Arkansas Law Quiz

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  1. If the Principal Broker of a real estate firm dies:
    1. The firm must immediately shut down and all licensees associated with that firm would have to move to a new company.
    2. The senior broker at the firm would automatically become the Principal Broker.
    3. The Real Estate Commission may permit the firm to continue operating under the direction of person approved by the Commission for a time period set by the Commission.
    4. None of the above.

 

 

 

 

 

 

 

 

 

 

CORRECT!

  1. All of the following are persons who may be exempt from the license law except:
    1. An attorney at law.
    2. An attorney in fact.
    3. A receiver.
    4. An attorney at will.

 

 

 

 

 

 

 

 

 

 

RIGHT!!

  1. The Arkansas Real Estate Commission consists of:
    1. Three licensed members and two non-licensed members, appointed by the Governor for three-year terms.
    2. Four members appointed by the Arkansas REALTORS® Association.
    3. Five members appointed by the Governor for four-year terms.
    4. Three members who have been licensed for at least three years, and two non-licensed members.

 

 

 

 

 

 

 

 

 

 

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