Arkansas Real Estate License Arkansas Real Estate License License Law and Disclosures Questions and Answers 2

Question 1

Under Arkansas real estate law, how long does a licensee have to deposit earnest money into an escrow account after acceptance of an offer?

Accepted Answer

Within 3 business days

Answer

Arkansas law requires earnest money to be deposited into an escrow account within three business days of acceptance of the contract.

Question 2

Which of the following must be disclosed by a seller under the Arkansas Property Disclosure Act?

Accepted Answer

Known defects in the foundation or structure

Answer

The Arkansas Property Disclosure Act requires sellers to disclose known material defects including structural and foundation issues.

Question 3

What is the penalty for practicing real estate in Arkansas without a valid license?

Accepted Answer

A Class A misdemeanor

Answer

Practicing real estate without a license in Arkansas is classified as a Class A misdemeanor under state law.

Question 4

In Arkansas, a dual agency arrangement requires which of the following?

Accepted Answer

Written informed consent from both buyer and seller

Answer

Arkansas law mandates that both parties provide written informed consent before a licensee may act as a dual agent.

Question 5

Which entity is responsible for enforcing the Arkansas Real Estate License Law?

Accepted Answer

The Arkansas Real Estate Commission

Answer

The Arkansas Real Estate Commission (AREC) is the regulatory body that enforces real estate license law in the state.

Arkansas Real Estate License Practice Test