Arkansas Real Estate Exam Questions with Correct Answers
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Course
Licensed Realtor
Institution
Licensed Realtor
principal broker - Answer-an individual who performs certain real estate services for another party for compensation. ultimately responsible for the company's activities, notably the activities of other licensees as well as the business's trust accounts.
real estate duties not requiring license ...
Arkansas Real Estate Exam Questions
with Correct Answers
principal broker - Answer-an individual who performs certain real estate services for
another party for compensation. ultimately responsible for the company's activities,
notably the activities of other licensees as well as the business's trust accounts.
real estate duties not requiring license - Answer-Delivery of a lease application or lease.
Receiving a lease or lease application for delivery to the principal broker, real estate
firm, or owner.
Receiving a security deposit, rent payment or related payment for delivery to the
principal broker, real estate firm, or owner.
Acting under the direct written instructions of the principal broker, firm or owner in:
Showing a rental unit.
Assisting in the execution of a preprinted lease or rental agreement containing pre-
established terms.
Conveying information regarding a lease transaction prepared by the principal broker,
firm, or owner to any person.
executive broker - Answer-a licensed broker employed and supervised by a principal
broker as an employee or independent contractor who can perform real estate services
under the auspices of the principal broker, but who also has the authority to supervise
associate brokers and salespersons.
associate broker - Answer-licensed broker who, as an employee or independent
contractor, may perform real estate services under the supervision of a principal broker
or executive broker. The associate broker may not supervise any other licensee
to qualify for a Arkansas license - Answer-Be of majority age (18 years old).
Satisfy educational requirements.
Satisfy experience requirements.
Pass the appropriate licensing examination.
Demonstrate a record of professional conduct.
Provide evidence of honesty, trustworthiness and integrity.
Complete a criminal history background check.
Pay the appropriate fees.
requirement for brokers license - Answer-60 classroom hours in real estate within a 3-
year period prior to the date of application, documented by the approved school or other
satisfactory evidence
Two years experience as a licensed Arkansas salesperson, or salesperson or broker
from another state, within the four-year period preceding the date of application
,application procedure for initial licensure - Answer-for documentation evidencing
fulfillment of the requirements previously identified concerning education, experience,
character, age, etc
submit payment for the non-refundable application fee as well as the license
examination fee.
requested the criminal background check may then take the license examination
invalidate the results of exam and applicant must reapply an retest - Answer-Applicants
who pass the exam must pay the license fee and Real Estate Recovery Fund fee within
90 days from the date of the examination. Failure to pay these fees will:
90 days following exam date - Answer-Upon successful completion of the examination,
the applicant must submit the proper forms and fees to the Commission no later than
a six-month extension - Answer-if an applicant fails one of the sections of the exam, he
or she is granted a _____ re-take and pass the failed portion. misses deadline he or she
must re-take the entire exam.
if the examinee waits more than one year - Answer-he or she must re-take the exam
and re-apply for the license.
exempt from general portion of exam if: - Answer-They passed the general portion in
another state, subject to Commission approval; and
The passing grade for such section is no lower; and
The examinee is licensed in another state at the time he or she takes the Arkansas
exam.
requirements for non-resident licensure are: - Answer-Meet the same requirements as
residents; or follow commissions non-resident regulations and meet requirements such
as Affiliate with a resident or non-resident principal broker licensed by the Commission
etc.
If a resident or non-resident licensee terminates affiliation with a principal briker -
Answer-the person's license is terminated until such time as a re-affiliation occurs with
another principal broker and the nonresident/resident places his or her license on
inactive status.
December 31 - Answer-All Arkansas real estate licenses, active or inactive, expire
on___ even in the initial year of licensure
september 30 - Answer-The deadline for renewing the license without paying additional
fees
90 prior to expiration - Answer-the Commission will issue a renewed license upon
receipt of the application no later than
, 7 days - Answer-Inactive licensees must notify the Commission of any change in name
or address within
To activate an inactive license - Answer-must complete 6 hours of CE for every year the
licensee was inactive, up to a total of 30 hours.
If a license has been expired in excess of 3 years - Answer-the reactivation requirement
will be the same as a new applicant.
to reactivate an expired license - Answer-submit a renewal application, pay the
appropriate fee, and satisfy continuing education and any other requirements
On or about July 15th - Answer-the Commission sends licensees notice to renew
licenses for the upcoming year.
in a specific topic identified by the Commission - Answer-At least one hour of the 6-hour
requirement will be
the first partial year, nor the following full year of licensure - Answer-New licensees are
not required to complete the CE requirement in:
At least one hour of the 6-hour requirement - Answer-will be in a specific topic identified
by the Commission (courses may not be taken twice to meet the requirement)
courses exempt from SBPCE approval are: - Answer-Courses offered by Realtor
Associations or affiliated councils.
Courses approved by the Commission.
3+-hour real estate-related courses offered by universities or colleges.
new salesperson requirement: - Answer-complete 18-hour AREC Post-license course
w/in one year following the end of the month of the date of the issuance of the initial
license
new broker requirement - Answer-complete 30-hour broker course w/in 1 year following
the end of the month of the date of the issuance of the initial license. if the broker had
completed the SP's post-license course w/in 3 yrs prior to date of licensure, need only
take an additional 12-hour course
no more than 30 days - Answer-Commission may issue temporary licenses pending
issuance of the permanent license, valid for __
When a licensee leaves the employment of a principal broker he/she must - Answer-
immediately surrender his or her pocket card to the principal broker
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