Arkansas License Law
Under Arkansas license law, trust account funds must be deposited in which type of institution?
AAny federally insured financial institution in the United States
BA financial institution located in Arkansas✓ Correct
CA brokerage-controlled investment account
DThe Arkansas Real Estate Commission escrow account
Explanation
Arkansas law requires that trust account funds be held in a financial institution located within the state of Arkansas, ensuring regulatory oversight and accessibility.
People Also Study
Related Arkansas Questions
- Under Arkansas license law, earnest money received by a licensee must be deposited into a trust account within how many business days?Arkansas License Law
- Earnest money received by an Arkansas licensee must be deposited into the trust account within:Arkansas License Law
- Which of the following activities requires a real estate license in Arkansas?Arkansas License Law
- Arkansas license law requires that a written disclosure of agency relationships be provided to a consumer:Arkansas License Law
Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
Trust Account RulesLicense Law
Practice More Arkansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arkansas Quiz →