Arkansas Real Estate License Arkansas Real Estate License Real Estate Contracts Questions and Answers 2

Question 1

Under Arkansas law, what is the statute of limitations for filing a breach of contract claim related to a written real estate agreement?

Accepted Answer

5 years

Answer

3 years

Answer

7 years

Answer

10 years

Question 2

Which of the following would most likely render an Arkansas real estate contract voidable?

Accepted Answer

One party was under duress at signing

Answer

The property is located in a flood zone

Answer

The contract was not notarized

Answer

The buyer did not obtain a home inspection

Question 3

In Arkansas, what happens if a real estate purchase agreement does not specify a closing date?

Accepted Answer

Closing must occur within a reasonable time

Answer

The contract is automatically void

Answer

Closing must occur within 30 days

Answer

The seller may choose any date

Question 4

Which clause in an Arkansas real estate contract allows the buyer to cancel if they cannot secure financing by a specified date?

Accepted Answer

Financing contingency clause

Answer

Escalation clause

Answer

Due-on-sale clause

Answer

Acceleration clause

Question 5

Under Arkansas real estate law, which of the following is required for a valid land sale contract?

Accepted Answer

A written instrument signed by the party to be charged

Answer

Oral agreement witnessed by two people

Answer

A notarized document filed with the county clerk

Answer

Approval from the Arkansas Real Estate Commission

Question 6

What is the legal effect of an 'as-is' clause in an Arkansas residential real estate contract?

Accepted Answer

It shifts repair responsibility to the buyer but does not waive disclosure duties

Answer

It eliminates the seller's obligation to disclose known material defects

Answer

It voids all implied warranties including habitability

Answer

It prevents the buyer from conducting any inspections