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ARE EXAM QUESTIONS AND ACCURATE ANSWERS (A+)
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ARE EXAM QUESTIONS AND ACCURATE ANSWERS (A+)Which of the following methods may an agency relationship licensee representing a
buyer waive those licensee duties mandated by the Arkansas License Act by - ANSWER
having the client sign a waiver of duties statement that contains information and
wording required by the License Act.
Under Arkansas law, any person who acts as a real property auctioneer must - ANSWER
be licensed as a real estate principal broker or a licensed agent under the supervision
of a principal or assigned executive broker.
If a broker has violated the Arkansas license law and thereby caused monetary damage
to a consumer, by what date must the injured party file a lawsuit that might result in a
collection from the real estate recovery fund? - ANSWER Three years after the alleged
violation
Which of the following is acceptable? - ANSWER A broker may keep a minimum balance
of personal funds in a trust account if it is necessary to do so to prevent imposition of
bank service charges.
Regarding the display or use of trade names or insignias of membership in a real estate
organization by licensees in Arkansas, - ANSWER licensees shall not use such unless
they are members of that organization.
Acme Apartments' on-site property manager is responsible for negotiating leases for
the apartment. An on-site manager - ANSWER is exempt from the real estate licensing
requirements in this capacity.
A salesperson had his Arkansas salesperson license revoked. When will the
salesperson be eligible to reapply for licensing? - ANSWER Two years from the date of
revocation
, Contracts of purchaser brokerage in Arkansas - ANSWER must be in writing by law if
they are exclusive in nature.
A broker wants to list a property but is getting lots of competition from other brokers
who also want to list it. The broker offers the following inducement to the seller to sign
his listing agreement: "I'll buy your property if it doesn't sell in 90 days." If a broker
offers such an inducement, he must do all of the following EXCEPT - ANSWER buy the
property at the agreed figure at any time during the 90 days.
What minimum balance must be on deposit in the Arkansas Real Estate Recovery Fund?
- ANSWER $250,000
A buyer prospect is interested in viewing a house listed with the real estate company
but does not want to sign a buyer agency agreement. A real estate company
salesperson can show the buyer an in-house listing if - ANSWER the salesperson gives
the buyer an agency disclosure that the real estate company represents the seller.
A broker lists a small office building. The property is in excellent condition and produces
a good, steady income. Because of these features, the broker's salesperson has
decided to purchase it as an investment. If the broker's salesperson desires to purchase
this property, the salesperson must - ANSWER notify the owner in writing that the
salesperson is a licensee prior to making an offer.
What three types of agency does Arkansas recognize? - ANSWER Seller, buyer, and
disclosed dual
Who is supposed to complete the owner property disclosure report? - ANSWER The
seller
The purchaser of a time-share interval questions the validity of the public offering
statement. How many years after the contract date may a suit be filed? - ANSWER Four
years
One a licensee has been terminated, the principal broker must notify the Arkansas Real
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