Arkansas Real Estate License AREC Rules and Regulations 4

Question 1

Under AREC regulations, a principal broker is responsible for:

Accepted Answer

The real estate activities of all licensees affiliated with their brokerage

Answer

The principal broker bears supervisory responsibility for all real estate activities conducted by licensees under their license.

Question 2

Which of the following changes requires a licensee to notify AREC within 10 days?

Accepted Answer

A change of personal mailing address

Answer

AREC must be notified of address changes within 10 days to ensure the Commission can contact licensees with regulatory notices.

Question 3

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?

Accepted Answer

The agent has violated rules against misrepresentation

Answer

Following a client's instruction to make false statements still constitutes a misrepresentation violation by the licensee under AREC rules.

Question 4

Under AREC rules, earnest money received by a salesperson must be delivered to the broker:

Accepted Answer

By the end of the same business day it is received

Answer

Earnest money must be delivered to the broker on the same business day it is received by the salesperson.

Question 5

A buyer's agent learns that the seller is under financial duress and must sell quickly. Under AREC agency rules, the agent must:

Accepted Answer

Share this information with the buyer to help them negotiate

Answer

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.

Arkansas Real Estate License Practice Test

Arkansas Real Estate License Practice Test

Arkansas Real Estate License AREC Rules and Regulations 4