Arkansas Real Estate License Arkansas Real Estate License License Law and Disclosures Questions and Answers 2

Question 1

Under Arkansas real estate law, how long does a licensee have to deposit earnest money into an escrow account after acceptance of an offer?

Accepted Answer

Within 3 business days

Answer

Within 5 business days

Answer

Within 7 calendar days

Answer

Within 10 calendar days

Question 2

Which of the following must be disclosed by a seller under the Arkansas Property Disclosure Act?

Accepted Answer

Known defects in the foundation or structure

Answer

The racial composition of the neighborhood

Answer

Whether a sex offender lives nearby

Answer

The seller's original purchase price

Question 3

What is the penalty for practicing real estate in Arkansas without a valid license?

Accepted Answer

A Class A misdemeanor

Answer

A Class D felony

Answer

A civil fine of $500

Answer

A Class C misdemeanor

Question 4

In Arkansas, a dual agency arrangement requires which of the following?

Accepted Answer

Written informed consent from both buyer and seller

Answer

Only verbal consent from the buyer

Answer

Approval from the Arkansas Real Estate Commission

Answer

A court order authorizing the arrangement

Question 5

Which entity is responsible for enforcing the Arkansas Real Estate License Law?

Accepted Answer

The Arkansas Real Estate Commission

Answer

The Arkansas Department of Finance

Answer

The Secretary of State's office

Answer

The Arkansas Attorney General

Question 6

Under Arkansas disclosure requirements, when must a licensee disclose an agency relationship to a prospective client?

Accepted Answer

At the first substantive contact

Answer

After the purchase agreement is signed

Answer

Only if the client requests it

Answer

At the closing table