FREE Arkansas Real Estate License Questions and Answers
The commission may request more funds for the recovery fund if it is less than
Explanation:
A percentage of your agency fees—typically $25—go toward the recovery fund each time you pay them. According to the Arkansas License Law: 17-42-405, this is only possible if the recovery fund is less than $250,000.
Which would be a blatant violation of Arkansas License Law?
Explanation:
It is illegal to offer real estate or improvements as prizes in games of chance under Arkansas License Law.
A contract was accepted and an earnest money deposit was given to a broker. The broker is required by Arkansas Real Estate Law to
Explanation:
In the event that a broker gets an accepted contract and a deposit of earnest money, following Arkansas Real Estate Law, the broker must deposit the funds into an existing special escrow account, where all earnest money received may be held concurrently.
Real estate licenses in Arkansas are issued by whom?
Explanation:
Those who wish to practice real estate are issued licenses by the Arkansas Real Estate Commission. Probably similar to you, pre-licensing and passing the state exam are among the requirements.
Jane wants to have her Arkansas real estate license deactivated. To whom does she need to send her license?
Explanation:
All licenses in Arkansas are handled by the Arkansas Real Estate Commission. A license must be returned to the Commission for it to be deactivated.
Which of these DOES NOT fall under the Arkansas Real Estate Commission's jurisdiction?
Explanation:
State judges in Arkansas handle injunctions, not the commission. Usually, a court orders injections. Judges and the legal system are responsible for handling injunctions; the commission deals with complaints, reprimands, investigations, and other matters.
What is the required payment amount for a new license into the Arkansas Real Estate Commission's Recovery Fund?
Explanation:
Every new license applicant is required to pay a one-time fee of $25.00, which goes toward funding the Arkansas Real Estate Commission's Recovery Fund. If the fund is less than a particular amount, the cost may occasionally be increased, although it is almost always $25.00. As stated in the Arkansas License Law: 17-42-405.
Which of the following could apply to an agent or broker who makes false representations about the state of a property?
Explanation:
A broker or agent may lose their license if they make false representations about the state of a property. Fines are sometimes associated with it, but usually, it is not an exact amount.
How much can the Commission fine someone for breaking the Arkansas Timeshare License Law?
Explanation:
According to Arkansas State Law, the Commission may fine an individual who violates the Arkansas Timeshare License Law up to $5,000.
Which of the following circumstances allows an Arkansas-licensed salesperson to have concurrent licenses with more than one broker?
Explanation:
A salesperson in Arkansas is not permitted to hold their license with more than one broker under any circumstances.
What is the Arkansas Real Estate Commission's mission?
Explanation:
Taken straight from their website, ""The Arkansas Real Estate Commission's mission is to protect the public interest through the licensing, inspection, and regulation of real estate brokers and salespeople, as well as through the administration of the Arkansas Time-Share Law."" Their goal is to safeguard the public's interest in real estate and activities related to it.