Arkansas License Law
Which of the following is NOT exempt from Arkansas real estate licensing requirements?
AAn attorney acting under a court order
BA property manager employed by a single owner
CA person who manages 20 different owners' properties for compensation✓ Correct
DA trustee selling trust property
Explanation
A person managing properties for multiple owners for compensation must hold a real estate license in Arkansas. The exemptions cover attorneys acting in their legal capacity, court-appointed receivers, and employees managing property for a single owner/employer.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
License Law
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