Arkansas Real Estate License Law, Time Share Law, Rules & Regulations Questions with Correct Answers

What is the purpose of license law? Correct Answer To protect the public, safety, and welfare. Can an associate broker have supervisory authority? Correct Answer No Does an executive broker have to be under supervision? Correct Answer Yes To who made an executive broker exercise supervision over? Correct Answer Executive brokers and sales persons To participate in real estate auction, must the auctioneer and ringman both hold a real estate license? Correct Answer Yes Define "principal broker" Correct Answer Individual acting for another for a fee who sells, exchanges, etc. Or directs in procuring real estate. Does the term "real estate" include leases and timeshare activity? Correct Answer Yes Will a salesperson be an employee or an independent contractor? Correct Answer Could be either To whom does a sales person have to be under the supervision of? Correct Answer Principal or executive broker Does the general public have to have a license to sell their own property? Correct Answer No What is a person called who is working under a power of attorney? Correct Answer Attorney in fact Can a person working under an official power of attorney receive a fee for selling the persons property whom they are representing? Correct Answer No What is the limitation of an attorney at law performing real estate activities without a license? Correct Answer In the performance of their duties as an attorney at law. Are executors, administrators, and guardians exempt from license while performing their duties in these capacities? Correct Answer Yes