Arkansas License Law / Time Share Law (Quiz 1 of 4)

What is the purpose of the License Law?

• To regulate the sale of personal property

• To ensure fair housing practices

• To protect the public and ensure professional standards in real estate

• To manage zoning laws

Can an “Associate broker” have supervisory authority?

• Yes

• No

• Only in certain states

• Only with special permission

Does an Executive Broker have to be under supervision?

• Yes

• No

• Only during the first year

• Only if they are new to the field

To whom may an Executive Broker exercise supervision over?

• Salespersons and Associate Brokers

• Only Salespersons

• Only other Executive Brokers

• No one

To participate in a real estate auction, must the auctioneer and ringman both hold a real estate license?

• Yes

• No

• Only the auctioneer

• Only the ringman

Define “Principal Broker”.

• A broker who manages a real estate office

• A broker who works independently

• Individual acting for another for a fee who sells, exchanges, etc. or directs the procurement real estate

• A broker who specializes in commercial real estate

Does the term “Real Estate” include leases and time share activity?

• Yes

• No

• Only leases

• Only time share activity

Will a salesperson be an employee or independent contractor?

• Employee

• Independent contractor

• Could be either

• Neither

To whom does a salesperson have to be under the supervision of?

• Another salesperson

• An Associate Broker

• A Principal or Executive Broker

• A client

Does the general public have to have a license to sell their own property?

• Yes

• No

• Only if the property is commercial

• Only if the property is residential