What is the purpose of the Arkansas real estate License Act?

What is real estate license Act?

Reduces the minimum age for obtaining a license from 21 to 18; Defines and recognizes real estate brokerage “teams” and addresses the use of team names in advertising; Clarifies and streamlines consumer access to the Real Estate Recovery Fund and addresses and clarifies other disciplinary provisions.

What best describes independent dealing under the Arkansas real estate act?

What BEST describes independent dealing under the Arkansas real estate act? The answer is a licensee selling their own property without the supervision of the principal broker or the firm name. Dealing without the broker’s knowledge is considered independent dealing and is grounds for the loss of license.

What percent of real estate licensees in Arkansas are Realtors?

The data: We surveyed local agents and found that the average real estate commission in Arkansas is 5.91%, which is higher than the national average of 5.50%.

The current state of the Arkansas real estate market.

IT IS INTERESTING:  Do you have to be accredited to invest in a REIT?
Factor Trends Indication
Home values Home values have risen 11.4% year over year Seller’s market

How are changes made to the Arkansas real estate code and the Arkansas Real Estate Commission rules?

How are changes made to the Arkansas real estate code and the Arkansas Real Estate Commission rules? The code is changed by a vote of the legislature and the rules by decision of the Arkansas Real Estate Commissioners.

What is the purpose of the real estate License Law?

These laws define the legal relationship between licensees and the parties to a real estate transaction. They also serve to provide each with a clear understanding of the duties that the real estate licensee will be expected to perform in the transaction.

What is the difference between land and real estate?

Land is defined as the Earth’s surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects. The definition of Real Estate includes everything in the definition of Land, plus all things permanently attached to it naturally or artificially.

What is the primary purpose for Agency Disclosure?

The purpose of disclosure is to explain whether the broker represents the buyer or seller or is a dual agent (representing both) or a subagent (an agent of the seller’s broker). This allows the customer to understand to which party the broker owes loyalty.

What type of agency Cannot be revoked by the principal?

If the agency is coupled with an interest, the agency usually cannot be revoked by the principal before the expiration of the interest and is not terminated by the death or insanity of either the principal or the agent.

IT IS INTERESTING:  Can anyone buy a house in America?

Which is not required to create an enforceable real estate contract?

Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. Common forms of consideration include money, property in exchange, or a promise to perform. Without consideration, a contract is not legally enforceable.

Is the Arkansas real estate exam hard?

Remember, the Arkansas real estate exam is hard to pass and over 50% fail the first time. Not only that, but it is expensive to try again. This course has everything you need to pass the first time at a price that is unmatched. If you truly want to hurry up and pass the exam, enroll in our course right now.

How long is real estate school in Arkansas?

Broker applicants must complete sixty (60) hours of real estate education, of which forty-five (45) hours must be the Commission developed Broker Pre-License Education course, from an accredited post secondary school or a school or organization licensed by the Arkansas Real Estate Commission within 36 months …

How long is Realtor school?

On average, it takes anywhere from 2-5 months to complete real estate school and earn a real estate license. However, this can vary depending on your state’s licensing requirements and application process and whether you choose an online real estate school or traditional classroom courses.