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WorksheetsArkansas License Law / Time Share Law (Quiz 1 of 4)
Total questions: 50
Worksheet time: 25mins
What is the purpose of the License Law?
To regulate the sale of personal property
To ensure fair housing practices
To protect the public and ensure professional standards in real estate
To manage zoning laws
Can an “Associate broker” have supervisory authority?
Yes
No
Only in certain states
Only with special permission
Does an Executive Broker have to be under supervision?
Yes
No
Only during the first year
Only if they are new to the field
To whom may an Executive Broker exercise supervision over?
Salespersons and Associate Brokers
Only Salespersons
Only other Executive Brokers
No one
To participate in a real estate auction, must the auctioneer and ringman both hold a real estate license?
Yes
No
Only the auctioneer
Only the ringman
Define “Principal Broker”.
A broker who manages a real estate office
A broker who works independently
Individual acting for another for a fee who sells, exchanges, etc. or directs the procurement real estate
A broker who specializes in commercial real estate
Does the term “Real Estate” include leases and time share activity?
Yes
No
Only leases
Only time share activity
Will a salesperson be an employee or independent contractor?
Employee
Independent contractor
Could be either
Neither
To whom does a salesperson have to be under the supervision of?
Another salesperson
An Associate Broker
A Principal or Executive Broker
A client
Does the general public have to have a license to sell their own property?
Yes
No
Only if the property is commercial
Only if the property is residential
What is a person called who is working under a power of attorney?
Attorney in Fact
Prosecuting Attorney
Subpoena duces tecum
Attorney at Law
Can a person working under an official power of attorney receive a fee for selling the person’s property whom they are representing?
Yes
No
Yes, with the seller's permission
Only if the seller is over 65
What is the limitation of an attorney at law performing real estate activities without a license?
They can perform all real estate activities without any restrictions.
In the performance of her duties as an attorney at law.
They cannot perform any real estate activities.
They can perform real estate activities only if supervised by a licensed broker.
Are executors, administrators and guardians exempt from license while performing their duties in those capacities?
Yes, they are always exempt.
No, they must always have a license.
Yes, but only if they are court-appointed.
No, they are only exempt if they have a temporary permit.
For exemption, does a resident manager have to actually live on the property?
Yes, they must live on the property.
No, they do not have to live on the property.
Yes, but only if the property is commercial.
No, they only need to visit the property regularly.
Can the County Judge buy or sell property as part of their official duties?
Yes, they can buy or sell property.
No, they cannot buy or sell property.
Yes, but only if the property is government-owned.
No, they can only facilitate transactions.
Do MLS employees have to have a real estate license?
Yes, always.
No.
Yes, but only if they are involved in sales.
No, but they must be supervised by a licensed broker.
What could a person be charged with for operating without a real estate license when such is required?
A misdemeanor.
Class D felony.
A civil infraction.
A minor offense.
Who would prosecute a violator for operating without a license?
The local police department.
The real estate commission.
Prosecuting attorney.
The state governor.
In what court would an action for operating without a license be brought?
Small claims court.
Federal court.
Circuit Court of County in which person resides or does business.
Municipal court.
Can an unlicensed person, who sold another person’s property and the seller refused to pay, bring a suit for compensation?
Yes, they can always sue for compensation.
No, they cannot bring a suit for compensation.
Yes, but only if they have a written agreement.
No, unless they have a temporary permit.
Can a salesperson, executive broker, or associate broker sue the public for compensation?
Yes, they can sue the public for compensation.
No, they can only sue their Principal Broker
Yes, but only if they have a written agreement.
No, unless they have a temporary permit.
In which real estate transaction must an agent disclose to the parties whom they are representing?
Only in residential transactions.
Only in commercial transactions.
In every real estate transaction.
Only in transactions over $500,000.
May a licensee represent more than one party at the same time?
Yes, always.
No, never.
Yes, but only with written consent from all parties.
No, unless they have a special permit.
How many members make up the Arkansas Real Estate Commission?
3
5
7
9
Who appoints the commissioners?
The Governor
The Mayor
The President
The Senate
What is the length of the term for real estate commissioners?
2 years
3 years
6 years
8 years
Three of the five commissioners must have held a real estate license for a minimum of how many years?
1 year
3 years
5 years
7 years
The governor shall consult with whom before making an appointment to fill a vacancy?
The Senate
The House of Representatives
The Real Estate Commission
The Arkansas Realtors Association
To whom do the two non-industry people on the Commission represent?
Public consumers and the elderly
The real estate industry
The government
The legal profession
What is the limitation of the two non-industry representatives on the Commission?
They cannot vote
They cannot hold office
They cannot serve more than one term
They cannot participate in the grading of examinations
Who is employed to put into effect the rules and regulations of the Commission?
The Governor
The Executive Director and Staff
The Attorney General
The Chief Justice
May the Commission implement rules and regulations to carry out the intent of the law?
Yes
No
Only with the Governor's approval
Only with the Senate's approval
What is the limitation of the Commission conducting and paying for a real estate seminar?
They cannot charge a fee
The seminar must be open to all licensees
They cannot require attendance
They cannot provide materials
Can the Commission make a charge for materials provided by the Commission?
Yes
No
Only for non-members
Only for members
Does the Commission have the right to establish procedures for real estate auctions?
Yes
No
Only in certain states
Only for commercial properties
What two licensing agencies must an auctioneer comply with when conducting real estate auctions?
Auctioneers Licensing Board and Arkansas Real Estate Commission
Real Estate Commission and Department of Commerce
Auctioneer Commission and Department of Commerce
Real Estate Commission and Department of Licensing
Does the Commission have the power to issue subpoenas?
Yes
No
Only for financial records
Only for criminal cases
What is the subpoena called that requires books, writings or documents to be produced?
Subpoena duces tecum
Subpoena ad testificandum
Subpoena ad respondendum
Subpoena ad faciendum
If the subpoena powers of the Commission are evoked to require the presence of a witness, who is responsible for any cost connected with such request?
The Requesting Party
The witness
The real estate firm
The state government
Under what provisions may an unlicensed person own a real estate firm?
Must have a Principal Broker with active license
With a temporary permit
With a special waiver from the Commission
Under no provisions
Under what circumstances, affecting the Principal Broker, may the Commission allow the continued temporary operation of the firm?
If Principal Broker dies, resigns, is terminated or incapacitated
In case of financial insolvency
In case of a legal dispute
In case of a change in ownership
What are the three evidences of a good reputation?
Honesty, integrity, and trustworthiness
Financial stability, experience, and education
Professionalism, punctuality, and reliability
Communication skills, leadership, and teamwork
What two departments conduct criminal history background checks on applicants?
Arkansas State Police and FBI
Department of Commerce and Department of Licensing
Real Estate Commission and Auctioneer Commission
Department of Justice and Department of Commerce
What are the maximum educational hours required for broker applicants and within what time period of completion?
90 hours within 2 years preceding date of application
120 hours within 3 years preceding date of application
60 hours within 1 year preceding date of application
100 hours within 2 years preceding date of application
What are the maximum educational hours required for a salesperson applicant and the minimum of how many must be in the basic principles of real estate?
90 hrs. and 30 hrs.
85 hrs. and 25 hrs.
100 hrs. and 30 hrs.
80 hrs. and 30 hrs.
To sit for the Broker’s exam, a person must have held a salesperson license for a minimum of how many months within what time period?
6 months within 1 year
12 months within 2 years
18 months within 3 years
24 months within 4 years
What is the maximum number of post-licensure educational hours that can be required?
15 hours
30 hours
45 hours
60 hours
In order to be licensed in Arkansas, a non-resident must have the licensing body of their jurisdiction furnish the Arkansas Commission what two things?
Proof of residency and a background check
Certification of Licensure and copies of any disciplinary actions
A certificate of completion and a fee payment
A recommendation letter and a test score
Whom must the non-resident licensee appoint as their agent to receive judicial or legal notices against the licensee?
A local attorney
The Arkansas Real Estate Commission
Executive Director of AREC
The Secretary of State
