Arkansas Real Estate Law Portion Flashcards

Arkansas Real Estate Law Portion Flashcards When do real estate salesperson licenses expire in Arkansas?December 31 of each year When a licensed broker changes his or her place of business..his or her license may be revoked if the AREC is not promptly notified and proper filings and procedures followed Which of the following actions are legal and NOT a violation of license law?Placing a For Sale sign in front of a house after asking the sellers permission and receiving written permission to do so An associate broker is not satisfied with her present real estate company and has decided to become an associate with another. Before the associate broker can begin actively selling for the new company...a transfer application must be completed and signed by the new employing broker along with other Real Estate Commission requirements Once a licensee has been terminated, the principal broker must notify the Arkansas Real Estate Commission within

• days

In Arkansas, the real estate license law is administered by the Arkansas Real Estate Commission Any person wishing to file an appeal of a commission ruling of investigation must request such appeal in writing to the Arkansas Real Estate Commission within what, if any, time frame?60 days following the dismissal A salesperson does something the principal broker learns is illegal. The broker terminates the salesperson. The broker should send the salesperson's real estate license and pocket card to the Arkansas Real Estate Commission How are members of the Arkansas Real Estate Commission Board selected?Appointed by the governor What are the procedures that a salesperson must follow when the salesperson decides to terminate his or her affiliation with the employing broker?Nothing, because the broker is responsible for notifying the AREC of the change The Arkansas Real Estate Commissionmakes and enforces the rules by which all real estate licensees must abide In Arkansas, real estate commissioners serve for three years Arkansas license law requires thata broker makes the real estate business his or her major activity if employing agents Once the Arkansas Real Estate Commission has accepted a compliant's request for an appeal hearing, the appellant pays for the appeal cost. How many days, if any, after notification of amount due must the appellant pay the fees?within 30 days All of the following statements regarding the Arkansas Real Estate Commission are true EXEPT

• *the Arkansas Association of REALTORS appoints the

members of the commissionb. the commission enforces the rules by which all real estate licensees must abidec. the examinations that must be taken by all applicants for real

estate licenses are administered by an independent testing companyd. the operation of the commissions activities is administered by an executive director specifically hired for that purpose What is the name of the Arkansas Supreme Court ruling that requires all licensees to use attorney-approved

contracts and real estate forms?Pope County Bar Association v. Suggs 1981

Any person who wishes to appeal a ruling for a dismissal of a complaint by the Arkansas Real Estate Commission's Executive Director may do so by filing a fee of $100 The members of the Arkansas Real Estate Commission are designated by the the governor A licensed salesperson may hold a concurrent license with more than one Arkansas broker under which of the following circumstances?Under no circumstances If a broker tells the lender that the sales price on a property is something above its actual sales price, the broker can lose his or her license and may be fined and imprisoned by the proper authorities Who submits a list to fill vacancies for the Arkansas Real Estate Commissions Board?The Arkansas Association of REALTORS The Arkansas Real Estate Commission may undertake an investigation of a licensee based on all the following its own initiativea motion from the members of the commissiona written complaint submitted by a disgruntled customer