Arkansas Real Estate License Law, Time Share Law, Rules & Regulations Review Questions and Answers

What is the purpose of license law? To protect the public, safety, and welfare. Can an associate broker have supervisory authority? No Does an executive broker have to be under supervision? Yes To who made an executive broker exercise supervision over? Executive brokers and sales persons To participate in real estate auction, must the auctioneer and ringman both hold a real estate license? Yes Define "principal broker" Individual acting for another for a fee who sells, exchanges, etc. Or directs in procuring real estate. Does the term "real estate" include leases and timeshare activity? Yes Will a salesperson be an employee or an independent contractor? Could be either To whom does a sales person have to be under the supervision of? Principal or executive broker Does the general public have to have a license to sell their own property? No What is a person called who is working under a power of attorney? Attorney in fact Can a person working under an official power of attorney receive a fee for selling the persons property whom they are representing? No What is the limitation of an attorney at law performing real estate activities without a license? In the performance of their duties as an attorney at law. Are executors, administrators, and guardians exempt from license while performing their duties in these capacities? Yes