Arkansas Salesperson Exam Prep Edge Arkansas Practice Real Estate Exam Questions
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Below are eight free real estate practice exam questions that will closely resemble your Arkansas licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.
1. A principal broker for a brokerage firm in Little Rock is transferring to a new firm. Which of the following is NOT one of the options available to the firm?
- Allowing an affiliated salesperson to temporarily step in and act as principal broker
- Closing the business immediately
- Finding another principal broker replacement immediately
- Requesting the commission to allow the firm to operate temporarily without a principal broker
2. Raymond wants to comply with Arkansas law, so he always retains records related to a transaction for at least _____.
- "Five years
- Seven years
- Three years
- Two years
3. If you’re selling your personal property in Arkansas, which of the following is true of any advertisements that you produce?
- They must appear as any other listing’s ad and not include anything about you or your status as a licensee.
- They must clearly state your status as an Arkansas licensee.
- They must contain the words “principal transaction” in the title.
- They must include your photo.
4. 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?
- Appraised value
- Broker price opinion
- Market value
5. Carlton, a salesperson, received escrow money for a transaction the day the contract had been signed by both parties. By Arkansas law, within how many days must the funds be deposited into the firm's trust account if Carlton's clients agreed his broker will manage escrow?
- 10 days
- Five days
- Three days
- Two days
6. Listing agents in Arkansas under an agency agreement are expected to have ______ and are expected to be well informed about any material facts that would be important to their clients.
- "Appraisal training
- Good faith
- Knowledge of property
- License law education
7. Which of these advertisements would be compliant with Arkansas license law?
- Adam’s ad states he is a member of NAR, even though he hasn’t finished his membership application yet.
- Jodie’s ad for a property listed with her brokerage includes just her individual name and phone number.
- Paul’s ad discloses his license status and his brokerage firm’s name.
- Zoe’s ad shows a different brokerage name than the one on her broker’s registered business license.
8. Which of the following statements is true regarding the expiration date of a written sales contract in Arkansas?
- All Arkansas sales contracts must include an expiration date.
- All contracts are automatically renewed each year.
- No expiration date is required.
- The expiration date must be within 60 days of execution.
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