Free Arkansas Real Estate Practice Exam: 30 Questions

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.

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

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.

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.

The Governor may consult the Arkansas Board of Realtors before appointing members of the Arkansas Real Estate Commission. It's worth noting that ultimately it's up to the governor; the Board of Realtors do not choose the position themselves.

Whenever you pay your agency fees a portion of those fees go towards the recovery fund, it's $25.00 normally, and the only time it may be more is if the recovery fund is lower then $250,000. Per the Arkansas License Law: 17-42-405.

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

For one to four family units, Arkansas law requires the seller to give the buyer a property disclosure form. If the buyer receives the form before entering the contract there are typically no rights of rescission. In our case, since the Mason family entered into a purchase agreement without the form they have 3 days to rescind the contract.

If a broker received an accepted contract and earnest money deposit. Under Arkansas Real Estate Law, the broker should deposit the money in an existing special escrow account in which all earnest money received from buyers may be held at the same time.

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

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

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.

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

“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 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.

Once a licensee has been terminated, the principal broker must notify the Arkansas Real Estate Commission within Seven Days.

Two years. A licensee whose license has been revoked shall be eligible to apply for a new license two years from the date of revocation.

The Arkansas Real Estate Commission handles all licensing for Arkansas. If someone decides to deactivate their license they must send it back to the Commission.

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.

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.

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.

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

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

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

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

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

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.

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.

A seller who pays a commission to a broker under false pretenses would be able to apply for compensation from the Arkansas Real Estate Recovery Fund. While the other instances are more than likely illegal, this the only case that grants access to the fund.

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.