Arkansas License Law Exam

What is the purpose of the Arkansas real estate license law to protect the public interest in the real estate marketplace through the regulation of real estate brokers and salespersons. The legal basis for the license law is derived from the State's police powers The license law is contained in which title and chapter of the Arkansas Code Annotated? Title 17 Chapter 42 True or False/ the license law is found to be constitutional True The powers and duties are described in the Arkansas license law How many members is the AREC composed of? 5 members 3 Members of the AREC must be licensed real estate brokers or salespersons for no less than 5 years before their appointment 2 members of the AREC must NOT be actively engaged in or retired from the real estate business 1 at large member represents who consumers The other at-large member must be 60 years of age or older and represents senior citizens The 2 at large positions may not be held by the same person nor may participate in grading examinations. They do have the SAME voting rights How many AREC members constitute a quorum? 3 members How long of a term do AREC members serve? 3 year terms When do the AREC member terms begin and end? Begins on January 1 and ends on December 31 of the 3rd year until their successors are appointed and qualified Who are the members of the commission appointed by? The governor Who are the members of the commission confirmed by? the Senate