CE SHOP ARKANSAS PRACTICE
TEST | FULLY SOLVED
Alexi signed a time-share purchase contract on the Wednesday before Memorial Day
weekend. What is the last day he can possibly submit a cancellation notice to the
seller?
A. On Memorial Day
B. The day after Memorial Day
C. The day before Memorial Day
D. The Friday before Memorial Day - Correct Answers -B. The day after Memorial Day
Since the fifth day after the signing of the contract is a holiday (Memorial Day), Alexi has
until the following day to submit his cancellation notice.
A few days ago, Arkansas broker Jessica submitted an offer to her seller client, Sean.
He called her this morning to say he's accepting the offer. Woohoo! To stay in
compliance with commission rules, what must occur prior to closing? Select the best
correct answer.
A. A copy of the contract, including any addenda, may be provided to the buyer and
seller after closing.
B. Both the buyer and the seller must receive a copy of the contract, including any
addenda and containing all required signatures, prior to closing.
C. The buyer must receive a copy of the contract, including any addenda, containing all
required signatures.
D. The seller must receive a copy of the contract, including any addenda, containing all
required signatures. - Correct Answers -B. Both the buyer and the seller must receive a
copy of the contract, including any addenda and containing all required signatures, prior
to closing.
Both the buyer and the seller must receive a copy of the contract, including any
addenda and containing all required signatures, prior to closing.
,Kent has knowledge that Brent, another salesperson in the firm, purposefully published
a misleading advertisement for a home in West Fork. What does the commission say
Kent's duty is in this situation?
A. Report it in writing to the commission.
B. Report it in writing to their principal broker.
C. Speak directly to Brent advising him of the violation.
D. Turn Brent into the police. - Correct Answers -A. Report it in writing to the
commission.
Dennis is a broker in Rogers who wants to open a branch office location in Prairie
Creek. What does he need to do to open a branch office?
A. Appear before the commission to make the branch office request.
B. Appear before the judge to make the branch office request
C. Franchise the brokerage.
D. Obtain a duplicate branch office license. - Correct Answers -D. Obtain a duplicate
branch office license.
If a principal broker maintains a branch office, a duplicate principal broker's license is
required for each permanent branch office and must be displayed in the branch office.
Which of the following duties may an unlicensed person in Arkansas perform when
receiving compensation?
A. Negotiating the exchange of real estate
B. Negotiating the sale or exchange of lots or parcels of land
C. Performing bookkeeping and accounting duties
D. Selling or offering to sell real estate - Correct Answers -C. Performing bookkeeping
and accounting duties
Arkansas law requires licensees to disclose personal interest before acting on their own
behalf or on behalf of certain individuals with whom they have a personal relationship.
Which of the following must Jose disclose to a buyer client when writing up an offer?
A. He knows the other party to the transaction because he lives in the neighborhood.
,B. He's helping an acquaintance write an offer on the same house.
C. He's told his former college roommate about the house, and he may make an offer.
D. His mom is the seller. - Correct Answers -D. His mom is the seller.
A temporary interim license is valid for _____ days.
A. 10
B. 14
C. 30
D. 60 - Correct Answers -C. 30
Any offers Aki receives from her buyer client must be presented to the listing firm
______.
A. As soon as possible
B. By the seller directly
C. No later than the close of the next business day
D. Within one week of being received - Correct Answers -C. No later than the close of
the next business day
In Arkansas, any offers the selling licensee receives must be presented to the listing
firm not later than the close of the next business day.
In Arkansas, which individual in these scenarios would require a real estate license?
A. Joan is searching for a new home for a friend moving into town. After the friend buys
a property, Joan will receive 2% of the sales price for her time.
B. Marcus is selling his own home and isn't using the services of a listing agent.
C. Pat is helping his sister Kristin find a new apartment. He's searching listings and
calling property management companies but won't receive anything in return.
D. Ron is acting as executor of his uncle's estate, which includes selling his uncle's
property. - Correct Answers -A. Joan is searching for a new home for a friend moving
into town. After the friend buys a property, Joan will receive 2% of the sales price for her
time.
, In general, unlicensed consumers can't perform real estate activities for others for a fee
or for compensation of any kind. Exceptions include trustees and executors, or people
selling their own property. Joan is receiving compensation and would need to be
licensed in order not to break any laws.
Which of these advertisements would be compliant with Arkansas license law?
A. Adam's ad states he is a member of NAR, even though he hasn't finished his
membership application yet.
B. Jodie's ad for a property listed with her brokerage includes just her individual name
and phone number.
C. Paul's ad discloses his license status and his brokerage firm's name.
D. Zoe's ad shows a different brokerage name than the one on her broker's registered
business license. - Correct Answers -C. Paul's ad discloses his license status and his
brokerage firm's name.
Sheri's exclusive agency agreement with broker Phillip has expired. Which of the
following actions is illegal?
A. Phillip asks his co-agent Courtney to take Sheri on as a client.
B. Phillip removed the MLS listing himself as the listing agent contact.
C. Sheri signed a new listing agreement with Carlson.
D. The property sale sign in Sheri's yard lists Phillip as the listing licensee. - Correct
Answers -D. The property sale sign in Sheri's yard lists Phillip as the listing licensee.
In Arkansas, is having a brokerage policy enough to meet a broker's responsibility to
supervise?
A. Only if it covers every contingency
B. Only if it's enforced
C. Only if it's generally understood
D. Only if it's in writing and communicated - Correct Answers -B. Only if it's enforced
It's not enough to have a policy; unless it's enforced, a broker isn't meeting his or her
responsibility to supervise. Brokers should have receipts of training meetings, details of
education provided, etc.
TEST | FULLY SOLVED
Alexi signed a time-share purchase contract on the Wednesday before Memorial Day
weekend. What is the last day he can possibly submit a cancellation notice to the
seller?
A. On Memorial Day
B. The day after Memorial Day
C. The day before Memorial Day
D. The Friday before Memorial Day - Correct Answers -B. The day after Memorial Day
Since the fifth day after the signing of the contract is a holiday (Memorial Day), Alexi has
until the following day to submit his cancellation notice.
A few days ago, Arkansas broker Jessica submitted an offer to her seller client, Sean.
He called her this morning to say he's accepting the offer. Woohoo! To stay in
compliance with commission rules, what must occur prior to closing? Select the best
correct answer.
A. A copy of the contract, including any addenda, may be provided to the buyer and
seller after closing.
B. Both the buyer and the seller must receive a copy of the contract, including any
addenda and containing all required signatures, prior to closing.
C. The buyer must receive a copy of the contract, including any addenda, containing all
required signatures.
D. The seller must receive a copy of the contract, including any addenda, containing all
required signatures. - Correct Answers -B. Both the buyer and the seller must receive a
copy of the contract, including any addenda and containing all required signatures, prior
to closing.
Both the buyer and the seller must receive a copy of the contract, including any
addenda and containing all required signatures, prior to closing.
,Kent has knowledge that Brent, another salesperson in the firm, purposefully published
a misleading advertisement for a home in West Fork. What does the commission say
Kent's duty is in this situation?
A. Report it in writing to the commission.
B. Report it in writing to their principal broker.
C. Speak directly to Brent advising him of the violation.
D. Turn Brent into the police. - Correct Answers -A. Report it in writing to the
commission.
Dennis is a broker in Rogers who wants to open a branch office location in Prairie
Creek. What does he need to do to open a branch office?
A. Appear before the commission to make the branch office request.
B. Appear before the judge to make the branch office request
C. Franchise the brokerage.
D. Obtain a duplicate branch office license. - Correct Answers -D. Obtain a duplicate
branch office license.
If a principal broker maintains a branch office, a duplicate principal broker's license is
required for each permanent branch office and must be displayed in the branch office.
Which of the following duties may an unlicensed person in Arkansas perform when
receiving compensation?
A. Negotiating the exchange of real estate
B. Negotiating the sale or exchange of lots or parcels of land
C. Performing bookkeeping and accounting duties
D. Selling or offering to sell real estate - Correct Answers -C. Performing bookkeeping
and accounting duties
Arkansas law requires licensees to disclose personal interest before acting on their own
behalf or on behalf of certain individuals with whom they have a personal relationship.
Which of the following must Jose disclose to a buyer client when writing up an offer?
A. He knows the other party to the transaction because he lives in the neighborhood.
,B. He's helping an acquaintance write an offer on the same house.
C. He's told his former college roommate about the house, and he may make an offer.
D. His mom is the seller. - Correct Answers -D. His mom is the seller.
A temporary interim license is valid for _____ days.
A. 10
B. 14
C. 30
D. 60 - Correct Answers -C. 30
Any offers Aki receives from her buyer client must be presented to the listing firm
______.
A. As soon as possible
B. By the seller directly
C. No later than the close of the next business day
D. Within one week of being received - Correct Answers -C. No later than the close of
the next business day
In Arkansas, any offers the selling licensee receives must be presented to the listing
firm not later than the close of the next business day.
In Arkansas, which individual in these scenarios would require a real estate license?
A. Joan is searching for a new home for a friend moving into town. After the friend buys
a property, Joan will receive 2% of the sales price for her time.
B. Marcus is selling his own home and isn't using the services of a listing agent.
C. Pat is helping his sister Kristin find a new apartment. He's searching listings and
calling property management companies but won't receive anything in return.
D. Ron is acting as executor of his uncle's estate, which includes selling his uncle's
property. - Correct Answers -A. Joan is searching for a new home for a friend moving
into town. After the friend buys a property, Joan will receive 2% of the sales price for her
time.
, In general, unlicensed consumers can't perform real estate activities for others for a fee
or for compensation of any kind. Exceptions include trustees and executors, or people
selling their own property. Joan is receiving compensation and would need to be
licensed in order not to break any laws.
Which of these advertisements would be compliant with Arkansas license law?
A. Adam's ad states he is a member of NAR, even though he hasn't finished his
membership application yet.
B. Jodie's ad for a property listed with her brokerage includes just her individual name
and phone number.
C. Paul's ad discloses his license status and his brokerage firm's name.
D. Zoe's ad shows a different brokerage name than the one on her broker's registered
business license. - Correct Answers -C. Paul's ad discloses his license status and his
brokerage firm's name.
Sheri's exclusive agency agreement with broker Phillip has expired. Which of the
following actions is illegal?
A. Phillip asks his co-agent Courtney to take Sheri on as a client.
B. Phillip removed the MLS listing himself as the listing agent contact.
C. Sheri signed a new listing agreement with Carlson.
D. The property sale sign in Sheri's yard lists Phillip as the listing licensee. - Correct
Answers -D. The property sale sign in Sheri's yard lists Phillip as the listing licensee.
In Arkansas, is having a brokerage policy enough to meet a broker's responsibility to
supervise?
A. Only if it covers every contingency
B. Only if it's enforced
C. Only if it's generally understood
D. Only if it's in writing and communicated - Correct Answers -B. Only if it's enforced
It's not enough to have a policy; unless it's enforced, a broker isn't meeting his or her
responsibility to supervise. Brokers should have receipts of training meetings, details of
education provided, etc.
