ARKANSAS STATE EXAM PRACTICE
QUESTIONS & ANSWERS!!
A property manager manages several properties for an owner in Arkansas. In a
pinch, the property manager uses a tenant's security deposit to pay for some
emergency maintenance on another unit. Which is true regarding the property
manager's actions? - ANSWERHe may use the deposit to pay for other expenses
only if this is specifically allowed by the tenant agreement.
Which statement best describes an Arkansas broker's post-licensing requirements? -
ANSWERBrokers must complete 30 hours of post-licensing education within six
months of receiving licensure.
A temporary interim license is valid for _____ days. - ANSWER30
The Arkansas Real Estate Commission has reviewed a complaint and determined a
prima facie case exists. How soon after a copy of the complaint is sent to the
respondent must an answer be received? - ANSWER20 days
Arkansas broker, Elios, is required to have all agreements regarding real estate in
writing in EXCEPT for which one? - ANSWERNon-exclusive agency agreements or
contracts
Which of these tasks must an Arkansas licensee perform for her buyer client? -
ANSWEREnsure that the buyer receives copies of all signed paperwork.
Which of the following is NOT a primary function of the Arkansas Real Estate
Commission? - ANSWERCalculating property values
In a buyer agency relationship, who does the Arkansas licensee represent? -
ANSWERThe buyer
What is the first thing that must be done after the commission receives a complaint?
- ANSWERIt must decide whether the commission has the authority to investigate.
Ashley failed to put up a place of business sign appropriately outside of her office.
Due to this advertising violation, what kind of disciplinary action may Ashley receive?
- ANSWERShe may be issued a citation for a penalty of up to $250.
AREC has determined Mateo is in violation of Arkansas' license law. Which of the
following are possible disciplinary actions that may be imposed on him as a result of
the license law violation? - ANSWEREducation, damages, or suspension
, A cash receipt should contain all of the following information, EXCEPT ______. -
ANSWERA bank-generated electronic tracking number
Arkansas license applicants who complete the 60-hour salesperson course have
_____ days to pass their licensing exam. - ANSWERAn unlimited number of
Arkansas escrow agent Norman received the earnest money deposit from his clients
Bud and Barbara on Friday, January 6, the day the contract was signed by both
parties. He must deposit the earnest money by the end of what day? -
ANSWERTuesday, January 10
Paco wasn't comfortable when he bought a time-share from Leo, and now he's
having second thoughts. Which of the following is NOT true about his cancellation
rights? - ANSWERHis request can be made over the phone or by mail.
Julie Ann's license was just suspended, pending an investigation into a work
incident. When should Julie Ann let the Arkansas Real Estate Commission know
about her license status change? - ANSWERShe has 30 days from the license
status change date to submit a report.
What is the primary purpose of real estate laws? - ANSWERTo provide rules on how
a licensee should behave
Bruce is meeting with his seller client in Ozark to give her a copy of the real estate
contract. Prior to their meeting, Bruce's supervising broker Maurice should ______. -
ANSWERReview and sign the real estate contract before it is submitted to the seller
Jaxon is a salesperson working in Hot Springs. He meant to provide an agency
disclosure to Sandra, a consumer, but it completely slipped his mind. Which of the
following statements is true? - ANSWERJaxon is in violation of Arkansas license law,
and AREC may suspend or revoke his license.
When acting as a principal to a real estate transaction, which duty is expanded by
statute and requires additional explicit actions from Arkansas licensees? -
ANSWERDisclosure
Sheri's exclusive agency agreement with broker Phillip has expired. Which of the
following actions is illegal? - ANSWERThe property sale sign in Sheri's yard lists
Phillip as the listing licensee.
Property managers are ______ cash payments from tenants. - ANSWERAllowed to
accept
A(n) _____ is a process used to determine the potential selling price of a property
that is performed by a sales agent who's hired by a financial institution. -
ANSWERBroker price opinion
Which of these statements describes the purpose of agency disclosures in
Arkansas? - ANSWERTo protect consumers by keeping them informed
QUESTIONS & ANSWERS!!
A property manager manages several properties for an owner in Arkansas. In a
pinch, the property manager uses a tenant's security deposit to pay for some
emergency maintenance on another unit. Which is true regarding the property
manager's actions? - ANSWERHe may use the deposit to pay for other expenses
only if this is specifically allowed by the tenant agreement.
Which statement best describes an Arkansas broker's post-licensing requirements? -
ANSWERBrokers must complete 30 hours of post-licensing education within six
months of receiving licensure.
A temporary interim license is valid for _____ days. - ANSWER30
The Arkansas Real Estate Commission has reviewed a complaint and determined a
prima facie case exists. How soon after a copy of the complaint is sent to the
respondent must an answer be received? - ANSWER20 days
Arkansas broker, Elios, is required to have all agreements regarding real estate in
writing in EXCEPT for which one? - ANSWERNon-exclusive agency agreements or
contracts
Which of these tasks must an Arkansas licensee perform for her buyer client? -
ANSWEREnsure that the buyer receives copies of all signed paperwork.
Which of the following is NOT a primary function of the Arkansas Real Estate
Commission? - ANSWERCalculating property values
In a buyer agency relationship, who does the Arkansas licensee represent? -
ANSWERThe buyer
What is the first thing that must be done after the commission receives a complaint?
- ANSWERIt must decide whether the commission has the authority to investigate.
Ashley failed to put up a place of business sign appropriately outside of her office.
Due to this advertising violation, what kind of disciplinary action may Ashley receive?
- ANSWERShe may be issued a citation for a penalty of up to $250.
AREC has determined Mateo is in violation of Arkansas' license law. Which of the
following are possible disciplinary actions that may be imposed on him as a result of
the license law violation? - ANSWEREducation, damages, or suspension
, A cash receipt should contain all of the following information, EXCEPT ______. -
ANSWERA bank-generated electronic tracking number
Arkansas license applicants who complete the 60-hour salesperson course have
_____ days to pass their licensing exam. - ANSWERAn unlimited number of
Arkansas escrow agent Norman received the earnest money deposit from his clients
Bud and Barbara on Friday, January 6, the day the contract was signed by both
parties. He must deposit the earnest money by the end of what day? -
ANSWERTuesday, January 10
Paco wasn't comfortable when he bought a time-share from Leo, and now he's
having second thoughts. Which of the following is NOT true about his cancellation
rights? - ANSWERHis request can be made over the phone or by mail.
Julie Ann's license was just suspended, pending an investigation into a work
incident. When should Julie Ann let the Arkansas Real Estate Commission know
about her license status change? - ANSWERShe has 30 days from the license
status change date to submit a report.
What is the primary purpose of real estate laws? - ANSWERTo provide rules on how
a licensee should behave
Bruce is meeting with his seller client in Ozark to give her a copy of the real estate
contract. Prior to their meeting, Bruce's supervising broker Maurice should ______. -
ANSWERReview and sign the real estate contract before it is submitted to the seller
Jaxon is a salesperson working in Hot Springs. He meant to provide an agency
disclosure to Sandra, a consumer, but it completely slipped his mind. Which of the
following statements is true? - ANSWERJaxon is in violation of Arkansas license law,
and AREC may suspend or revoke his license.
When acting as a principal to a real estate transaction, which duty is expanded by
statute and requires additional explicit actions from Arkansas licensees? -
ANSWERDisclosure
Sheri's exclusive agency agreement with broker Phillip has expired. Which of the
following actions is illegal? - ANSWERThe property sale sign in Sheri's yard lists
Phillip as the listing licensee.
Property managers are ______ cash payments from tenants. - ANSWERAllowed to
accept
A(n) _____ is a process used to determine the potential selling price of a property
that is performed by a sales agent who's hired by a financial institution. -
ANSWERBroker price opinion
Which of these statements describes the purpose of agency disclosures in
Arkansas? - ANSWERTo protect consumers by keeping them informed
