Gianna1

What is the purpose of the Arkansas real estate license law to protect the public interest in the real estate marketplace through the regulation of real estate brokers and salespersons. The legal basis for the license law is derived from the State's police powers The license law is contained in which title and chapter of the Arkansas Code Annotated? Title 17 Chapter 42 True or False/ the license law is found to be constitutional True The powers and duties are described in the Arkansas licen...

The members of the Arkansas Real Estate Commission are: a. Elected b. Hired by the Commission's executive director c. Selected by the Legislature d. Appointed by the GovernorD The term of an Arkansas Real Estate Commissioner is: a. determined by the Governor b. two years c. three years d. four yearsC Which of the following is NOT a responsibility of the Arkansas Real Estate Commission? a. Administering time share developer registration and advertising b. Investigating complaints aga...

A 3.45 acre lot sells for $.50 per square foot. What is the selling price $75,141 Applying to add refers to an ad that Gives no indication that the property is listed as a broker A bar were is required to put 10% down for the purchase of the property. The 10% down would be considered Equity A broker acting as a property manager, would be what type of Asian General A buyer pays 20% down and obtains a real state mortgage. The buyer makes no further payments. What clause with the lender now exe...

Real estate law is based on both statutory and common law Statutory law can be divided into Federal, state and local classifications Common law is based on tradition, custom and usage and is generally unwritten in statute or code. Common law was developed in England and transferred to the United States by the early colonists. Common law is also derived from judicial decisions. Common law is the basis for the legal system where? Throughout the United States with the exception of Louisiana. ...

Does the anti-deficiency statute apply to investment property? True. Does the anti-deficiency statute apply to second mortgages and deeds of trust? False. What are the two requirements of the property if the anti-deficiency statute is to apply? 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" The person buying the house (the purchaser). Who has priority in liens even over a purchase money mortgage lien filed prior? Liens f...

Q1) Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client C. By type of property Q2) Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle B. A lake Q3) A property abuts a non-navigable stream. What does the owner own? A. Land to the low-water mark...

Within how many days after property transfer shall a buyer submit a completed transfer form and file with ADEQ 15 days An example of involuntary alienation is where title to real estate passes by: Sheriff's deed What event will create an involuntary life estate? Dower interest becoming cohate A valid warranty deed must contain all of the following elements, except: Signed by grantee The clause in a deed which sets forth or limits the extent of the interests in the title being conveyed is: T...

Police power zoning enforcement Code enforcement City planning enforcement P.I.T.I. impound account required on all FHA and VA loans Principle Interest Tax Insurance Points lenders charge to increase their return Either 1% of loan amount or 1/8% of lenders investment Prior appropriation water use depends on priority of use; "first in time first in right"; in times of drought, junior appropriators get cut off completely before the more senior appropriators Hereditament any property, whether rea...

All of the following items would have bearing on whether an item is considered personal property EXCEPT: A. damage from removing the item from the property B. the manner of attachment C. any agreement between buyer and seller concerning the item D. the cost of the item D. The cost of the item. In the sale of commercial property, which of the following documents would be used to transfer shelves, counters, and other personal property? A. Chattel real B. Bill of sale C. Security agreement D. Mo...

Arizona broker price opinions (BPOs) are perfectly legal if all of the following apply EXCEPT an Arizona real estate broker must provide the opinion. What maximum dollar amount can a subdivider/developer accept for a lot reservation? $5,000 If the holder of a judgment against a real estate licensee is going to file a claim against the Real Estate Recovery Fund, the judgment holder must file the claim within _____ of obtaining the judgment. two years The grace period after a license in good s...