Arkansa Real Estate Law Verified Answers

Arkansa Real Estate Law Verified Answers A real estate office may not be located where? a. the salesperson's home b. a real estate school c. an office building d. a mobile home ️A. A Salesperson cannot have a firm - Principal Broker only. All of the locations listed are acceptable Which one of the following is not a $30 fee? a. application for a salesperson's license b. transfer from one company to another c. replacement of a lost license or pocket card d. duplicate license for a broker's branch office ️A. Application fee for Salesperson's and Broker's license is $50 The AREC does not have the power to do what? a. appoint commission members b. issue subpoena duces tecum c. conduct real estate seminars d. administer oaths ️A. Real Estate Commissioners are appointed by the governor Arkie Sawyer is in the Army, stationed at Ft. Jackson, South Carolina. He plans to retire soon, in Arkansas, and work in real estate. Which of the following would NOT meet Arkansas' educational requirements for a salesperson's license? a. obtaining thirty (30) classroom hours in real estate principles from the accredited University of South Carolina within sixty classroom hours of real estate education c. completing 60 hours in real estate in a business school approved by the AREC located close to Ft. Jackson, 30 of which must be in basic principles of real estate d. returning to Arkansas for 60 classroom hours in the Basic Principles of Real Estate at any Arkansas licensed Real Estate Company ️D. "Key word - COMPANY". Must be a post secondary school - not a real estate company. An offer and acceptance contract in Arkansas would be in violation of the license law if: a. it did not state the closing date b. the parties did not receive a copy of the signed offer and acceptance c. it did not include earnest money d. if it were signed by a seventeen-year old female who had her minority rights removed ️B. Everyone who signed must receive copies of all documents Salesperson Post-Licensure (18 hrs) will need to be completed: a. Within 6 days of passing the exam b. Within 12 months after the date the individual was licensed. c. Within 6 months after the date the individual was licensed d. By Dec. 31 of the year they were licensed ️C. Must be within 6 months after the date the individual was initially licensed All real estate licenses expire yearly on what date? a. December 31 b. November 30 c. September 30 d. January 1 ️A. Dec. 31 of each year - does not matter when your license was issued. You must have a valid real estate license if for compensation, you: a. appraise property b. auction personal property c. publish real estate ads d. procure real estate prospects ️D. When you solicit real estate, you must be licensed. Payments from the Real Estate Recovery Fund may be used to pay any of the following EXCEPT: a. a monetary loss suffered by a person who sold property using a broker who had an undisclosed interest in the buyer's welfare b. a claim by a salesperson against a broker for an unpaid commission c. actual or compensatory damages to an aggrieved party d. damages not in excess of $75,000 with respect to the acts of any one licensee ️B. AREC does not have jurisdiction over commissions - must go to court. Ima Nutt, a salesperson for Ruth's Realty Company, listed Barry Small's property. Before the listing expired, Ima received her broker's license, left Ruth's Realty, and opened Nutt Realty. Which of the following statements is true? a. Ima is entitled to take Small's listing to her new company since she is now a broker b. Ima may take the listing with her, but when the property sells, she must split the commission with Ruth's Realty Company c. Ima may not take the listing to her new company, but she will be entitled to a listing commission if it is sold d. When leaving Ruth's Realty, Ima forfeited all rights to the Small listing and to any commission from its sale ️D. Listings/clients belong to the Principal Broker, not the agent. Ima just passed the real estate exam, she can now: a. List a property for sale b. Show a prospective buyer properties c. Submit signed score report and licensing fees to the AREC. d. Represent a buyer and seller as a dual agent ️C. Once score report is received signifying PASS, Ima must submit it to AREC with a Broker signature & $75. She also has the option to place her license oninactive status. The AREC has the right to do all the following EXCEPT: a. conduct or assist in conducting real estate institutes and seminars b. promulgate necessary rules and regulations c. issue Time-Share licenses d. use its power to administer oaths ️C. AREC issues real estate licenses, not timeshare licenses. An applicant for a broker's license must meet the following requirements: a. file a certificate showing successful completion of 120 classroom hours in an approved school b. file a certified copy of a college or university transcript reflecting successful completion of a college credit hour course (60 actual hours) in the basic principles of real estate c. serve as an active licensed salesperson at least two years, and show at least 60 hours of real estate basic principles obtained within the last three years d. Hold an active salesperson's license not less than 24 months within the previous 48 months, and complete 60 hours of an AREC developed Pre-Broker course within the past 36 months. ️D. No rationale needed - these are the requirements. Betty Bop purchased a Time-Share on a Monday morning, but changed her mind the following day. She