Arkansa Real Estate Law Questions and
Answers 100% verified
A real estate office may not be located where?
a. the salesperson's home b. a real estate school c. an office building d. a mobile home
- correct answer. A. A Salesperson cannot have a firm - Principal Broker only. All of
the locations listed are acceptable
Which one of the following is not a $30 fee?
a. application for a salesperson's license b. transfer from one company to another c.
replacement of a lost license or pocket card
d. duplicate license for a broker's branch office - correct answer. A. Application fee for
Salesperson's and Broker's license is $50
The AREC does not have the power to do what?
a. appoint commission members
b. issue subpoena duces tecum
c. conduct real estate seminars
d. administer oaths - correct answer. A. Real Estate Commissioners are appointed by
the governor
Arkie Sawyer is in the Army, stationed at Ft. Jackson, South Carolina. He plans to retire
soon, in Arkansas, and work in real estate. Which of the following would NOT meet
Arkansas' educational requirements for a salesperson's license?
a. obtaining thirty (30) classroom hours in real estate principles from the accredited
University of South
Carolina within sixty classroom hours of real estate education
, c. completing 60 hours in real estate in a business school approved by the AREC
located close to Ft. Jackson, 30 of which must be in basic principles of real estate
d. returning to Arkansas for 60 classroom hours in the Basic Principles of Real Estate at
any Arkansas licensed Real
Estate Company - correct answer. D. "Key word - COMPANY". Must be a post
secondary school - not a real estate company.
An offer and acceptance contract in Arkansas would be in violation of the license law if:
a. it did not state the closing date
b. the parties did not receive a copy of the signed offer and acceptance
c. it did not include earnest money
d. if it were signed by a seventeen-year old female who had her minority rights removed
- correct answer. B. Everyone who signed must receive copies of all documents
Salesperson Post-Licensure (18 hrs) will need to be completed:
a. Within 6 days of passing the exam b. Within 12 months after the date the individual
was licensed. c. Within 6 months after the date the individual was licensed d. By Dec.
31 of the year they were licensed - correct answer. C. Must be within 6 months after
the date the individual was initially licensed
All real estate licenses expire yearly on what date?
a. December 31 b. November 30
c. September 30 d. January 1 - correct answer. A. Dec. 31 of each year - does not
matter when your license was issued.
You must have a valid real estate license if for compensation, you:
a. appraise property b. auction personal property c. publish real estate ads d. procure
real estate prospects - correct answer. D. When you solicit real estate, you must be
licensed.
Payments from the Real Estate Recovery Fund may be used to pay any of the following
EXCEPT:
a. a monetary loss suffered by a person who sold property using a broker who had an
undisclosed interest in the buyer's welfare
b. a claim by a salesperson against a broker for an unpaid commission
c. actual or compensatory damages to an aggrieved party
d. damages not in excess of $75,000 with respect to the acts of any one licensee -
correct answer. B. AREC does not have jurisdiction over commissions - must go to
court.
Ima Nutt, a salesperson for Ruth's Realty Company, listed Barry Small's property.
Before the listing expired, Ima received her broker's license, left Ruth's Realty, and
opened Nutt Realty. Which of the following statements is true?
a. Ima is entitled to take Small's listing to her new company since she is now a broker
b. Ima may take the listing with her, but when the property sells, she must split the
commission with Ruth's Realty Company
Answers 100% verified
A real estate office may not be located where?
a. the salesperson's home b. a real estate school c. an office building d. a mobile home
- correct answer. A. A Salesperson cannot have a firm - Principal Broker only. All of
the locations listed are acceptable
Which one of the following is not a $30 fee?
a. application for a salesperson's license b. transfer from one company to another c.
replacement of a lost license or pocket card
d. duplicate license for a broker's branch office - correct answer. A. Application fee for
Salesperson's and Broker's license is $50
The AREC does not have the power to do what?
a. appoint commission members
b. issue subpoena duces tecum
c. conduct real estate seminars
d. administer oaths - correct answer. A. Real Estate Commissioners are appointed by
the governor
Arkie Sawyer is in the Army, stationed at Ft. Jackson, South Carolina. He plans to retire
soon, in Arkansas, and work in real estate. Which of the following would NOT meet
Arkansas' educational requirements for a salesperson's license?
a. obtaining thirty (30) classroom hours in real estate principles from the accredited
University of South
Carolina within sixty classroom hours of real estate education
, c. completing 60 hours in real estate in a business school approved by the AREC
located close to Ft. Jackson, 30 of which must be in basic principles of real estate
d. returning to Arkansas for 60 classroom hours in the Basic Principles of Real Estate at
any Arkansas licensed Real
Estate Company - correct answer. D. "Key word - COMPANY". Must be a post
secondary school - not a real estate company.
An offer and acceptance contract in Arkansas would be in violation of the license law if:
a. it did not state the closing date
b. the parties did not receive a copy of the signed offer and acceptance
c. it did not include earnest money
d. if it were signed by a seventeen-year old female who had her minority rights removed
- correct answer. B. Everyone who signed must receive copies of all documents
Salesperson Post-Licensure (18 hrs) will need to be completed:
a. Within 6 days of passing the exam b. Within 12 months after the date the individual
was licensed. c. Within 6 months after the date the individual was licensed d. By Dec.
31 of the year they were licensed - correct answer. C. Must be within 6 months after
the date the individual was initially licensed
All real estate licenses expire yearly on what date?
a. December 31 b. November 30
c. September 30 d. January 1 - correct answer. A. Dec. 31 of each year - does not
matter when your license was issued.
You must have a valid real estate license if for compensation, you:
a. appraise property b. auction personal property c. publish real estate ads d. procure
real estate prospects - correct answer. D. When you solicit real estate, you must be
licensed.
Payments from the Real Estate Recovery Fund may be used to pay any of the following
EXCEPT:
a. a monetary loss suffered by a person who sold property using a broker who had an
undisclosed interest in the buyer's welfare
b. a claim by a salesperson against a broker for an unpaid commission
c. actual or compensatory damages to an aggrieved party
d. damages not in excess of $75,000 with respect to the acts of any one licensee -
correct answer. B. AREC does not have jurisdiction over commissions - must go to
court.
Ima Nutt, a salesperson for Ruth's Realty Company, listed Barry Small's property.
Before the listing expired, Ima received her broker's license, left Ruth's Realty, and
opened Nutt Realty. Which of the following statements is true?
a. Ima is entitled to take Small's listing to her new company since she is now a broker
b. Ima may take the listing with her, but when the property sells, she must split the
commission with Ruth's Realty Company
