Free Arkansas Real Estate License Questions and Answers

Question 1

What is the Arkansas Real Estate Commission's mission?

Accepted Answer

to safeguard the public interest

Answer

for the purpose of tax revenue

Answer

to support any business estate issue

Answer

in order to appease the federal government

Question 2

The commission may request more funds for the recovery fund if it is less than

Accepted Answer

$250,000.00

Answer

$150,000.00

Answer

$600,000.00

Answer

$100,000.00

Question 3

What is the required payment amount for a new license into the Arkansas Real Estate Commission's Recovery Fund?

Accepted Answer

$25.00

Answer

$85.00

Answer

$45.00

Answer

$35.00

Question 4

Real estate licenses in Arkansas are issued by whom?

Accepted Answer

The Arkansas Real Estate Commission

Answer

The Arkansas Commission of Properties

Answer

The Arkansas Department of Licensing

Answer

The Real Estate Commission of Arkansas

Question 5

A contract was accepted and an earnest money deposit was given to a broker. The broker is required by Arkansas Real Estate Law to

Accepted Answer

deposit the funds to an established special escrow account, where all buyers' earnest money may be stored concurrently.

Answer

decline the money since receiving earnest money deposits is against the law in Arkansas.

Answer

allocate the funds appropriately.

Answer

deposit the funds into their own personal escrow account.

Question 6

Which would be a blatant violation of Arkansas License Law?

Accepted Answer

Real estate is being offered as a prize in a game of chance.

Answer

Allowing non-Arkansans to purchase real estate.

Answer

Selling property to a different Arkansas county than your own.

Answer

Has two different agencies.

Question 7

Which of the following could apply to an agent or broker who makes false representations about the state of a property?

Accepted Answer

Loss of their license

Answer

Inability to obtain the recovery fund

Answer

A fee of $3,000

Answer

A fee of $15,000

Question 8

Jane wants to have her Arkansas real estate license deactivated. To whom does she need to send her license?

Accepted Answer

The Arkansas Real Estate Commission

Answer

The Arkansas Commission of Properties

Answer

The Arkansas Department of Licensing

Answer

The Real Estate Commission of Arkansas

Question 9

Which of the following circumstances allows an Arkansas-licensed salesperson to have concurrent licenses with more than one broker?

Accepted Answer

No one is allowed to hold concurrent licenses under any circumstances.

Answer

Only if approved by one of their brokers.

Answer

Only if approved by both of their brokers.

Answer

Only if both were approved by the commission.

Question 10

Which of these DOES NOT fall under the Arkansas Real Estate Commission's jurisdiction?

Accepted Answer

Injunctions

Answer

Investigations

Answer

Reprimands

Answer

Complaints