AREC Rules and Regulations Flashcards
7 cards from real Arkansas Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 AREC Rules and Regulations flashcards as text
Under AREC regulations, a principal broker is responsible for:
Answer: The real estate activities of all licensees affiliated with their brokerage
The principal broker bears supervisory responsibility for all real estate activities conducted by licensees under their license.
Which of the following changes requires a licensee to notify AREC within 10 days?
Answer: A change of personal mailing address
AREC must be notified of address changes within 10 days to ensure the Commission can contact licensees with regulatory notices.
A seller instructs their agent to tell buyers the roof was replaced last year when it was not. The agent complies. Which AREC rule is violated?
Answer: The agent has violated rules against misrepresentation
Following a client's instruction to make false statements still constitutes a misrepresentation violation by the licensee under AREC rules.
Under AREC rules, earnest money received by a salesperson must be delivered to the broker:
Answer: By the end of the same business day it is received
Earnest money must be delivered to the broker on the same business day it is received by the salesperson.
A buyer's agent learns that the seller is under financial duress and must sell quickly. Under AREC agency rules, the agent must:
Answer: Share this information with the buyer to help them negotiate
A buyer's agent has a duty of loyalty to the buyer, which includes sharing information about the seller's motivation that could benefit the buyer's negotiation.
Which of the following is grounds for AREC to revoke or suspend a real estate license?
Answer: Conviction of a crime involving moral turpitude
A conviction involving moral turpitude — crimes reflecting dishonesty or moral unfitness — is a statutory ground for license revocation or suspension.
Under AREC rules, a licensee wishing to operate as an independent contractor rather than an employee of a broker must:
Answer: Still be affiliated with and supervised by a licensed broker
Regardless of their employment classification as independent contractor or employee, every salesperson must be affiliated with and supervised by a licensed broker.