Arkansas License Law
Arkansas law requires that all real estate trust accounts be maintained at:
AThe Arkansas Real Estate Commission office
BA federally insured bank or savings institution in Arkansas✓ Correct
CAny bank chosen by the salesperson
DThe title company handling the transaction
Explanation
Arkansas requires all client funds to be held in a trust account at a federally insured financial institution located in Arkansas. The principal broker is responsible for maintaining these accounts.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
State-Specific Concepts
Trust Account Rules
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