Arkansas Real Estate License Leases and Property Management 2

Question 1

In Arkansas, the maximum security deposit a landlord may charge for an unfurnished residential unit is:

Accepted Answer

There is no statutory limit

Answer

Arkansas has no statutory cap on residential security deposits, leaving the amount to negotiation between landlord and tenant.

Question 2

Under Arkansas law, within how many days after a tenant vacates must the landlord return the security deposit or provide an itemized statement of deductions?

Accepted Answer

60 days

Answer

Arkansas law requires landlords to return the security deposit or send an itemized list of deductions within 60 days of the tenant vacating.

Question 3

What is the primary duty of a property manager acting as an agent for a property owner?

Accepted Answer

To act in the best interests of the owner while complying with all applicable laws

Answer

A property manager owes a fiduciary duty to the owner, requiring loyalty, care, and lawful management of the property on the owner's behalf.

Question 4

Which of the following would be considered normal wear and tear in a residential rental, allowing a tenant to receive their full security deposit back?

Accepted Answer

Small nail holes from hanging pictures

Answer

Small nail holes from hanging pictures are considered normal wear and tear and cannot be deducted from a security deposit.

Question 5

A property management agreement between an owner and a property manager creates which type of legal relationship?

Accepted Answer

Principal-agent (agency) relationship

Answer

A property management agreement creates an agency relationship in which the property manager acts as agent for the owner (principal).

Arkansas Real Estate License Practice Test

Arkansas Real Estate License Practice Test

Arkansas Real Estate License Leases and Property Management 2