Arkansas License Law / Time Share Law (Quiz 2 of 4)

What are the two fees that must be paid within 90 days of exam passage?

• Application fee and renewal fee

• Examination fee and license fee

• License Fee and Real Estate Recovery Fund Fee

• Renewal fee and examination fee

Do Brokers or Sales licensees who place their license on inactive status have to pay a fee during the time the license is inactive?

• Yes, they must pay

• No, they do not have to pay any fee

• No, but they must pay a reactivation fee

While a licensee is officially on inactive or expired status, are they still subject to disciplinary actions against them?

• Yes, they are still subject to disciplinary actions

• No, they are not subject to any actions

• Yes, but only for serious violations

• No, unless they apply for reactivation

At the firm’s on-site location, the permanent sign in addition to the company name must include what additional words?

• Real Estate, Realty, or other words approved by Commission

• Authorized Sales Office

• Branch Office

• Certified Real Estate Agent

What type of license is required for a Branch Office?

• Sales license

• Broker license

• Duplicate license

• Real estate license

Who supervises licensees at a Branch Office?

• The company owner

• The Executive Broker

• The head broker

• The sales manager

What is a licensee supposed to do if they lose their pocket card?

• Report it to the police

• Notify Commission promptly

• Notify their supervisor

• Wait for the renewal period

What two (2) addresses must the licensee keep on file and current at all times with the Commission?

• Mailing address and email address

• Home and business address

• Office address and email address

The licenses of agents are retained by whom, and where must they be displayed?

• A. The agent; at their home

• B. Their Principal Broker; in Principal Broker’s place of business

• C. The state commission; in a public registry

• D. The client; in their personal files

If an agent leaves a firm, what are they to do with their pocket card?

• A. Return it to the state commission

• B. Destroy it

• C. Keep it for future use

• D. Give it to the Principal Broker