AR Real Estate study guide
AR Real Estate · Work through your exam, one topic at a time.
The Arkansas Real Estate Salesperson license is the entry credential for people who want to be licensed to conduct real estate brokerage activity in Arkansas under the supervision of a licensed broker. Licensing is administered by the Arkansas Real Estate Commission (AREC), a state agency headquartered at 612 South Summit Street in Little Rock. The AR Real Estate study guide has 5 sections and about 1,785 words.
01Real Property Ownership, Interests, and Land Use
Every ownership question turns on two things: which bundle of rights the party holds and how long it lasts. Fee simple absolute is the largest estate; defeasible fees (determinable, condition subsequent, executory interest) terminate on an event.
301 words, about 2 min02Agency, Fiduciary Duties, and Property Management
Agency is consensual and fiduciary. It arises by express agreement, implication, ratification, or estoppel.
305 words, about 2 min03Contracts, Transfer of Title, and Settlement
A valid contract needs offer, acceptance, consideration, capacity, legality, and - for real estate - a writing under the statute of frauds. Acceptance must be communicated and must mirror the offer; any change is a counteroffer, which kills the original.
595 words, about 3 min04Financing, Valuation, and Investment Analysis
Know the loan vocabulary: LTV, PITI, points, APR, amortization, balloon, ARM (index, margin, caps), PMI, escrow/impound, and the difference between conventional, FHA, VA, and seller financing. Regulation Z/TRID govern disclosures; RESPA governs settlement practices and prohibits kickbacks; ECOA and Fair Housing bar discriminatory lending.
282 words, about 1 min05Arkansas Real Estate License Law and Commission Rules
The Arkansas Real Estate Commission (AREC) administers the license law, adopts rules, investigates complaints, and disciplines licensees through reprimand, fine, suspension, revocation, or probation. A salesperson must be associated with and supervised by a licensed broker; commissions cannot be paid to an unlicensed person.
302 words, about 2 min