Arkansas Real Estate License License Law and Disclosures 2

Question 1

Under Arkansas law, how long must a licensee retain transaction records?

Accepted Answer

3 years

Answer

Arkansas requires licensees to retain transaction records for a minimum of 3 years.

Question 2

A buyer's agent in Arkansas who also represents the seller in the same transaction must obtain:

Accepted Answer

Written informed consent from both parties

Answer

Dual agency requires written informed consent from both the buyer and seller before proceeding.

Question 3

Which entity administers the Arkansas Real Estate License Law?

Accepted Answer

Arkansas Real Estate Commission

Answer

The Arkansas Real Estate Commission (AREC) is the state agency responsible for administering real estate licensing laws.

Question 4

A salesperson license applicant in Arkansas must complete how many hours of pre-license education?

Accepted Answer

60 hours

Answer

Arkansas requires 60 hours of approved pre-license education for salesperson applicants.

Question 5

In Arkansas, which of the following actions would constitute commingling of funds?

Accepted Answer

Depositing client funds in the broker's personal bank account

Answer

Commingling occurs when client funds are mixed with the licensee's personal or business operating funds.

Arkansas Real Estate License Practice Test