License Law and Disclosures 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 License Law and Disclosures flashcards as text
Under Arkansas law, a licensee's failure to disclose a known material defect to a buyer is considered:
Answer: Misrepresentation or fraud
Knowingly concealing a material defect constitutes misrepresentation or fraud and is a violation of Arkansas license law.
What is the maximum fine the Arkansas Real Estate Commission can impose per violation?
Answer: $2,500
AREC can impose a civil penalty of up to $2,500 per violation of Arkansas real estate license law.
A licensee in Arkansas who changes their home address must notify AREC within:
Answer: 30 days
Arkansas licensees must notify AREC of a change of address within 30 days of the change.
Which of the following is NOT a ground for license revocation or suspension under Arkansas law?
Answer: Belonging to a national real estate trade association
Membership in a trade association is not a violation; the other choices are recognized grounds for disciplinary action.
In Arkansas, the term 'licensee' in the context of real estate law most specifically refers to:
Answer: Both brokers and salespersons holding a valid Arkansas license
Under Arkansas law, 'licensee' encompasses all individuals holding a valid real estate license, including both brokers and salespersons.
A broker's license in Arkansas expires every:
Answer: 2 years
Arkansas real estate licenses, including broker licenses, are renewed on a 2-year cycle.
If an Arkansas salesperson's employing broker dies, the salesperson may continue to practice real estate for up to:
Answer: 60 days
Arkansas law provides a 60-day grace period for a salesperson to affiliate with a new qualifying broker after their broker's death or license termination.