Arkansas Real Estate Practice Exam

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Prepare for the Arkansas Real Estate Exam with our comprehensive quiz featuring multiple-choice questions and detailed explanations. Get ready to showcase your real estate knowledge and secure your license!

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How must cash receipts for property management be prepared?

Consecutively pre-numbered and in duplicate form
In triplicate and electronically stored
Handwritten and signed by the tenant
Printed and notarized

The correct answer is: Consecutively pre-numbered and in duplicate form

Cash receipts for property management must be prepared consecutively pre-numbered and in duplicate form for record-keeping purposes. Option B is incorrect because while electronic storage may be convenient, it does not provide a physical backup in case of technical issues or discrepancies. Option C is incorrect because handwritten receipts may be difficult to read and tenant signatures may not always be legible or consistent. Option D is incorrect because property management receipts do not typically require notarization. Therefore, the most accurate and efficient method is to have consecutively pre-numbered receipts in duplicate form for tracking and organizational purposes.