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

Who is generally responsible for all business conducted by the firm?

• Executive Broker

• Principal Broker

• Associate Broker

• Salesperson

Who, besides the Principal Broker, may legally have supervisory responsibility delegated to them?

• Salesperson

• Associate Broker

• Executive Broker

• Client

Who is responsible for the activities of an Executive Broker?

• The Executive Broker themselves

• The Principal Broker

• The Salesperson

• The Client

List four (4) areas of instruction a principal or an executive broker are to provide to those licensed under them.

• Instruct with regard to fundamentals of real estate, Instruct with regard to ethics of profession, Keep them informed of all changes & developments of Arkansas Real Estate Law & Commission Regulations, Exercise strict supervision

• Instruct with regard to fundamentals of real estate, Instruct with regard to ethics of profession, Keep them informed of all changes & developments of Arkansas Real Estate Law & Commission Regulations, Exercise lax supervision

• Instruct with regard to basics of real estate, Instruct with regard to profitability of profession, Keep them informed of all changes & developments of Arkansas Real Estate Law & Commission Parties, Exercise no supervision

• Instruct with regard to basics of real estate, Instruct with regard to profitability of profession, Keep them informed of all changes & developments of Arkansas Real Estate Law & Commission Parties, Exercise strict supervision

The exercising of strict supervision of licensees within a firm is placed on whom?

• The Salesperson

• The Client

• The Principal Broker & Executive Broker

• The Firm's Owner

If a principal broker is excluded from participating in a closing, what is still their requirement?

• To provide written instructions to the 3^rd party closing transactions

• To provide verbal instructions to the 3^rd party closing transactions

• To provide no instructions to the 3^rd party closing transactions

• To provide a phone call to the 3^rd party closing transactions

When is a principal broker restricted against hiring agents to work under them?

• When they are under investigation

• When they have a conflict of interest

• If they are gainfully employed or engaged in a non-real estate related field

• When they are not licensed

As a minimum, any property advertised for sale or rent, including the licensee’s own property, must include what specific item of information?

• Name of the firm with whom they are licensed

• Date that they became licensed

• Name of the owner of the firm with whom they are licensed

• Name of the licensee

Are there circumstances whereby the agent’s individual names or telephone numbers may be a part of the advertising?

• Yes – as long as the licensee’s connection with the broker is obvious in ad

• Yes – as long as the licensee’s home address is obvious in ad

• No, never

• Yes – as long as the licensee approves it

What is the purpose of the requirement that “a licensee shall exert reasonable efforts to ascertain those facts, which are material to the value or desirability of every property”?

• To avoid licensee’s intentional or negligent misrepresentation to the public

• To increase the property value

• To expedite the sale process

• To reduce the paperwork involved