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
An Arkansas licensee wishes to sell their own personal property. Which of the following is TRUE?
Answer: They must disclose their licensed status in the transaction
Arkansas licensees must disclose their licensed status in writing when buying or selling property for their own account.
Which of the following acts requires an Arkansas real estate license?
Answer: Negotiating a lease on behalf of another person for compensation
Negotiating leases for others for compensation is a licensed real estate activity in Arkansas.
A licensee is found guilty of violating Arkansas license law. The Commission can take which of the following actions?
Answer: Revoke, suspend, or censure the license and/or impose a fine
AREC's disciplinary powers include revocation, suspension, censure, probation, and civil fines — it cannot impose criminal penalties or file civil suits.
Under Arkansas law, which individual is exempt from needing a real estate license?
Answer: An attorney-in-fact acting under a power of attorney for a single principal
An attorney-in-fact acting under a valid power of attorney for a single principal is exempt from real estate licensing requirements.
The Arkansas Real Estate Commission is composed of how many members?
Answer: 7 members
The Arkansas Real Estate Commission consists of 7 members appointed by the Governor.
A buyer asks an Arkansas seller's agent whether the neighborhood has experienced recent flooding. The agent knows it has but says nothing. This is best classified as:
Answer: Fraudulent concealment
Knowingly withholding material information that was directly asked about constitutes fraudulent concealment under Arkansas law.
Under Arkansas license law, continuing education for license renewal must include which mandatory topic?
Answer: Fair housing
Arkansas requires licensees to complete fair housing coursework as part of their mandatory continuing education for renewal.