licensee examinations.

Ch. 1 Unit 1: Duties and Powers of the Arkansas Real Estate

Commission Flashcards How long are the Terms of commission members? Three calendar years.Who appoints commissioners? And through what means?The governor appoints commission members.The Arkansas Realtors Association provides nominees for the 3 licensed members.Non-licensee members are chosen from the state at large, subject to confirmation by the Senate.These members are full voting members but may not grade licensee examinations.What is the intent of license law?The Arkansas legislature in active statutes to ensure that real estate brokers and sales persons maintain minimum standards of competence and practice that intern protect the public health, safety and welfare.How often does the AREC meet?Once per month and special meetings may be called at any time by majority vote.What power does the commission have?Subpoena powers: the commission in the course of conducting hearings and investigations is empowered to issue subpoenas.How many days in advance should you notify the commission to appear before it?Persons wishing to appear before the commission must notify the Director 15 days in advance of such meetings.What are the duties of the Director?The director is a chief executive over the commission with the authority to discharge the duties of fulfilling and administering the license law under the supervision of the commission. In practical terms, the Director is parallel to a CEO of a corporation who must act under the supervision of the Board of Directors.While the Director has the authority to hire staff, the salaries for employees is established by the commission through budgetary limits.What are the commissions duties?* promulgate rules and regulations in support of the license law.* administer oaths* Maintain official records suitable as evidence in courts.* maintain records of all licensees.* conduct real estate seminars for licensees.* avail licensees with relevant real estate materials.* establish procedures for conducting real estate auctions.* collect fees, charges, fines, and penalties as well as expand funds for appropriate purposes.---all funds collected and expanded are held in the "Arkansas Real Estate Commission Fund."The

commission also:* annex rules addressing professional

conduct and standards of practice.* Conduct hearings concerning violations of the Act, and impose penalties.* administers a Real Estate Recovery fund for the protection of the public.

What is the Recovery Fund used for?* Educational projects and seminars* creation and distribution of relevant materials for licensees.* funding chairs or courses for licensees or institutions of higher learning.* funding real estate research projects.What fees does a licensee pay to the recovery fund?The commission is in power to charge licensees annual fees for the benefit of the recovery fund. Such fees are limited to the lesser of $25 per annual renewal, or such amount as to maintain a minimum balance of $250,000.What are the AREC member requirements/standards? - 3 members must have been licensees having at least five years of experience.-2 members must not have been active or retired licensees.---1 of these two members must represent consumers.---1 of these two members must be 60 years or older and represent the elderly.How many member are in the AREC?5 members Who selects the chairman and vice chairman of the AREC?The Commission by voting