Arkansas License Law
Which statement best describes the Arkansas Real Estate Recovery Fund?
AA fund that reimburses brokers for uncollected commissions
BA fund compensating members of the public who suffer losses due to licensee misconduct✓ Correct
CA retirement fund for licensed real estate agents
DA fund that covers errors and omissions insurance for licensees
Explanation
The Arkansas Real Estate Recovery Fund compensates members of the public who have obtained a judgment against a licensee for fraudulent or dishonest acts and are unable to collect the judgment from the licensee.
Related Arkansas Arkansas License Law Questions
- An Arkansas salesperson's license is issued to:
- Under Arkansas law, when must a licensee provide an agency disclosure to a prospective buyer or seller?
- A licensee who places earnest money in their personal bank account is guilty of:
- AREC has the authority to take which of the following actions against a licensee found guilty of misrepresentation?
- When a salesperson's license is inactive in Arkansas, the licensee may:
- A licensee found guilty of commingling or conversion of client funds by AREC may face:
- The Arkansas Real Estate License Law requires licensees to keep transaction records for a minimum of:
- In Arkansas, which of the following is a ground for AREC to revoke a real estate license?
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →