Chapter 2 unit definitions and activities requiring licensure
Arkansas Contractor License Study Guide - Chapter 2 Definitions and Licensing Activities
Study online at https://quizlet.com/_83pp1l
1. Person An individual, partnership, corporation, or a limited liability company
2. Licensing agency Indiana professional licensing agency established under IC 25-1-5-3. The
agency performs all administrative functions, duties, and responsibilities as-
signed by law or rule and has no policy making authority.
3. Branch office A broker company's office other than its principal place of business
4. Branch manager An individual broker who manages a branch office
5. Listing broker A broker company who has written a contract with an owner, allowing the broker
to sell, buy, trade, exchange, option, lease, rent, manage, list or appraise real
estate
6. Selling broker A broker company that is acting on behalf of the buyer or tenant and who
provides an accepted offer to purchase to the seller or accepted lease agreement
to the landlord
7. Referral The act of recommending or referring a sales lead to a broker
8. Referral service A company or part of a company franchise system established to recommend or
refer client or customer leads to other brokers
9. Referral status The commission has granted a license applicant waiver from the continuing
adulation requirements because the applicant either 1) was serving in the armed
forces of the U.S. during a substantial part of the renewal period. 2) had an
incapacitating illness, or 3) experienced other circumstances determined by the
commission to cause the applicant a hardship
10. Reprimand One possible sanction imposed when a particular violates an Indiana real estate
law or professional standard. It is an official record the license has been disci-
plined. It does not affect the licensees ability to practice real estate
11. Probation
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Page 1
, Chapter 2 unit definitions and activities requiring licensure
Arkansas Contractor License Study Guide - Chapter 2 Definitions and Licensing Activities
Study online at https://quizlet.com/_83pp1l
A possible sanction imposed when a practitioner violates an Indiana real estate
law or professional standard. Licensees can continue to practice real estate while
on probation subject to terms and conditions ordered by the commission
12. Suspension Another possible sanction imposed for a period of time by the commission for
violation of law or standards. Licensees with suspended license cannot practice
real estate during suspension
13. Revocation Imposed for a period of time by the commission as a result of law or standards
violations. A professional cannot practice with a revoked license and must wait 7
years before applying for new license.
14. Summary suspen- A 90 day license suspension imposed as a sanction when the commission finds
sion that the real estate professional is a clear and immediate danger to public health
and safety if they continue to practice
15. Agent A real estate agent or other person acting on behalf of the owner or transferee
of real estate or acting as a limited agent
16. Transferee A purchaser, tenant, lessee, prospective purchaser, prospective tenant, or
prospective lessee of the real estate or dwelling
17. An individual who Yes
telephoned people
to seek real estate
listings is required
to be licensed as a
broker?
18. Managing proper- No
ty for others does
not require a bro-
kers license
2/5
Page 2
Arkansas Contractor License Study Guide - Chapter 2 Definitions and Licensing Activities
Study online at https://quizlet.com/_83pp1l
1. Person An individual, partnership, corporation, or a limited liability company
2. Licensing agency Indiana professional licensing agency established under IC 25-1-5-3. The
agency performs all administrative functions, duties, and responsibilities as-
signed by law or rule and has no policy making authority.
3. Branch office A broker company's office other than its principal place of business
4. Branch manager An individual broker who manages a branch office
5. Listing broker A broker company who has written a contract with an owner, allowing the broker
to sell, buy, trade, exchange, option, lease, rent, manage, list or appraise real
estate
6. Selling broker A broker company that is acting on behalf of the buyer or tenant and who
provides an accepted offer to purchase to the seller or accepted lease agreement
to the landlord
7. Referral The act of recommending or referring a sales lead to a broker
8. Referral service A company or part of a company franchise system established to recommend or
refer client or customer leads to other brokers
9. Referral status The commission has granted a license applicant waiver from the continuing
adulation requirements because the applicant either 1) was serving in the armed
forces of the U.S. during a substantial part of the renewal period. 2) had an
incapacitating illness, or 3) experienced other circumstances determined by the
commission to cause the applicant a hardship
10. Reprimand One possible sanction imposed when a particular violates an Indiana real estate
law or professional standard. It is an official record the license has been disci-
plined. It does not affect the licensees ability to practice real estate
11. Probation
1/5
Page 1
, Chapter 2 unit definitions and activities requiring licensure
Arkansas Contractor License Study Guide - Chapter 2 Definitions and Licensing Activities
Study online at https://quizlet.com/_83pp1l
A possible sanction imposed when a practitioner violates an Indiana real estate
law or professional standard. Licensees can continue to practice real estate while
on probation subject to terms and conditions ordered by the commission
12. Suspension Another possible sanction imposed for a period of time by the commission for
violation of law or standards. Licensees with suspended license cannot practice
real estate during suspension
13. Revocation Imposed for a period of time by the commission as a result of law or standards
violations. A professional cannot practice with a revoked license and must wait 7
years before applying for new license.
14. Summary suspen- A 90 day license suspension imposed as a sanction when the commission finds
sion that the real estate professional is a clear and immediate danger to public health
and safety if they continue to practice
15. Agent A real estate agent or other person acting on behalf of the owner or transferee
of real estate or acting as a limited agent
16. Transferee A purchaser, tenant, lessee, prospective purchaser, prospective tenant, or
prospective lessee of the real estate or dwelling
17. An individual who Yes
telephoned people
to seek real estate
listings is required
to be licensed as a
broker?
18. Managing proper- No
ty for others does
not require a bro-
kers license
2/5
Page 2
