Arkansas Real Estate Practice Exam

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Prepare for the Arkansas Real Estate Exam with comprehensive quizzes featuring multiple-choice questions and detailed explanations. Boost your confidence and knowledge, ensuring you're ready to tackle the licensing exam successfully!

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Unless otherwise indicated, what does the broker price opinion assume?

  1. That the property is leased

  2. A fee simple title ownership interest without any resolution of minerals or otherwise

  3. That the property comes with full warranty coverage

  4. A partnership ownership

The correct answer is: A fee simple title ownership interest without any resolution of minerals or otherwise

The broker price opinion is an estimate of the property's value based on the assumption that the property comes with fee simple title ownership interest without any resolution of minerals or otherwise. This means that all mineral rights are included and there are no outstanding legal issues regarding the property's ownership. Option A is incorrect because the broker price opinion does not assume anything about the property being leased. Option C and D are also incorrect because they pertain to other forms of ownership, which are not considered in a broker price opinion.

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