REAL ESTATE EXAM-ARKANSAS
QUESTIONS WITH CORRECT
ANSWERS
How many days prior to a hearing date must the executive director of the Arkansas
Commission notify persons involved in a complaint? - Correct Answers -30
In Arkansas revenue stamps must be purchased and placed on the deed prior to
closing. The cost per $1,000 of the sales price is - Correct Answers -$3.30
What type of license must and individual planning to open and operate a real estate
office in Arkansas hold? - Correct Answers -Principal Broker's License
The mixing of trust funds with a broker's personal funds is - Correct Answers -
Commingling
Which of the following is TRUE of personal assistants in Arkansas? - Correct Answers -
Licensed personal assistants must be under the supervision of the same principal
broker as the employing real estate licensee
A special homestead exemption on real property taxes is available of residents in
Arkansas - Correct Answers -Who are at least 65 years old
In Arkansas, what agency has control over the navigable streams and most lake
shorelines with dams having the ability for electrical generation and is involved in the
creation or restoration of wetlands? - Correct Answers -The US Army Corps of
Engineers
How are conveyance taxes, or title transfer taxes, calculated in Arkansas? - Correct
Answers -The tax is based on the property's purchase price
A broker's newest sales associate lists a unit in a condominium building for sale. In this
transaction, the sales associate - Correct Answers -Acts on behalf of the broker
The Arkansas Real Estate Foundation, Inc. exists to - Correct Answers -Be a recipient
of interest paid on broker's trust accounts under the guidelines established by the
Arkansas legislature
,Real Estate licenses expire on - Correct Answers -December 31
The primary body responsible for regulating real estate licensee in Arkansas is the -
Correct Answers -Arkansas Real Estate Commission
In Arkansas net listings are - Correct Answers -Discouraged but legal
In Arkansas, septic tanks and private sewage disposal systems are monitored by the -
Correct Answers -County Health officials
A broker wishing to increase her business solicits and owner under an exclusive listing
contract with another real estate company. In this situation - Correct Answers -The
soliciting broker must make all required disclosures required by Arkansas Real Estate
Commission regulations
Which of the following is TRUE regarding cooperative compensation between brokers in
an Arkansas real estate transaction? - Correct Answers -Cooperative compensation
agreements between brokerages are usually entered into by mutual written or verbal
contracts
If a complaint is filed against a licensee for obtaining their license by fraudulent
representation when must the Arkansas Real Estate Commission initiate an
investigation? - Correct Answers -There is no maximum time limit
To comply with the requirements of the Arkansas Home Inspector Registration Board, a
home inspector must - Correct Answers -Annually complete 14 hours of continuing
education
Real property taxes are paid - Correct Answers -In arrears meaning yearly
The real property tax rate in Arkansas is expressed as the - Correct Answers -Millage
rate
If a licensee has been terminated or transferred, the supervising broker has to notify the
Commission and return the license and pocket card of the licensee within - Correct
Answers -7 days
Which of the following is NOT a means by which a private easement may be created in
Arkansas? - Correct Answers -Eminent domain
The Arkansas Real Estate Commission will not pay money out of the recovery fund to -
Correct Answers -Compensate licensees for lost earned professional fees or
commisions
, Arkansas is a home rule state, which means those involved in construction or land
development should always check for construction or development requirements with -
Correct Answers -Their city or county government
In AR which of the following facts is considered non-material in a residential purchase
transaction? - Correct Answers -A suicide was committed on the property, A registered
sex offender lives in the community, Someone died on the property
What is the source of all zoning regulations in Arkansas? - Correct Answers -The cities
and municipalities
In Arkansas, blind ads are - Correct Answers -Illegal
The Arkansas Real Estate Commission cannot - Correct Answers -Settle commission
disputes between brokerage firms
Who of the following must hold a real estate license in Arkansas? - Correct Answers -
Anyone who represents another, for compensation, in listing or selling the person's
property
How many approved continuing education hours must a licensee complete by the
annual license renewal period? - Correct Answers -6 hours
In Arkansas, referral fees are allowed only if the fees are - Correct Answers -Paid from
one real estate broker to another
In Arkansas, certain sex offenders, when released from prison, must register where they
live with the - Correct Answers -Arkansas Crime Information Center
What is the interest on Arkansas real estate broker's escrow account program? -
Correct Answers -A program granting money to nonprofit organization to be used in
real-estate-related community activities
A salesperson does something the principal broker learns is illegal. The broker
terminates the salesperson. The broker should - Correct Answers -Send the
salesperson's real estate license and pocket card to the Arkansas Real Estate
Commission
What are the procedures that a salesperson must follow when the salesperson decides
to terminate hi or her affiliation with the employing broker? - Correct Answers -Nothing,
because the broker is responsible for notifying the AREC of the change
A licensed salesperson may hold a concurrent license with more than one Arkansas
broker under which of the following circumstances? - Correct Answers -Under NO
circumstances
QUESTIONS WITH CORRECT
ANSWERS
How many days prior to a hearing date must the executive director of the Arkansas
Commission notify persons involved in a complaint? - Correct Answers -30
In Arkansas revenue stamps must be purchased and placed on the deed prior to
closing. The cost per $1,000 of the sales price is - Correct Answers -$3.30
What type of license must and individual planning to open and operate a real estate
office in Arkansas hold? - Correct Answers -Principal Broker's License
The mixing of trust funds with a broker's personal funds is - Correct Answers -
Commingling
Which of the following is TRUE of personal assistants in Arkansas? - Correct Answers -
Licensed personal assistants must be under the supervision of the same principal
broker as the employing real estate licensee
A special homestead exemption on real property taxes is available of residents in
Arkansas - Correct Answers -Who are at least 65 years old
In Arkansas, what agency has control over the navigable streams and most lake
shorelines with dams having the ability for electrical generation and is involved in the
creation or restoration of wetlands? - Correct Answers -The US Army Corps of
Engineers
How are conveyance taxes, or title transfer taxes, calculated in Arkansas? - Correct
Answers -The tax is based on the property's purchase price
A broker's newest sales associate lists a unit in a condominium building for sale. In this
transaction, the sales associate - Correct Answers -Acts on behalf of the broker
The Arkansas Real Estate Foundation, Inc. exists to - Correct Answers -Be a recipient
of interest paid on broker's trust accounts under the guidelines established by the
Arkansas legislature
,Real Estate licenses expire on - Correct Answers -December 31
The primary body responsible for regulating real estate licensee in Arkansas is the -
Correct Answers -Arkansas Real Estate Commission
In Arkansas net listings are - Correct Answers -Discouraged but legal
In Arkansas, septic tanks and private sewage disposal systems are monitored by the -
Correct Answers -County Health officials
A broker wishing to increase her business solicits and owner under an exclusive listing
contract with another real estate company. In this situation - Correct Answers -The
soliciting broker must make all required disclosures required by Arkansas Real Estate
Commission regulations
Which of the following is TRUE regarding cooperative compensation between brokers in
an Arkansas real estate transaction? - Correct Answers -Cooperative compensation
agreements between brokerages are usually entered into by mutual written or verbal
contracts
If a complaint is filed against a licensee for obtaining their license by fraudulent
representation when must the Arkansas Real Estate Commission initiate an
investigation? - Correct Answers -There is no maximum time limit
To comply with the requirements of the Arkansas Home Inspector Registration Board, a
home inspector must - Correct Answers -Annually complete 14 hours of continuing
education
Real property taxes are paid - Correct Answers -In arrears meaning yearly
The real property tax rate in Arkansas is expressed as the - Correct Answers -Millage
rate
If a licensee has been terminated or transferred, the supervising broker has to notify the
Commission and return the license and pocket card of the licensee within - Correct
Answers -7 days
Which of the following is NOT a means by which a private easement may be created in
Arkansas? - Correct Answers -Eminent domain
The Arkansas Real Estate Commission will not pay money out of the recovery fund to -
Correct Answers -Compensate licensees for lost earned professional fees or
commisions
, Arkansas is a home rule state, which means those involved in construction or land
development should always check for construction or development requirements with -
Correct Answers -Their city or county government
In AR which of the following facts is considered non-material in a residential purchase
transaction? - Correct Answers -A suicide was committed on the property, A registered
sex offender lives in the community, Someone died on the property
What is the source of all zoning regulations in Arkansas? - Correct Answers -The cities
and municipalities
In Arkansas, blind ads are - Correct Answers -Illegal
The Arkansas Real Estate Commission cannot - Correct Answers -Settle commission
disputes between brokerage firms
Who of the following must hold a real estate license in Arkansas? - Correct Answers -
Anyone who represents another, for compensation, in listing or selling the person's
property
How many approved continuing education hours must a licensee complete by the
annual license renewal period? - Correct Answers -6 hours
In Arkansas, referral fees are allowed only if the fees are - Correct Answers -Paid from
one real estate broker to another
In Arkansas, certain sex offenders, when released from prison, must register where they
live with the - Correct Answers -Arkansas Crime Information Center
What is the interest on Arkansas real estate broker's escrow account program? -
Correct Answers -A program granting money to nonprofit organization to be used in
real-estate-related community activities
A salesperson does something the principal broker learns is illegal. The broker
terminates the salesperson. The broker should - Correct Answers -Send the
salesperson's real estate license and pocket card to the Arkansas Real Estate
Commission
What are the procedures that a salesperson must follow when the salesperson decides
to terminate hi or her affiliation with the employing broker? - Correct Answers -Nothing,
because the broker is responsible for notifying the AREC of the change
A licensed salesperson may hold a concurrent license with more than one Arkansas
broker under which of the following circumstances? - Correct Answers -Under NO
circumstances
