Arkansas Real Estate Questions and Answers

Gina works for a brokerage in Little Rock, and a lender asks her to provide a professional opinion on how much a local property is worth. Once she conducts her research and provides her estimate, what term is she allowed to use to describe her findings? Broker price opinion In Arkansas, _____ are directly responsible for the supervision and adequate training of salesperson licensees. Principal brokers What's the purpose of the initial agency disclosure in Arkansas? To describe the legal relationship between a broker and a consumer when the broker serves as the consumer's agent Who or what entity funds the Arkansas Real Estate Recovery Fund? All Arkansas licensees Nathan is placing a listing ad for a soon-to-be-built expensive home in a gated community in Blytheville. He includes the words "exclusive" and "ultra-conservative community" in his ad. Is he in danger of violating the federal Fair Housing Law? Yes, because it implies that the listing is suitable only for a particular type of buyer. Little Rock Realty is closing their operations. Louis is the sole principal broker for the firm. What happens to the transaction records from the firm? Louis will take custody of the records and notify the commission of their storage location. Which option is of the most concern to Arkansas licensees and advertising when it comes to the Federal Trade Commission? Misleading ads What's one benefit to affiliating with a broker in Arkansas? Training Liam, a broker in Pine Bluff, has a very irate client who has filed a complaint against him. When will Liam first hear from the commission about the complaint made against him? After the commission's initial review of the complaint When acting as a principal to a real estate transaction, which duty is expanded by statute, requiring additional explicit actions for Arkansas licensees? Disclosure Licensee Jude is representing Christian in the sale of his property in Fort Smith to Roberta, the buyer customer. Which of these statements is true? Although Jude has