UNIT 22: ARKANSAS LICENSING
OVERVIEW EXAM QUESTIONS AND
ANSWERS
Which situation would be considered independent dealing in Arkansas by a licensee
affiliated with a broker?
A)
The licensee sells the house they are living in without the broker's knowledge or
assistance.
B)
The licensee sells their neighbor's house using the firm name of and supervision of their
principal broker.
C)
The licensee lists and sells an apartment building they own using their principal broker's
real estate firm.
D)
The licensee sells a travel agency they own without the broker's knowledge or
assistance. - Correct Answers -A)
The licensee sells the house they are living in without the broker's knowledge or
assistance.
The rules of the Arkansas Real Estate Commission can be changed by a
A)
petition from members of the public.
B)
decision by the Arkansas Real Estate Commissioners.
C)
vote of the legislature signed by the governor.
D)
vote by the members of the Arkansas REALTORS® Association. - Correct Answers -B)
decision by the Arkansas Real Estate Commissioners.
The licensee is planning to buy a listed property for the licensee's own personal
portfolio. In this situation, the licensee must
A)
notify the local real estate board and obtain permission to purchase the property.
B)
not disclose his license status since it is not required and will hinder the sale.
, C)
make written disclosure of his license status to all parties in the transaction.
D)
inform the licensee's principal broker. - Correct Answers -C)
make written disclosure of his license status to all parties in the transaction.
The mission of the Arkansas Real Estate Commission is to
A)
ensure there are enough real estate licensees to serve the public.
B)
assist newly licensed real estate firms to become profitable businesses.
C)
protect the public.
D)
settle commission disputes between brokers. - Correct Answers -C)
protect the public.
How long does the supervising broker of a licensee have to notify the Commission and
return the license and pocket card of the licensee who has been terminated or
transferred?
A)
7 days
B)
24 hours
C)
30 days
D)
3 days - Correct Answers -A)
7 days
How many members are there on the Arkansas Real Estate Commission?
A)
Seven
B)
Three
C)
Nine
D)
Five - Correct Answers -D)
Five
How many principal brokers may a real estate agent be licensed to at any time?
A)
Three
B)
Two
OVERVIEW EXAM QUESTIONS AND
ANSWERS
Which situation would be considered independent dealing in Arkansas by a licensee
affiliated with a broker?
A)
The licensee sells the house they are living in without the broker's knowledge or
assistance.
B)
The licensee sells their neighbor's house using the firm name of and supervision of their
principal broker.
C)
The licensee lists and sells an apartment building they own using their principal broker's
real estate firm.
D)
The licensee sells a travel agency they own without the broker's knowledge or
assistance. - Correct Answers -A)
The licensee sells the house they are living in without the broker's knowledge or
assistance.
The rules of the Arkansas Real Estate Commission can be changed by a
A)
petition from members of the public.
B)
decision by the Arkansas Real Estate Commissioners.
C)
vote of the legislature signed by the governor.
D)
vote by the members of the Arkansas REALTORS® Association. - Correct Answers -B)
decision by the Arkansas Real Estate Commissioners.
The licensee is planning to buy a listed property for the licensee's own personal
portfolio. In this situation, the licensee must
A)
notify the local real estate board and obtain permission to purchase the property.
B)
not disclose his license status since it is not required and will hinder the sale.
, C)
make written disclosure of his license status to all parties in the transaction.
D)
inform the licensee's principal broker. - Correct Answers -C)
make written disclosure of his license status to all parties in the transaction.
The mission of the Arkansas Real Estate Commission is to
A)
ensure there are enough real estate licensees to serve the public.
B)
assist newly licensed real estate firms to become profitable businesses.
C)
protect the public.
D)
settle commission disputes between brokers. - Correct Answers -C)
protect the public.
How long does the supervising broker of a licensee have to notify the Commission and
return the license and pocket card of the licensee who has been terminated or
transferred?
A)
7 days
B)
24 hours
C)
30 days
D)
3 days - Correct Answers -A)
7 days
How many members are there on the Arkansas Real Estate Commission?
A)
Seven
B)
Three
C)
Nine
D)
Five - Correct Answers -D)
Five
How many principal brokers may a real estate agent be licensed to at any time?
A)
Three
B)
Two
