realty lol
Under AR real estate law, the licensee who must be employed in real estate full time is
a designated executive branch broker
the new employing broker must complete and sign a transfer application, along with other real estate commission requirements.
who is responsible for seeing that all closings are done in exact accordance to the real estate contract documents if the listing and selling agents are in the same firm?
listing company broker
earnest money received on another company listing should be...
forwarded to the listing company
when should a brokerage's relationship with a buyer or seller as an agent be determined and all necessary agreements executed?
prior to the time into which a purchase and sale agreement is entered
in an arkansas time-share development, a sales agent must show evidence of a corporate bond in what amount?
10,000
all funds received by a broker in connection with an accepted contract on behalf of his principal must be deposited into an escrow or trust account within
three business days of obtaining all signatures of the contract
a buyer has just entered into a contract to buy a time-share from the developer. the buyer has a right to cancel the contract within how many days?
5 days
informational services that do NOT create an agency relationship are referred to as
ministerial acts
True or False:
a broker's price opinion may be issued to a potential seller for the purpose of obtaining a listing under AR real estate rules
True
a real estate time-share licensee is in violation of the Arkansas Real Estate Time-Share Provision. Which of the following best describes the licensee's rights?
the licensee is not entitled to financial relief from the AR Real Estate Recovery Fund
the maximum compensation that will be paid from the AR real estate recovery fund for the acts of any one licensee or group of related claims is
75k
what BEST describes independent dealing under the AR Real Estate Act?
a licensee selling her own property without the supervision of the principal broker or firm name
a buyer contracts with a time-share company to purchase the ninth week of a time-share interval. After signing the contract, how many days, if any, does the buyer have to rescind the contract?
5 days
any person wishing to file an appeal of an AR real estate commission ruling of investigation must request such an appeal in writing to the Commission within what, if any, time frame?
60 days
earnest money received on another company listing should be
forwarded to the listing company
what is the name of the Arkansas Supreme Court ruling that requires all licensees to use attorney-approved contracts and real estate forms?
the broker has entered into a listing agreement with the seller. another broker from a different real estate company, who has been working with a buyer, learns of the property through the MLS. Typically, the second, cooperating broker would represent
the buyer as an agent
what minimum balance must be maintained in the arkansas real estate recovery fund?
$250,000
what best describes a broker price opinion prepared by a licensee under arkansas law?
a property management agreement is a written contract between who and who?
owner and property manager
who is NOT exempt from the provisions of the Arkansas license law and must hold a real estate license?
an individual who receives compensation for procuring prospective buyers or renters of real estate
Under Arkansas real estate rules, a broker's price opinion could NOT be used by
a lender as the basis in determining the value of the buyer's residence for the purpose of obtaining a loan
who may receive compensation from the Arkansas Real Estate Recovery Fund?
a seller who pays a commission to a broker under false pretenses