Arkansas Real Estate License AREC Licensing and Regulations 3

Question 1

Which type of Arkansas real estate license allows a licensee to supervise other agents?

Accepted Answer

Associate broker license

Answer

An associate broker license allows the licensee to supervise other agents when designated by the principal broker.

Question 2

An Arkansas real estate license applicant who has been convicted of a felony will:

Accepted Answer

Have their application reviewed by AREC on a case-by-case basis

Answer

AREC reviews felony convictions on a case-by-case basis and may deny, grant, or conditionally approve an application.

Question 3

In Arkansas, the Real Estate Recovery Fund is funded by:

Accepted Answer

License application and renewal fees

Answer

The Arkansas Real Estate Recovery Fund is funded through a portion of license application and renewal fees.

Question 4

What is the maximum amount a single claimant can recover from the Arkansas Real Estate Recovery Fund?

Accepted Answer

$50,000

Answer

A single claimant may recover a maximum of $50,000 from the Arkansas Real Estate Recovery Fund.

Question 5

Which of the following does NOT need to be disclosed on an Arkansas real estate license application?

Accepted Answer

Current employment outside real estate

Answer

Outside employment unrelated to real estate does not need to be disclosed on an Arkansas license application.

Arkansas Real Estate License Practice Test