Arkansas License Test Arkansas Real Estate License 2

Question 1

Under the Arkansas Real Estate License Law, how many hours of continuing education must a licensee complete per renewal period?

Accepted Answer

15 hours

Answer

Arkansas licensees must complete 15 hours of continuing education each renewal period to maintain an active license.

Question 2

A buyer's agent in Arkansas discovers a material defect in the property that the seller has not disclosed. What is the agent's legal duty?

Accepted Answer

Disclose it to the buyer immediately

Answer

Arkansas law requires licensees to disclose all known material defects to buyers, regardless of who they represent.

Question 3

In Arkansas, which entity has the authority to revoke a real estate license?

Accepted Answer

The Arkansas Real Estate Commission (AREC)

Answer

The Arkansas Real Estate Commission (AREC) is the state regulatory body with authority to suspend or revoke licenses.

Question 4

An Arkansas broker is holding earnest money from a buyer. Where must these funds be deposited?

Accepted Answer

A federally insured escrow or trust account

Answer

Earnest money must be held in a separate, federally insured escrow or trust account and not commingled with the broker's personal or business funds.

Question 5

Under Arkansas law, a net listing is considered:

Accepted Answer

Illegal and prohibited

Answer

Net listings are prohibited in Arkansas because they create an inherent conflict of interest between the broker and the client.

Arkansas License Test Practice Test