Arkansas Real Estate License Arkansas Real Estate License AREC Rules and Regulations Questions and Answers 2

Question 1

Under AREC regulations, how long does a licensee have to notify the Commission of a change in personal address?

Accepted Answer

10 days

Answer

30 days

Answer

60 days

Answer

90 days

Question 2

What is the maximum civil penalty AREC can impose per violation on a licensee?

Accepted Answer

$5,000

Answer

$1,000

Answer

$2,500

Answer

$10,000

Question 3

Which of the following actions would be considered commingling under AREC rules?

Accepted Answer

Mixing client funds with the broker's personal or operating funds

Answer

Depositing earnest money into a trust account within the required timeframe

Answer

Maintaining separate ledgers for each client in the trust account

Answer

Returning earnest money to a buyer after a failed transaction with proper authorization

Question 4

Under Arkansas law, what continuing education requirement must licensees complete for each renewal cycle?

Accepted Answer

6 hours annually

Answer

7 hours annually

Answer

12 hours biennially

Answer

14 hours biennially

Question 5

When must a principal broker notify AREC after terminating a licensee's association with the brokerage?

Accepted Answer

Within 10 calendar days

Answer

Immediately

Answer

Within 5 business days

Answer

Within 30 calendar days

Question 6

Which of the following is TRUE regarding AREC's authority over unlicensed real estate activity in Arkansas?

Accepted Answer

AREC can seek injunctive relief through the courts to stop unlicensed activity

Answer

AREC can only issue warnings to unlicensed individuals

Answer

AREC has no jurisdiction over unlicensed persons

Answer

AREC can directly arrest individuals practicing without a license