Arkansas Real Estate License Law Study
Guide Exam And All Correct Answers
(2025 Updated Edition) Graded A+.
A property management agreement is a written contract between the - Answer owner and
property manager
The answer is owner and property manager. A property management agreement is a written
contract between the owner and the property manager.
How are members of the Arkansas Real Estate Commission's board selected? - Answer
Appointed by the governor
The answer is appointed by the governor. The members of the board are appointed by the
governor and approved by the senate.
Arkansas license law requires that - Answer a broker make the real estate business his or her
major activity if employing agents.
The answer is a broker make the real estate business his or her major activity if employing
agents. Anybody can remove the signs from the subject property. Arkansas license law states
that a broker engaged in any field other than real estate is presumed to be gainfully employed in
a non-real estate related field. The presumption may be overcome by proof that such
employment is in a "like-kind" field to real estate. No law requires that real estate appraisers
look at a property prior to listing. Licensees must take six hours of continuing education each
year in order to have their license renewed active.
What are the three types of agency recognized in Arkansas? - Answer Seller, buyer, and
disclosed dual
The answer is seller, buyer, and disclosed dual. Arkansas recognizes single agency, such as
representing the seller or the buyer, as well as dual agency, as long as both parties agree.
A salesperson had his Arkansas salesperson license revoked. When will the salesperson be
eligible to reapply for licensing? - Answer Two years
,Buyer-brokerage contracts in Arkansas - Answer are required by law to be in writing if they are
exclusive in nature.
The answer is are required by law to be in writing if they are exclusive in nature. The buyer-
brokerage contract is an employment contract and must be in writing if exclusive in nature.
Open buyer-brokerage agreements are not required to be in writing but are highly
recommended as set forth in Regulation 10. Buyer-brokerage contracts are definitely regulated,
just as listing agreements are regulated.
Who must have a real estate license to perform the following activities? - Answer Company
that for a fee (not commission) matches individuals from different parts of the country who
want to exchange properties and assists them in doing so
The answer is company that for a fee (not commission) matches individuals from different parts
of the country who want to exchange properties and assists them in doing so. Anyone who
matches individuals for a fee or commission requires a real estate license. Court-appointed
individuals are not required to have a real estate license. The resident manager is specifically
exempt from being required to have a real estate license.
In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? -
Answer $500
The answer is $500. The time-share developer must file an application and pay a $300 filing fee
plus $5 for each 25 intervals, not to exceed the sum of $500.
A broker received an accepted contract and earnest money deposit. Under Arkansas law, the
broker should - Answer deposit the money in an existing special escrow account in which all
earnest money received from buyers may be held at the same time.
The answer is deposit the money in an existing special escrow account in which all earnest
money received from buyers may be held at the same time. The broker may deposit this buyer's
funds into an escrow account containing money from other customers and clients. Detailed
record keeping is required.
A licensee is representing the seller solely in a real estate transaction. When must the agent
disclose his or her agency relationship to the prospective buyer? - Answer In a timely manner
,The purpose of the Arkansas Real Estate Recovery Fund is to - Answer provide a means of
compensation for actual monetary losses suffered by individuals as a result of the acts of a
licensee while violating the license law or committing other illegal acts related to a real estate
transaction.
The answer is provide a means of compensation for actual monetary losses suffered by
individuals as a result of the acts of a licensee while violating the license law or committing
other illegal acts related to a real estate transaction. The purpose of the recovery fund is to
provide a means of compensation for actual monetary losses suffered by individuals as a result
of the acts of a licensee while violating the license law or committing other illegal acts related to
a real estate transaction.
An associate broker - Answer has met the qualifications of a broker.
The answer is has met the qualifications of a broker. An associate broker is a person who has
met all the requirements for a broker's license but has not chosen to apply to become the
principal broker. A licensed principal broker must hold the license of an associate broker.
In Arkansas, an applicant for a real estate license must do all of the following EXCEPT - Answer
live within the state of Arkansas.
The answer is live within the state of Arkansas. An applicant does not have to live in Arkansas.
There are many out-of-state Arkansas licensees. In Arkansas, applications for any real estate
license must be completed prior to taking the written exam. The applicant must be at least 18
years of age and provide three character reference signatures.
A licensee fails to disclose his or her agency relationship under the time and manner required by
law. If found in violation, the Arkansas Real Estate Commission may impose a fine of - Answer
$1,000 per violation.
The answer is $1,000 per violation. A licensee found guilty of nondisclosure may be disciplined
with a $1,000 fine per violation.
If a broker violates the Arkansas license law, resulting in monetary damage to a consumer, what
is the latest date on which the injured party may file a lawsuit that may result in a collection
from the real estate recovery fund? - Answer Three years after the alleged violation
, A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer
and the seller. The day of closing, the escrow's closing agent called to tell the broker the $500
was missing. Who is responsible? - Answer The buyer and seller would be responsible.
The answer is the buyer and seller would be responsible. The broker is solely responsible and
accountable for all trust funds received by the firm and is held responsible for funds delivered to
an escrow agent selected by the principal broker. However, the broker is not responsible for
funds delivered to an escrow agent solely selected by the parties to a transaction. Cash is an
acceptable form of earnest money.
Under Arkansas real estate law, the licensee who must be employed in real estate full-time is
a(n) - Answer designated executive branch broker.
The answer is designated executive branch broker. The designated executive branch broker must
be a full-time broker and may not be gainfully employed in a non-real-estate-related field.
All of the following statements regarding the Arkansas Real Estate Commission are true EXCEPT -
Answer the Arkansas Association of REALTORS® appoints the members of the commission.
The answer is the Arkansas Association of REALTORS® appoints the members of the
commission. The REALTORS® association does not appoint the Arkansas Real Estate Commission
members. The commission enforces the rule. An executive director administers the operations
of the commission. The exams are written under the supervision of the commission and
administered by an independent testing company.
A broker has former clients interested in seeing a new listing that the broker's firm has just
listed. In this situation, the broker - Answer may want to consider discussing dual agency with
the buyers.
The answer is may want to consider discussing dual agency with the buyers. The broker may
wish to discuss dual agency with the buyers (former clients or customers may have disclosed
information that would be expected to remain confidential and not disclosed to the seller, such
as seller needs, motivations, strategies for selling, and financial situation). Arkansas does not
allow facilitator position or split agency arrangements.
A licensed salesperson may hold a concurrent license with more than one Arkansas broker
under which of the following circumstances? - Answer Under no circumstances
Guide Exam And All Correct Answers
(2025 Updated Edition) Graded A+.
A property management agreement is a written contract between the - Answer owner and
property manager
The answer is owner and property manager. A property management agreement is a written
contract between the owner and the property manager.
How are members of the Arkansas Real Estate Commission's board selected? - Answer
Appointed by the governor
The answer is appointed by the governor. The members of the board are appointed by the
governor and approved by the senate.
Arkansas license law requires that - Answer a broker make the real estate business his or her
major activity if employing agents.
The answer is a broker make the real estate business his or her major activity if employing
agents. Anybody can remove the signs from the subject property. Arkansas license law states
that a broker engaged in any field other than real estate is presumed to be gainfully employed in
a non-real estate related field. The presumption may be overcome by proof that such
employment is in a "like-kind" field to real estate. No law requires that real estate appraisers
look at a property prior to listing. Licensees must take six hours of continuing education each
year in order to have their license renewed active.
What are the three types of agency recognized in Arkansas? - Answer Seller, buyer, and
disclosed dual
The answer is seller, buyer, and disclosed dual. Arkansas recognizes single agency, such as
representing the seller or the buyer, as well as dual agency, as long as both parties agree.
A salesperson had his Arkansas salesperson license revoked. When will the salesperson be
eligible to reapply for licensing? - Answer Two years
,Buyer-brokerage contracts in Arkansas - Answer are required by law to be in writing if they are
exclusive in nature.
The answer is are required by law to be in writing if they are exclusive in nature. The buyer-
brokerage contract is an employment contract and must be in writing if exclusive in nature.
Open buyer-brokerage agreements are not required to be in writing but are highly
recommended as set forth in Regulation 10. Buyer-brokerage contracts are definitely regulated,
just as listing agreements are regulated.
Who must have a real estate license to perform the following activities? - Answer Company
that for a fee (not commission) matches individuals from different parts of the country who
want to exchange properties and assists them in doing so
The answer is company that for a fee (not commission) matches individuals from different parts
of the country who want to exchange properties and assists them in doing so. Anyone who
matches individuals for a fee or commission requires a real estate license. Court-appointed
individuals are not required to have a real estate license. The resident manager is specifically
exempt from being required to have a real estate license.
In Arkansas, what is the maximum amount due for a filing fee of a time-share interval project? -
Answer $500
The answer is $500. The time-share developer must file an application and pay a $300 filing fee
plus $5 for each 25 intervals, not to exceed the sum of $500.
A broker received an accepted contract and earnest money deposit. Under Arkansas law, the
broker should - Answer deposit the money in an existing special escrow account in which all
earnest money received from buyers may be held at the same time.
The answer is deposit the money in an existing special escrow account in which all earnest
money received from buyers may be held at the same time. The broker may deposit this buyer's
funds into an escrow account containing money from other customers and clients. Detailed
record keeping is required.
A licensee is representing the seller solely in a real estate transaction. When must the agent
disclose his or her agency relationship to the prospective buyer? - Answer In a timely manner
,The purpose of the Arkansas Real Estate Recovery Fund is to - Answer provide a means of
compensation for actual monetary losses suffered by individuals as a result of the acts of a
licensee while violating the license law or committing other illegal acts related to a real estate
transaction.
The answer is provide a means of compensation for actual monetary losses suffered by
individuals as a result of the acts of a licensee while violating the license law or committing
other illegal acts related to a real estate transaction. The purpose of the recovery fund is to
provide a means of compensation for actual monetary losses suffered by individuals as a result
of the acts of a licensee while violating the license law or committing other illegal acts related to
a real estate transaction.
An associate broker - Answer has met the qualifications of a broker.
The answer is has met the qualifications of a broker. An associate broker is a person who has
met all the requirements for a broker's license but has not chosen to apply to become the
principal broker. A licensed principal broker must hold the license of an associate broker.
In Arkansas, an applicant for a real estate license must do all of the following EXCEPT - Answer
live within the state of Arkansas.
The answer is live within the state of Arkansas. An applicant does not have to live in Arkansas.
There are many out-of-state Arkansas licensees. In Arkansas, applications for any real estate
license must be completed prior to taking the written exam. The applicant must be at least 18
years of age and provide three character reference signatures.
A licensee fails to disclose his or her agency relationship under the time and manner required by
law. If found in violation, the Arkansas Real Estate Commission may impose a fine of - Answer
$1,000 per violation.
The answer is $1,000 per violation. A licensee found guilty of nondisclosure may be disciplined
with a $1,000 fine per violation.
If a broker violates the Arkansas license law, resulting in monetary damage to a consumer, what
is the latest date on which the injured party may file a lawsuit that may result in a collection
from the real estate recovery fund? - Answer Three years after the alleged violation
, A broker delivered $500 cash to ABC Escrow Closing Service per the instructions of the buyer
and the seller. The day of closing, the escrow's closing agent called to tell the broker the $500
was missing. Who is responsible? - Answer The buyer and seller would be responsible.
The answer is the buyer and seller would be responsible. The broker is solely responsible and
accountable for all trust funds received by the firm and is held responsible for funds delivered to
an escrow agent selected by the principal broker. However, the broker is not responsible for
funds delivered to an escrow agent solely selected by the parties to a transaction. Cash is an
acceptable form of earnest money.
Under Arkansas real estate law, the licensee who must be employed in real estate full-time is
a(n) - Answer designated executive branch broker.
The answer is designated executive branch broker. The designated executive branch broker must
be a full-time broker and may not be gainfully employed in a non-real-estate-related field.
All of the following statements regarding the Arkansas Real Estate Commission are true EXCEPT -
Answer the Arkansas Association of REALTORS® appoints the members of the commission.
The answer is the Arkansas Association of REALTORS® appoints the members of the
commission. The REALTORS® association does not appoint the Arkansas Real Estate Commission
members. The commission enforces the rule. An executive director administers the operations
of the commission. The exams are written under the supervision of the commission and
administered by an independent testing company.
A broker has former clients interested in seeing a new listing that the broker's firm has just
listed. In this situation, the broker - Answer may want to consider discussing dual agency with
the buyers.
The answer is may want to consider discussing dual agency with the buyers. The broker may
wish to discuss dual agency with the buyers (former clients or customers may have disclosed
information that would be expected to remain confidential and not disclosed to the seller, such
as seller needs, motivations, strategies for selling, and financial situation). Arkansas does not
allow facilitator position or split agency arrangements.
A licensed salesperson may hold a concurrent license with more than one Arkansas broker
under which of the following circumstances? - Answer Under no circumstances
