Arkansas Real Estate Exam Practice Test

📋 What this tests Real property vs. personal property ✅ Correct answer: C The traditional fixture tests are method of attachment, adaptation of the item to the property, relationship of the parties, intention, and any agreement between the parties. A written agreement controls when one exists; without it, the intention of the person who attached the item, judged from the objective circumstances (how it was attached, how it was adapted), is generally the most important factor. ❌ Why other options are wrong - A: Almost any item can be resold; resale value does not decide fixture status. - B: Duration alone is not a recognized fixture test; an item can be a fixture from the day it is installed. - D: Purchase price says nothing about whether the item was meant to become part of the real estate.

📋 What this tests Property area calculations ✅ Correct answer: A Rectangle = 100 x 150 = 15,000 sq ft. Triangle = 1/2 x 100 x 60 = 3,000 sq ft. Total = 15,000 + 3,000 = 18,000 sq ft. ❌ Why other options are wrong - B: This halves the entire combined area, applying the triangle formula to the rectangle as well. - C: This counts only the rectangle and leaves out the triangular section. - D: This uses base x height for the triangle without dividing by 2; a triangle's area is one-half of base x height.

📋 What this tests Examination of records ✅ Correct answer: B 17 CAR § 220-1006(c)(1) provides that when a firm ceases to do business and to maintain an office, the last principal broker remaining with the firm is responsible for all of the firm's records, including trust account and transaction records, and must immediately notify the Commission of the address and phone number of the place where the records are kept. If that broker later hands custody of the records to another person or firm, § 220-1006(c)(2) requires immediate notice to the Commission with that person's or firm's name, address, and phone number. The records remain subject to the three-year retention and inspection requirement. ❌ Why other options are wrong - A: Responsibility for all of the firm's records rests on the last principal broker, not on individual licensees. - C: Closing the office does not end the record duty; the last principal broker remains responsible and must report the records' location. - D: The rule makes the last principal broker remaining with the firm responsible, and requires notice of where the records are kept, not delivery to AREC. 💡 Sources - 17 CAR § 220-1006(c)(1) (Arkansas Real Estate Commission Rules (17 CAR 220)): "When a real estate or property management firm ceases to do business and to maintain an office, the last principal broker remaining with the firm shall be responsible for all records of the firm, including the firm's real estate or property management trust account and transaction records, and at the time the real estate or property management firm's office is closed, the principal broker shall immediately notify the commission of the address and phone number of the place where those records are being maintained."