AR State Salesperson Exam Questions and Answers

Arkansas Real Estate Commission is made up how many members? 5 members Who appoints AREC members? Governor How long do AREC members serve? 3 years How many staff members implement commission's responsibilities and decisions? 15 staff members What are the AREC member qualifications? -Three must have been licensed brokers or salespersons for at least five years before being nominated -Two must be either not actively engaged or retired from real estate (one must be at least 60 years of age to represent elderly community) Basic powers of the AREC -Reviewing licensing applications -Conducting investigations of complaints against licensees -Managing the recovery fund -Providing real estate education -Enforcing time-share law Who determines whether complaints are dismissed or taken to disciplinary hearing? Executive director of AREC When are licensees notified of a complaint against them? After AREC initial review How long does the respondent in a complaint have to respond? 20 days How long do licensees that lose a disciplinary hearing have to pay reimbursement before the recovery fund does so? 30 days How much do licensees pay annually with their renewal application? (goes into recovery fund) $25 What is the minimum balance of the recovery fund? $250,000 Consumers can apply for a maximum of how much money per transaction from the recovery fund? $25,000