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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.
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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.
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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.
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It is illegal to offer real estate or improvements as prizes in games of chance under Arkansas License Law.
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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.
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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.
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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.
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A salesperson in Arkansas is not permitted to hold their license with more than one broker under any circumstances.
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According to Arkansas State Law, the Commission may fine an individual who violates the Arkansas Timeshare License Law up to $5,000.
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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.
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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.
