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Realtor Test > Regulations/Law > Flashcards

Regulations/Law Flashcards

1
Q

True or False
I, the principal broker, am out of town for not more than one day. an Associate Broker may, by the brokers request, assume temporary, supervisory authority within the firm.

A

False

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2
Q

True or False

License laws regulate licensees and protect the public.

A

True

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3
Q

True or False

Ringmen in auction do not have to have a real estate license as long as the auctioneer they are working under has one?

A

False

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4
Q

True or False

A person working under a power of attorney is known as an attorney in fact.

A

True

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5
Q

True or False

MLS employees have to have a real estate license

A

False

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6
Q 
True or False
One, operating without a real estate licensee where required to do so by law, may be charged with a class D misdemeanor.
A

False

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7
Q

True or False

Actions brought against an unlicensed person would be done so through the prosecuting attorney in the chancery court.

A

True

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8
Q

True or False

An executive broker can bring a suit against the public if they fail to pay the commission due.

A

False

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9
Q

True or False

Law will allow an agent to represent both a buyer and seller in an agency capacity at the same time.

A

True

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10
Q

True or False

The Arkansas Real Estate Commission has a total of three individuals whom each serve 3 year terms.

A

False

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11
Q

True or False

Commissioners who come from the real estate industry must have been licensed for a minimum of seven years.

A

False

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12
Q

True or False

The governor appoints all commissioners from a list of nominees submitted by the Arkansas realtors Association

A

Fasle

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13
Q

True or False

The Executive Director of the Arkansas Real Estate Commission is not a commissioner

A

True

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14
Q

True or False

The Legislature has given the Arkansas Real Estate Commission the right to enact additional Rules and Regulations

A

True

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15
Q

True of False
The Reals Estate Commission can hold educational seminars in conjunction with the Arkansas Realtors Association whereby attendance is limited to Realtor members.

A

False

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16
Q

True or False

The Arkansas Real Estate Commission has authority over auctioneers who auction real estate in Arkansas

A

True

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17
Q

True or False

The Arkansas Real Estate Commission possesses subpoena powers for both individuals as well as books and writings

A

True

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18
Q

True or False

A person must hold a real estate license of some type to legally own a real estate company

A

False

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19
Q

True or False
The Commission holds the right to place someone in charge of a real estate company who is not licensed as a principal broker

A

True

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20
Q

True or False

Criminal background checks and fingerprinting are required for all real estate licensee applicants in Arkansas

A

True

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21
Q

True or False

To sit for the broker’s exam a person must have been a salesperson for at least 12 months out of the past 24 months

A

False

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22
Q

True or False

Both Sales and Broker licensees’ must complete post license education within the first year of getting their license.

A

False (6 months)

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23
Q

True or False
There are nom provisions for a person licensed in another state to obtain an Arkansas license without the same educational and testing requirements of an original Arkansas applicant

A

False

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24
Q

True or False

The original license fee and the recovery fund fee must be paid within 60 days of the exam passage

A

False

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25
Q

True or False

All types of real estate licenses expire on the last day of the year each year.

A

True

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26
Q

True or False

License renewal requests must be sent in by December 1 of each year.

A

False

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27
Q

True or False

No annual renewal fee is required as long as an agent is renewing on inactive status

A

False

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28
Q

True or False

While a license is on inactive or expired status, the licensee is not subject to disciplinary actions

A

False

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29
Q

True or False

A branch office does not have to have a principal broker

A

True

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30
Q

True or False

A licensee is suppose to notify the commission if they should lose their pocket card

A

True

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31
Q

True or False

A broker is required to display, at their pace of business, the license of all agents in their firm

A

True

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32
Q

True or False

If an agent leaves a firm they must immediately return their pocket card to the Commission

A

False

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33
Q

True or False

When an agent elects to go to work for another firm, they may take their listings with them

A

False

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34
Q

True or False
In a coop sale with a listing firm, if their sellers are paying a selling bonus, there bonus may be paid directly to the agent who made the sale

A

False

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35
Q

True or False

A referral fee can only be paid if the receiving party has a valid active real estate license

A

True

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36
Q

True or False
If an agent’s license is revoked, the agent may be eligible to apply for a new license within one year for the date of revocation

A

False

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37
Q

True or False

The Executive Director of the Arkansas Real Estate Commission can dismiss a complaint without scheduling a hearing.

A

True

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38
Q

True or False

The Commission has the power to suspend or revoke a license.

A

True

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39
Q

True or False

A licensee may be assessed a monetary penalty up to $1,000 for each violation.

A

True

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40
Q

True or False
A Complaint which is dismissed by the executive director of the Commission can be appealed by the complainant within 90 days

A

False

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41
Q

True or False

All filing fees in an appeal must be paid within 30 days notice of the amount.

A

True

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42
Q

True or False
A person who has, in the past, been convicted of a felony or crime is automatically barred from being able to obtain a real estate license.

A

False

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43
Q

True or False

A person who is indigent may be relieved from paying the filing fees in a appeal

A

True

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44
Q

True or False

The Commission will not investigate a complaint unless it has been filed within 3 years or occurrence

A

True

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45
Q

True or False
If a complaint proceeds through a formal hearing with the commission, they are then barred from seeking other civil or criminal relief through the courts

A

False

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46
Q

True of False

Excess money in the recovery fund may be used for educational purposes

A

True

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47
Q

True or False

If the recovery fund goes below $350,000 licensees’ can be required to pay additional to restore the fund balance

A

False

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48
Q

True or False

All first time licensees’ must pay $25.00 into the recovery fund within ninety days of exam passage

A

True

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49
Q

True or False

The maximum amount that can be paid form the recovery fund for 1 violation by a licensee is $25,000

50
Q

True or False

The maximum amount that can be paid from the recovery fund for multiple acts of any one licensee is $75,000

51
Q

True or False

If deemed that it is warranted by the Commission, punitive damages and/or interest may be paid out of the recovery fund

52
Q

True or False

A final order of the Commission may be appealed in Circuit Court

53
Q

True or False

Continuing education will be required of a person seeking to reactivate an inactive license.

54
Q

True or False

to maintain an active license, an agent must complete seven hours of continuing education annually

55
Q

True or False

No continuing education is required for the first renewal filling the date a person is licensed

56
Q

True or False

The Arkansa Real Estate Commission approves continuing education courses

57
Q

True or False

Pre-license classes can be taken for continuing education credit

58
Q

True or False

A continuing education course cannot be taken twice in the same year for credit

59
Q

True or False

Continuing education courses require testing in order to obtain credit

60
Q

True or False

The recovery fund is subject to having to pay for time-share violations

61
Q

True or False

Time- share is considered to be a real estate interest

62
Q

True or False

Time-share agents must individually be bonded in an amount of $10,000

63
Q

True or False

Once approved to sell time-share, the developer may advertise their offering as being “recommended by the Commission

64
Q

True or False

Punitive damages may be awarded for willful violations of the time-share act.

65
Q

True or False

A time-share purchaser has 5 days, after signing a purchase agreement, to cancel a time-share purchase agreement

66
Q

True or False

A time-share project may be advertised without submitting anything to the Commission

67
Q

True or False

Projected price increases in time-share units must not be advertised more than 60 days prior to an actual increase

68
Q

True or False

The Commission meets on a regular schedule one time per month

69
Q

True or False
The principal broker cannot be held liable in any form if an agent under them sends the the commission a check that is not honored

70
Q

True or False
Criminal background checks must have been completed within 6 weeks prior to the application being processed by the Commission

71
Q

True or False

Both pre-license classes for Brokers and Salespersons can be taken through correspondence (Distance Education)

72
Q

True or False

The testing fee is paid to the Commission along with the application

73
Q

True or False

A photograph of the company yard signs must be on file at the Commission at all times

74
Q

True or False
If an agent is terminated or decides to leave a firm, the principal broker has up to 30 days to notify the Commission and return the license.

75
Q

True or False

Every real estate transaction requires an agent to disclose whom they represent

76
Q

True or False

If you represent the buyer, you must disclose this to the seller or their agent at “first contact”

77
Q

True or False

One agent representing the buyer and another agent representing the seller is known as Dual Agency

78
Q

True or False

Dual Agency requires written consent

79
Q

True or False

The agent always owes absolute fidelity to their client

80
Q

True or False

When a formal complaint is filed against an agent, the agent has 20 days to file a response

81
Q

True or False
Upon a complainant appealing a decision by the executive director to dismiss the Commission may consider any new evidence the complaint may wish to supply them for their consideration.

82
Q

True or False

Testimony in a hearing is under oath and is recorded

83
Q

True or False

An agent can lose their license for working independent of their broker

84
Q

True or False

A listing can be taken for a term specified as “until notified”

85
Q

True or False

The term Realtor refers or any agent holding a valid real estate license

86
Q

True or False

The principal broker is generally responsible for all business conducted by the firm

87
Q

True or False
The principal broker cannot legally, under any circumstance, be a broker and have a job running vending machines at the same time

88
Q

True of False
When selling or renting their own personal owned properties, an agent can use “for sale by owner” or “for rent by owner” signs

89
Q

True or False

Once the sale closes, the broker is no longer required to maintain records on transaction

90
Q

True or False

The principal broker is responsible and accountable for all true foods received by the firm

91
Q

True or False
There are circumstances where a broker may have some of their own money in a trust account and it not be deemed commingling.

92
Q

True or False

A broker must deposit earnest money within 3 days of receipt

93
Q

True or False

Escrow or Trust accounts must be reconciled at least monthly

94
Q

True or False

All agency agreements must be in writing

95
Q

True or False

If an agent drafts an offer, as the selling agent their signature must also appear on the contract

96
Q

True or False

In a coop sale, the earnest money is held by the selling company

97
Q

True or False

Post license classes can be taken through correspondence

98
Q

True or False
A person wishing to be classified as a principal or executive broker must first complete the post-license course for brokers

99
Q

True or False
The purchasers’ right to cancel a time-share contract must appear on the front of the public offering statement in bold face type

100
Q

True or False
A real estate auctioneer must immediately, prior to opening the bidding, disclose the terms and conditions of the action and whether the seller or auctioneer may bid.

101
Q

Section naming the “Real Estate License Law”

102
Q

The legislature regulates the practice of real estate because…

A

to protect public health, safety, and welfare

103
Q

Real estate service to the public may be provided by?

A

Individuals who meet and maintain minimum standards

104
Q

In real estate: how long is a “classroom hour”?

A

at least 50 minutes long, but never longer than 60 minutes

105
Q

A license to practice real estate is needed for?

A

A broker whose license has expired for no more than 60 days.
Anyone collecting rents for a fee, and not residing on the property
A immediate family member of a salesperson, who is asked to procure clients for a consideration

106
Q

The Terms “real estate” and “real property” mean?

A

mostly the same thing

107
Q

An “independent contractor” means?

A

A licensee working under a principal broker in buying or selling real estate

108
Q

Exempt from requiring a real estate license

A

An attorney performing their duties
An owner selling 3 of his own properties a year
A general partner buying land for the partnership

109
Q

Anyone dealing in real estate without a license and not being exempt is?

A

Punished if convicted

110
Q

Terms for members of the commission are?

A

Limited to 3 years

111
Q

The commission?

A

All are appointed by the governor
At least one represents consumers
Two of the members are not required to be nominated by the commission

112
Q

All of the commission members can?

A

have equal voting privileges

113
Q

A commission quorum

A

Is established by majority

114
Q

Salaries of the employees of the commission are established by?

A

The Commission itself

115
Q

The number of meetings of the commission is

116
Q

The duties and responsibilities of the executive director are designate by?

A

The commission

117
Q

Administration of oaths by the commission is?

118
Q

The commission may legally?

A

Promulgate desirable rules

promulgate necessary rules

119
Q

In a court of law, copies made of original documents held by the commission are:

A

Acceptable as originals

120
Q

In assisting seminars in real estate the commission?

A

Is free to promote and conduct seminars

Realtor Test (1 decks)

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