Arkansas Real Estate License Exam

Question 1

An Arkansas real estate agent representing a seller learns from the seller that the roof, which appears new, has a significant, actively leaking defect that they have tried to patch unsuccessfully. A potential buyer, who is a customer and not represented by an agent, does not ask about the roof. What is the agent's duty in this situation?

To disclose the known material defect to the potential buyer, as it impacts the property's value and desirability. To maintain confidentiality and not disclose the leak unless directly asked by the buyer. To tell the buyer that the roof is new and therefore has no issues. To advise the seller to lower the price to account for the leak without disclosing the specific reason.

Correct Answer:

To disclose the known material defect to the potential buyer, as it impacts the property's value and desirability.

Question 2

Under Arkansas law, which of the following fiduciary duties owed by a licensee to their client CANNOT be waived, even with the client's written consent?

The duty to show the client alternative properties listed with other firms. The duty to perform a market analysis for the client every month. The duty to attend the closing in person. The duty of absolute fidelity to protect and promote the client's interests.

Correct Answer:

The duty of absolute fidelity to protect and promote the client's interests.

Question 3

A licensee with ABC Realty has a buyer representation agreement. The buyer becomes interested in a property listed by another agent at ABC Realty. To proceed with the transaction, what specific type of agency must be created, and what is required?

Designated agency, which requires appointing two separate agents within the firm. Implied agency, which is created by the actions of the agents and parties. Sub-agency, where both agents work for the seller. Dual agency, which requires prior written consent from both the buyer and the seller.

Correct Answer:

Dual agency, which requires prior written consent from both the buyer and the seller.

Question 4

Which of the following events would automatically terminate an agency relationship by operation of law in Arkansas?

The agent renounces the relationship because the client is difficult to work with. The client revokes the agency because they are unhappy with the marketing efforts. The property is destroyed by a tornado. The listing agreement's expiration date passes without a sale.

Correct Answer:

The property is destroyed by a tornado.

Question 5

A buyer's agent in Arkansas owes the full range of fiduciary duties to their client. To a third-party seller (a customer), the buyer's agent owes a primary duty of:

Loyalty and confidentiality. Obedience to their instructions. Honesty and fair dealing. Advising on the best negotiation strategy.

Correct Answer:

Honesty and fair dealing.

Question 1

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About this Exam

Prepare with the Arkansas Real Estate License Exam practice quiz. This question bank includes 80 questions covering arkansas, agent, buyer, real, and estate. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Arkansas Real Estate License Exam

This practice set contains 80 questions from the matching question bank and focuses on arkansas, agent, buyer, real, and estate. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Arkansas Real Estate License Exam

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