Arkansas Real Estate License Law Review Questions and Answers

A property management agreement is a written contract between theowner 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?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 thata 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?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?Two years The answer is two years. A licensee whose license has been revoked shall be eligible to apply for a new license two years from the date of revocation. Buyer-brokerage contracts in Arkansasare required by law to be in writing if they are exclusive in nature.