Arkansas Real Estate License Study Guide 2026

Advertising language that implies a preference for people without children, or for people of a specific family type, violates familial status protections.

Lender escrow accounts collect monthly portions of taxes and insurance so these obligations are paid on time.

A property manager owes a fiduciary duty to the owner, requiring loyalty, care, and lawful management of the property on the owner's behalf.

The Recovery Fund compensates consumers who obtain a court judgment against a licensee but are unable to collect from the licensee directly.

The Arkansas Statute of Frauds requires that contracts for the sale of land, or any interest in land, must be in writing to be enforceable. A contract to purchase a property, regardless of the closing date, falls directly under this statute. Month-to-month leases are generally exempt, agreements between brokers are separate from the real estate contract itself, and personal property promises should be in writing but aren't governed by the Statute of Frauds for real property.

USPAP, established by the Appraisal Standards Board, is the required standard for appraisals in federally related transactions in all states including Arkansas.