Free Arkansas Real Estate Practice Exam Questions (November 2024) 30+

A person that by telephone, solicitation, or in the course of business directly tries to encourage a person to attend a sales presentation for a time-share plan is called an Acquisition Agent. This is directly established and defined through Arkansas Time-Share Law.

The Arkansas Real Estate Commission administers Real Estate related laws.

None, all agents and brokers are required to complete required continuing education.

If the commission has to pay out of the recovery fund its bad news. If it happens... the broker or salesperson that committed the act in (which resulted in payment from the recovery fund) gets their license immediately suspended. His or her license shall be immediately suspended until he or she has completely reimbursed the commission for the payment, plus interest at a rate to be determined by the commission. Per Arkansas Real Estate Code: 17-42-409

Injunctions are handled by Arkansas state judges not the commission. Injections are court ordered typically. The commission handles complaints, reprimands, investigations, and more - just not injunctions, that falls on the judges and the court system.

For a violation of the Arkansas Timeshare License Law the Commission can fine up to $5,000 per violation - per Arkansas State Law.

Under Arkansas License Law offering real estate or improvements as prizes in games of chance is a violation of license law.

The Director establishes the salaries of all employees of the Commission within budgetary limitations.

Any agent or broker who misrepresents the condition of a property may be subject to loss of their license. While fines may come with it... usually its not an exact amount.

A person responsible for operating and maintaining a time-share property or time-share plan on behalf of the association. Per The Arkansas Time-Share Act: 18-14-102

Never. Under no circumstances may an Arkansas salesperson hold their license with more than one broker.

It is generally the responsibility of the principal broker of the listing firm to ensure that the real estate closing is conducted correctly.

ALL Arkansas real estate agents wishing to purchase property for themselves must disclose their license status in the purchase agreement. It's only fair to any seller to be aware of their expertise.

An exchange program is a method, arrangement, or procedure for the voluntary exchange of time-share interests among time-share owners. Per The Arkansas Time-Share Act: 18-14-102

The Arkansas Real Estate Commission laws and regulations are an expression of the police power of the state. Its uses of laws and regulations are not only to its licensee members but also to preserve the health, safety, and public welfare.

By law Arkansas real estate brokers must keep transaction records for three years.

The Arkansas Real Estate Commission issues licenses to people who wants to practice real estate. Probably like yourself... requirements include: prelicensing, and taking a state exam.

After obtaining written (has to be written) permission from the owner of the property, the broker may erect a For Sale sign on the property.

Arkansas recognizes single agencies, such as representing the seller or the buyer, as well as dual agency, as long as both parties agree and it is disclosed.

The real estate recovery fund is a special fund established by Arkansas Real Estate Code to provide reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The Recovery Fund is designed to protect consumers.

Without a license to practice real estate, Arkansas law does not allow an unlicensed person to handle clients for a brokerage. In this case they should refer the caller to the appropriate real estate agent.

The Arkansas Real Estate Commission's Recovery Fund cash appropriation is supported by a one-time fee of $25 charged to each new license applicant.

The Arkansas Real Estate Commission's Recovery Fund is supported by a one-time fee of $25.00 charged to each new license applicant. Sometimes the fee can be increased if the fund is below a certain amount but it is almost always $25.00. Per the Arkansas License Law: 17-42-405.

Dual agency is legal in Arkansas as long as there is written consent from all parties prior to entering into negotiations.

“The mission of the Arkansas Real Estate Commission is to protect the public interest, through the examination, licensing, and regulation of real estate brokers and salespersons, and through the administration of the Arkansas Time-Share Law.” Taken directly from their website. Their purpose is to protect the public interest in terms of real estate and real estate related activities.

The liability of the real estate recovery fund shall not exceed $25,000.00 for any one licensee. Per the Arkansas License Law: 17-42-406

Yes, the Arkansas Real Estate Commission may issue subpoenas. Per Arkansas Real Estate Code: 17-42-508.

A time-share instrument is a master deed, master lease, declaration, or other instrument used to establish a time-share plan. Per The Arkansas Time-Share Act: 18-14-102

Regarding real estate licenses reciprocity, Arkansas does have agreements with other states or countries. They are: Alabama, Colorado, Florida, Georgia, Iowa, Kansas, Louisiana, Mississippi, Nebraska, New York, Ohio, Oklahoma, Pennsylvania, South Dakota, Washington, West Virginia.

A license is issued for a term of one year only. This means that after one year a licensee must renew it. Some states its two, others it's one, in Arkansas's case its one. Per Arkansas Real Estate Code: 17-42-512