Arkansas State Exam Practice Questions and Answers Graded A

Arkansas State Exam Practice Questions and Answers Graded A How soon after a possible license law violation is committed must a complaint be filed with the Arkansas Real Estate Commission? -Within five years of the alleged act -Within one year of the alleged act -Within three years of the alleged act -Within two years of the alleged act Within three years of the alleged act By when must licensees deliver escrow funds to their principal broker in Arkansas? -Immediately -Within the next business day of sales contract signing -Within three business days of the parties signing the contract -Within two business weeks of receipt Immediately Escrow funds must be delivered to the broker immediately. Once the contract is signed, the broker has three days to deposit them in the firm's trust account, deliver them to an escrow agent, or deposit them according to the parties' agreement. What can happen if a brokerage firm changes location without letting the commission know? -The commission may impose steep fees and penalties. -The firm can change locations without telling the commission. -The firm may be required to post a sign at the old location, indicating that it has moved. -The principal broker's license and all associated licensees' licenses could be cancelled. The principal broker's license and all associated licensees' licenses could be cancelled. Joe manages several properties for Candice in Hot Springs. In a money pinch, Joe decides to use a tenant's security deposit to pay for some needed maintenance on another unit. Which is true regarding Joe's actions? -Joe is allowed to use the deposit for other property management fees, as long as he replaces the money within 72 hours. -Joe is permitted to use the deposit as he deems necessary. -Joe is prohibited from ever using the deposit for other fees by Arkansas license law. -Joe may use the deposit to pay for other expenses and fees, if this was specifically allowed by the tenant agreement. Joe may use the deposit to pay for other expenses and fees, if this was specifically allowed by the tenant agreement. What is the primary purpose of a BPO? -To help buyers determine how much to offer for a property. -To help insurers determine the amount of liability insurance to place on a property. -To help lenders determine the potential sales price for a property. -To help sellers determine an appropriate listing price