ARKANSAS STATE PORTION
PRACTICE TEST QUESTIONS &
ANSWERS(RATED A+)
Jill is selling her property and hired David as her agent. David brings another client,
Kirk, to see the property, which Kirk is interested in purchasing. What kind of agent is
David acting as in this scenario? - ANSWERA dual agent
David initially represented jill as a buyers agent but bc hes brought another client hes
a dual agency
Arkansas salesperson Sebastian has just moved from College Station to Maumelle.
Which of the following must he now do? - ANSWERHe must promptly contact AREC
in writing to inform them of his address change
this is the licensees responsibility not the brokers
Which of the following is something the commission has the authority to do to
enforce the arkansas time share act - ANSWER- amend and repeal rules
- impose suspensions against developers
- set fees and penalties
Super Bank of Arkansas wants to determine the approximate selling price of a
property in Fort Smith. Who would typically prepare the BPO? - ANSWERa real
estate licensee
A broker price opinion is usually performed by a hired sales agent when a financial
institution believes the expense of ordering an appraisal would be unnecessary and
time-consuming.
In Arkansas, who has an obligation to be knowledgeable about the real estate
market conditions and property pricing for the seller client? - ANSWERSellers agent
What is NOT something the commission has the authority to do to enforce the
Arkansas Time-Share Act? - ANSWERincarcerate developers guilty of violating the
act
Arkansas license applicants who complete the 60-hour salesperson course have
_____ days to pass their licensing exam - ANSWERunlimited number
Which of the following is likely NOT an acceptable name to list on a place of
business sign for a real estate brokerage firm in Arkansas - ANSWERC.
, A. Arkansas Realty Group
B. Little Rock REALTORS®
C. Macmillan Brokers & Co.
D.Springdale Real Estate Company
Principal brokers must permanently attach a sign to their place of business
containing the name of the business and the words "real estate"" "realty"
"REALTOR" or other words approved by the commission
Last year, when Susie applied for her salesperson's license, the recovery fund
balance was sitting at $268,000. How much did she have to pay into the fund with
her application for a license? - ANSWERNothing
the maximum a licensee will have to pay into the recovery fund is $25 per year. If the
fund balance is already at or above $250,000, licensees may not have to pay
anything
Which of the following is not a likely result of being found guilty of a license law
violation - ANSWERA.
A. gaining more clients
B. Less ability to grow your business
C. Penalties from the commission
D. Tarnishing your professional reputation
Angie is a licensed timeshare developer in Arkansas. As she begins the process of
submitting her time-share plans and registration, which of the following is NOT
correct? - ANSWERA.
A. If she makes any amendments to her registration, she'll have 30 days to inform
the commission.
B. She must submit an application for all time-share plans to the commission.
C. She needs to submit the name, address, and phone number for each agent
associated with the time-share plan.
D. She will need to pay the commission various registration fees
Walter is terrible at remembering to renew his broker's license each year.
Fortunately, each year he receives a renewal information reminder in _____. -
ANSWERJuly
PRACTICE TEST QUESTIONS &
ANSWERS(RATED A+)
Jill is selling her property and hired David as her agent. David brings another client,
Kirk, to see the property, which Kirk is interested in purchasing. What kind of agent is
David acting as in this scenario? - ANSWERA dual agent
David initially represented jill as a buyers agent but bc hes brought another client hes
a dual agency
Arkansas salesperson Sebastian has just moved from College Station to Maumelle.
Which of the following must he now do? - ANSWERHe must promptly contact AREC
in writing to inform them of his address change
this is the licensees responsibility not the brokers
Which of the following is something the commission has the authority to do to
enforce the arkansas time share act - ANSWER- amend and repeal rules
- impose suspensions against developers
- set fees and penalties
Super Bank of Arkansas wants to determine the approximate selling price of a
property in Fort Smith. Who would typically prepare the BPO? - ANSWERa real
estate licensee
A broker price opinion is usually performed by a hired sales agent when a financial
institution believes the expense of ordering an appraisal would be unnecessary and
time-consuming.
In Arkansas, who has an obligation to be knowledgeable about the real estate
market conditions and property pricing for the seller client? - ANSWERSellers agent
What is NOT something the commission has the authority to do to enforce the
Arkansas Time-Share Act? - ANSWERincarcerate developers guilty of violating the
act
Arkansas license applicants who complete the 60-hour salesperson course have
_____ days to pass their licensing exam - ANSWERunlimited number
Which of the following is likely NOT an acceptable name to list on a place of
business sign for a real estate brokerage firm in Arkansas - ANSWERC.
, A. Arkansas Realty Group
B. Little Rock REALTORS®
C. Macmillan Brokers & Co.
D.Springdale Real Estate Company
Principal brokers must permanently attach a sign to their place of business
containing the name of the business and the words "real estate"" "realty"
"REALTOR" or other words approved by the commission
Last year, when Susie applied for her salesperson's license, the recovery fund
balance was sitting at $268,000. How much did she have to pay into the fund with
her application for a license? - ANSWERNothing
the maximum a licensee will have to pay into the recovery fund is $25 per year. If the
fund balance is already at or above $250,000, licensees may not have to pay
anything
Which of the following is not a likely result of being found guilty of a license law
violation - ANSWERA.
A. gaining more clients
B. Less ability to grow your business
C. Penalties from the commission
D. Tarnishing your professional reputation
Angie is a licensed timeshare developer in Arkansas. As she begins the process of
submitting her time-share plans and registration, which of the following is NOT
correct? - ANSWERA.
A. If she makes any amendments to her registration, she'll have 30 days to inform
the commission.
B. She must submit an application for all time-share plans to the commission.
C. She needs to submit the name, address, and phone number for each agent
associated with the time-share plan.
D. She will need to pay the commission various registration fees
Walter is terrible at remembering to renew his broker's license each year.
Fortunately, each year he receives a renewal information reminder in _____. -
ANSWERJuly
