Arkansas Real Estate Study guides, Class notes & Summaries

Alexi signed a time-share purchase contract on the Wednesday before Memorial Day weekend. What is the last day he can possibly submit a cancellation notice to the seller? A. On Memorial Day B. The day after Memorial Day C. The day before Memorial Day D. The Friday before Memorial Day B. The day after Memorial Day Since the fifth day after the signing of the contract is a holiday (Memorial Day), Alexi has until the following day to submit his cancellation notice. A few days ago, Arkansas br...

A property management agreement is a written contract between the Correct Answer owner and property manager The answer is owner and property manager. A property management agreement is a written contract between the owner and the property manager. How are members of the Arkansas Real Estate Commission's board selected? Correct Answer Appointed by the governor The answer is appointed by the governor. The members of the board are appointed by the governor and approved by the senate. A...

Commission meetings: a. Are whenever possible b. Are on the first Monday following the second Tuesday of every month c. Can be called by a majority d. Are twice a year at a time designated by the commission Correct Answer C. Can be called by a majority Meetings of the commission are held: a. At the commission's office b. At the board room c. In private d. At a public facility Correct Answer A. At the commission's office An appearance before the commission: a. Is mandatory if sub...

What is the purpose of license law? Correct Answer To protect the public, safety, and welfare. Can an associate broker have supervisory authority? Correct Answer No Does an executive broker have to be under supervision? Correct Answer Yes To who made an executive broker exercise supervision over? Correct Answer Executive brokers and sales persons To participate in real estate auction, must the auctioneer and ringman both hold a real estate license? Correct Answer Yes Define "prin...

AREC members 5 total and are appointed by govener 3 have been licensed in arkansas for 5 years 2 never been in real estate to represent consumer, 1 over 60 3 year term starting jan1 executive director of AREC delegates all duties authority and powers except rule making and adjudicative powers arkansas real estate commission job investigates and disciplines real estate licensees who violate real estate laws and regulations responsible for administering real estate license and education law,...

Brokerage The business of bringing people together in Real Estate transaction Broker A person or company licensed to buy, sell, exchange, or lease real property Appraisal Process of developing opinion of a property market value based on established methods and the professional judgment Property Manger Person or Company hired to maintain and manage property on behalf of the property owner Home Inspection A profession that combines a practitioners interest in real estate with skills and traini...

Commission meetings: Can be called by a majority Meetings of the commission are held: At the commission's office An appearance before the commission: Is mandatory if subpoenaed All agendas of the commission are: Allotted approximate time intervals Salaries of the employees of the commission are: Fixed by the director Serving a subpoena is the responsibility of: The person requesting it The Duties of the Director of the commission are: Controlled All of the following are false except: The...

Gina works for a brokerage in Little Rock, and a lender asks her to provide a professional opinion on how much a local property is worth. Once she conducts her research and provides her estimate, what term is she allowed to use to describe her findings? Broker price opinion In Arkansas, _____ are directly responsible for the supervision and adequate training of salesperson licensees. Principal brokers What's the purpose of the initial agency disclosure in Arkansas? To describe the legal relat...

Introduction to the Real Estate Business Broker An intermediary between a buyer and seller in a highly organized market. Sales Associate A person who performs real estate activities while employed by a licensed real estate broker. Associate Licensee A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker. Salesperson Any person, other than an associate broker, who acts on behalf of a real estate broker...

What is the purpose of license law? To protect the public, safety, and welfare. Can an associate broker have supervisory authority? No Does an executive broker have to be under supervision? Yes To who made an executive broker exercise supervision over? Executive brokers and sales persons To participate in real estate auction, must the auctioneer and ringman both hold a real estate license? Yes Define "principal broker" Individual acting for another for a fee who sells, exchanges, etc. Or ...