Name: Score:
142 Multiple choice questions
Term 1 of 142
Real estate laws that are passed by government bodies in Arkansas are called _____.
Administrative regulations
Local ordinances
Statutory laws
Common laws
Term 2 of 142
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an office tour?
Only after receiving offers from potential buyers
At the end of the month after the listing is taken
Within a week after the listing is taken
Immediately after the listing agreement is signed
Term 3 of 142
What year was the Code of Ethics adopted?
1933
1924
1913
1930
,Term 4 of 142
A REALTOR® keeps all monies in one business account that he uses for all business expenditures
and transfers monies out at appropriate times during a transaction, is this allowable?
Yes
No
Term 5 of 142
What formula or calculation is used to determine if it is worthwhile for a builder to buy a piece of
raw land?
Assessed Value
Cost Approach
Market Value
Income Approach
Term 6 of 142
A REALTOR® is preparing a valuation of a property for a fee on a sliding scale depending on what
value of the property he comes up with. Is this allowed?
No, fees for preparing appraisals or other valuations must not be contingent upon the
amount of the appraisal or valuation.
Yes, as long as the client agrees to the fee structure.
No, but only if the appraisal is for a commercial property.
Yes, it is common practice to charge based on the property value.
,Term 7 of 142
The very fine line between acting as a licensed real estate agent and as an unlicensed attorney is
described as _______.
The legal requirements for becoming a licensed attorney in kentucky.
The upper limits of a licensed agent's limited authority
The boundaries of property ownership in real estate transactions.
The financial obligations of a real estate agent to their clients.
Term 8 of 142
What is established upon the signing of a contract or by the actions or spoken words between an
Agent and Principal?
Fiduciary duties
Agency
Fiduciary relationship
Principal
Term 9 of 142
Buyer Immanuel's broker finds out information about the seller which will help Immanuel in the
transaction. Loyalty is one of the duties of _____.
disclosure.
protection.
advertising.
representation.
, Term 10 of 142
Which of the following would be an example of personal ethics?
Respect for the autonomy of others
Openness and full disclosure
Due diligence and duty of care
Breach of contract
Term 11 of 142
Which survey system is the likeliest to be used to define specific boundaries between two
adjacent large land parcels?
Lot and block
Public land survey system
Metes and bounds
Lot and block method
Term 12 of 142
What is another common name for the lot and block system of legal descriptions?
Euclidean zoning
The metes and bounds system
The urban survey system
The recorded plat method
142 Multiple choice questions
Term 1 of 142
Real estate laws that are passed by government bodies in Arkansas are called _____.
Administrative regulations
Local ordinances
Statutory laws
Common laws
Term 2 of 142
Broker Joy just signed a listing agreement with a seller. When should Joy schedule an office tour?
Only after receiving offers from potential buyers
At the end of the month after the listing is taken
Within a week after the listing is taken
Immediately after the listing agreement is signed
Term 3 of 142
What year was the Code of Ethics adopted?
1933
1924
1913
1930
,Term 4 of 142
A REALTOR® keeps all monies in one business account that he uses for all business expenditures
and transfers monies out at appropriate times during a transaction, is this allowable?
Yes
No
Term 5 of 142
What formula or calculation is used to determine if it is worthwhile for a builder to buy a piece of
raw land?
Assessed Value
Cost Approach
Market Value
Income Approach
Term 6 of 142
A REALTOR® is preparing a valuation of a property for a fee on a sliding scale depending on what
value of the property he comes up with. Is this allowed?
No, fees for preparing appraisals or other valuations must not be contingent upon the
amount of the appraisal or valuation.
Yes, as long as the client agrees to the fee structure.
No, but only if the appraisal is for a commercial property.
Yes, it is common practice to charge based on the property value.
,Term 7 of 142
The very fine line between acting as a licensed real estate agent and as an unlicensed attorney is
described as _______.
The legal requirements for becoming a licensed attorney in kentucky.
The upper limits of a licensed agent's limited authority
The boundaries of property ownership in real estate transactions.
The financial obligations of a real estate agent to their clients.
Term 8 of 142
What is established upon the signing of a contract or by the actions or spoken words between an
Agent and Principal?
Fiduciary duties
Agency
Fiduciary relationship
Principal
Term 9 of 142
Buyer Immanuel's broker finds out information about the seller which will help Immanuel in the
transaction. Loyalty is one of the duties of _____.
disclosure.
protection.
advertising.
representation.
, Term 10 of 142
Which of the following would be an example of personal ethics?
Respect for the autonomy of others
Openness and full disclosure
Due diligence and duty of care
Breach of contract
Term 11 of 142
Which survey system is the likeliest to be used to define specific boundaries between two
adjacent large land parcels?
Lot and block
Public land survey system
Metes and bounds
Lot and block method
Term 12 of 142
What is another common name for the lot and block system of legal descriptions?
Euclidean zoning
The metes and bounds system
The urban survey system
The recorded plat method
