Arkansas License Law Exam
The commission may investigate a license law violation - answer On its own behalf if
deemed warranted
A broker's general operating bank account may legitimately contain - answer Amounts
needed to cover minimum balance requirements
A licensee options a property on behalf of the principal broker of another firm. This
illegal practice is called - answer Independent dealing.
A listed property has a serious leak in the roof, which has caused discolorations in the
ceiling. Which of the following is true? - answer The listing agent should be aware of
these conditions
Which party is responsible for branch office trust accounts, if any? - answer The
principal broker only
Which of the following is not requirement for licensure? - answer Evidence of a high
school diploma.
An Arkansas broker applicant must have how much experience as a salesperson -
answer2 years
The commission consists of how many members? - answer5 members
A broker landlord leases an apartment to a tenant. In this case the broker - answerMust
disclose his licensed status prior to signing the lease
Non- licenses Commissioners are selected - answerFrom the state at large, subject to
Senate confirmation.
The purpose for having a buyer sign the "Agency Representation Disclosure " form is to
- answerObtain the buyer's acknowledgment of the agency relationship.
All salesperson licenses expire - answerAt the end of the calendar year
Trust funds are best defined as - answerFunds entrusted to a broker in connection with
a transaction or service
Which of the following is not an acceptable circumstance for disbursing trust funds? -
answerUpon receipt of a buyers affidavit
, To renew an inactive license as an active license, licensees must do which of the
following - answerComplete 6 hours of CE for every inactive year up to 30 hours
In order to reactivate an inactive license, licensees must - answerFollow Commission
procedures and pay the required fee.
To renew an inactive license as an active license , licensees must do which of the
following ? - answerComplete 6 hours of CE for every inactive year up to 30 hours
What is the Arkansas post - licensing requirement for a salesperson licensed on June
20th ? - answerComplete an 18 - hour course within 6 months of licensure .
Which of the following is true ? - answerThe consummation of a transaction must be
supervised by the principal or branch executive broker INCORRECTLY
A licensee who witnesses and is damaged by an unlicensed person practicing real
estate is entitled to - answerInstitute criminal proceedings against the violator .
Is it necessary for a listing agent to disclose her agency relationship in writing -
answerInitially , no , but a verbal disclosure must be followed up with a written
disclosure .
Under which of the following circumstances may an applicant receive a waiver for failing
the criminal background check ? - answerTime elapsed since conviction .
When a licensee quits working for a brokerage , the license automatically becomes -
answerDe - activated .
Which party is responsible for branch office trust accounts , if any ? - answerThe
principal broker only
A central duty of dual agents is to - answerAvoid actions which will damage one party to
the benefit of the other .
Non - licensee Commissioners are selected - answerfrom the state at large , subject to
Senate confirmation .
A cornerstone of a fiduciary relationship is that the agent must demonstrate loyalty and -
answerObedience , provided the directives are legal .
A landlord gives a broker advance monies for advertising . Two months later , the
building hasn't rented , and the landlord cancels the listing . What happens to the
advance ? - answerIt depends on the terms of the written agreement between the
parties .
The commission may investigate a license law violation - answer On its own behalf if
deemed warranted
A broker's general operating bank account may legitimately contain - answer Amounts
needed to cover minimum balance requirements
A licensee options a property on behalf of the principal broker of another firm. This
illegal practice is called - answer Independent dealing.
A listed property has a serious leak in the roof, which has caused discolorations in the
ceiling. Which of the following is true? - answer The listing agent should be aware of
these conditions
Which party is responsible for branch office trust accounts, if any? - answer The
principal broker only
Which of the following is not requirement for licensure? - answer Evidence of a high
school diploma.
An Arkansas broker applicant must have how much experience as a salesperson -
answer2 years
The commission consists of how many members? - answer5 members
A broker landlord leases an apartment to a tenant. In this case the broker - answerMust
disclose his licensed status prior to signing the lease
Non- licenses Commissioners are selected - answerFrom the state at large, subject to
Senate confirmation.
The purpose for having a buyer sign the "Agency Representation Disclosure " form is to
- answerObtain the buyer's acknowledgment of the agency relationship.
All salesperson licenses expire - answerAt the end of the calendar year
Trust funds are best defined as - answerFunds entrusted to a broker in connection with
a transaction or service
Which of the following is not an acceptable circumstance for disbursing trust funds? -
answerUpon receipt of a buyers affidavit
, To renew an inactive license as an active license, licensees must do which of the
following - answerComplete 6 hours of CE for every inactive year up to 30 hours
In order to reactivate an inactive license, licensees must - answerFollow Commission
procedures and pay the required fee.
To renew an inactive license as an active license , licensees must do which of the
following ? - answerComplete 6 hours of CE for every inactive year up to 30 hours
What is the Arkansas post - licensing requirement for a salesperson licensed on June
20th ? - answerComplete an 18 - hour course within 6 months of licensure .
Which of the following is true ? - answerThe consummation of a transaction must be
supervised by the principal or branch executive broker INCORRECTLY
A licensee who witnesses and is damaged by an unlicensed person practicing real
estate is entitled to - answerInstitute criminal proceedings against the violator .
Is it necessary for a listing agent to disclose her agency relationship in writing -
answerInitially , no , but a verbal disclosure must be followed up with a written
disclosure .
Under which of the following circumstances may an applicant receive a waiver for failing
the criminal background check ? - answerTime elapsed since conviction .
When a licensee quits working for a brokerage , the license automatically becomes -
answerDe - activated .
Which party is responsible for branch office trust accounts , if any ? - answerThe
principal broker only
A central duty of dual agents is to - answerAvoid actions which will damage one party to
the benefit of the other .
Non - licensee Commissioners are selected - answerfrom the state at large , subject to
Senate confirmation .
A cornerstone of a fiduciary relationship is that the agent must demonstrate loyalty and -
answerObedience , provided the directives are legal .
A landlord gives a broker advance monies for advertising . Two months later , the
building hasn't rented , and the landlord cancels the listing . What happens to the
advance ? - answerIt depends on the terms of the written agreement between the
parties .
