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Real Estate Salesperson Exam — National Portion

Recovery fund (AR): practice questions

Our Real Estate (National) bank has 4 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Arkansas

When does AREC pay an aggrieved party from the Recovery Fund?

  1. When the licensee hasn't paid 30 days after an unappealed final order
  2. Only after the licensee is declared bankrupt
  3. As soon as a complaint establishes a prima facie case
  4. After a civil court judgment goes unpaid for a year
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A. When the licensee hasn't paid 30 days after an unappealed final order — Ark. Code Ann. 17-42-406(a)(4).

Question 2 · Arkansas

What is the total Recovery Fund liability cap for the acts of any one licensee?

  1. $75,000
  2. $150,000
  3. $250,000
  4. $25,000
Show the answer

A. $75,000 — Ark. Code Ann. 17-42-406(c).

Question 3 · Arkansas

What is the most the Arkansas Real Estate Recovery Fund will pay for one violation or continuing series of violations?

  1. $25,000
  2. $50,000 per claimant
  3. $100,000
  4. $10,000
Show the answer

A. $25,000 — Ark. Code Ann. 17-42-406(a)(4)(A).

Question 4 · Arkansas

What kinds of damages may AREC award to an aggrieved party in a Recovery Fund matter?

  1. Punitive damages up to the fund cap
  2. Actual damages plus interest
  3. Actual, compensatory damages only
  4. Treble damages for intentional fraud
Show the answer

C. Actual, compensatory damages only — Ark. Code Ann. 17-42-407(a).

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