wronged in a legally binding contract

• Chancery court

In a court of law, copies made of original documents held

by the commission are:a. Temporarily acceptedb. Illegalc.

Held as irresponsible by the courtsd. Acceptable as originals

• Acceptable as originals

Fees, fines, and penalties collected by the commission

are:a. Given to the state by lawb. Held in trust by the

commissionerc. Excess distributed annually to membersd.Deposited in the "Arkansas Real Estate Commission Fund"

• Deposited in the "Arkansas Real Estate Commission

Fund"

Funds collected by the commission are:a. Used by the

commissionb. Used by the Statec. Fund bonds issued by the Stated. Held in trust by the executive director

• Used by the commission

Commission meetings:a. Are whenever possibleb. Are on

the first Monday following the second Tuesday of every monthc. Can be called by a majorityd. Are twice a year at a time designated by the commission

• Can be called by a majority

In general an application to renew a real estate license

received by the commission after September 30th:a. Will

be returnedb. Will be treated as an expired licensec. Will be revokedd. Will be processed because of the grace period

• Will be treated as an expired license

A licensee must disclose which party they are representing

in a real estate transaction to:a. All parties or their agentsb.

Their principal brokerc. To other agents onlyd. To the commissioner

• All parties or their agents

To reinstate an expired license:a. A test must be takenb.

Proof of non-activity in real estate must be givenc. A fee must be paidd. All of the above

• A fee must be paid

A non-resident licensee:a. Is obligated to become a

resident if more than half of their income comes from Arkansasb. Can work independently of an Arkansas principal broker in his or her own statec. Is subject to revocation of their Arkansas license for violations in their own stated. Must take and pass the Arkansas Real Estate Law section to be licensed in their state

• Is subject to revocation of their Arkansas license for

violations in their own state Anyone dealing in real estate without a license and not

being exempt is:a. Not validb. Exhibiting poor judgementc.

Guilty of class B felonyd. Punished if convicted

• Punished if convicted

All of the following regarding the commission is true

EXCEPT:a. One member must be a Realtor 60 years of

age or olderb. All are appointed by the governorc. At least one represents consumersd. Two of the members are nit required to be nominated by the commission

• One member must be a Realtor 60 years of age or older

All of the following are false except:a. The annual renewal

broker license fee is $75.00b. The transfer fee is $35.00c.The original salesperson license fee is $60.00d. The appeal-filing fees $100.00

• The appeal-filing fees $100.00

Salaries of the employees of the commission are

established by:a. State Lawb. The Governorc. A quorumd.

The Commission itself

• The Commission itself

In collecting a commission against an owner who refuses to

pay, a lawsuit my be filed by:a. The listing agentb. The

principal brokerc. Both the listing agent and the principal brokerd. All people concerned

• The principal broker

A real estate office must:a. Be opened to the publicb. Have

a sign stating thatchy are engaged in real estatec. Be handicap assessabled. Abide by the rules of the Real Estate Service Board

• Have a sign stating thatchy are engaged in real estate

All of the following are true EXCEPT:a. An owner may

always sell his own property without a license:b. Violation

by the director of a corporation is subject to criminal prosecutionc. Attorneys need not have a license to sell real estate for their clientsd. Executive brokers are responsible only to the Arkansas Real Estate Commission

• Executive brokers are responsible only to the Arkansas

Real Estate Commission

Upon passing the real estate exam, a person may:a. Go to

work immediatelyb. Go to work immediately upon receiving a licensec. Can be temporarily employed for up to 30 days awaiting their licensed. Must wait 10 days for a character check and verification

• Go to work immediately upon receiving a license