Arkansas Real Estate License Arkansas Real Estate License AREC Rules and Regulations Questions and Answers 3

Question 1

Under AREC rules, what is the required timeframe for a broker to deposit earnest money into a trust account after acceptance of a contract?

Accepted Answer

Within 3 business days of contract acceptance

Answer

AREC requires brokers to deposit earnest money into their trust account within 3 business days of the contract being accepted by all parties.

Question 2

What disciplinary action can AREC take if a licensee is convicted of a felony?

Accepted Answer

Suspend or revoke the license

Answer

AREC has the authority to suspend or revoke a real estate license upon a licensee's felony conviction.

Question 3

Which entity is responsible for approving pre-license education courses in Arkansas?

Accepted Answer

The Arkansas Real Estate Commission (AREC)

Answer

AREC is the sole authority responsible for approving all pre-license and continuing education courses for real estate licensees in Arkansas.

Question 4

How many members serve on the Arkansas Real Estate Commission?

Accepted Answer

9

Answer

The Arkansas Real Estate Commission is composed of 9 members who are appointed by the Governor.

Question 5

Under AREC regulations, what happens to a real estate license if the licensee fails to renew before the expiration date?

Accepted Answer

The license expires and the individual must cease all real estate activity

Answer

If a licensee fails to renew before expiration, the license expires and the individual must immediately stop practicing real estate.

Arkansas Real Estate License Practice Test