Arkansas RE License Law Enforcement with verified solutions 2024/2025

Arkansas RE License Law Enforcementf a licensee has their license revoked or suspended, it does not cause the principal broker to suffer the same punishment as the licensee if the principal broker - correct answer did not participate or have knowledge of the licensee's acts. Each active status licensee is assessed an additional fee if the balance in the recovery fund drops below - correct answer $250,000. If the Commission pays an aggrieved party money from the recovery fund, what action will the Commission take against the licensee? - correct answer The licensee's license shall be immediately suspended until the licensee has completely reimbursed the commission for the payment from the recovery fund, plus interest. How many days prior to the hearing date does the respondent licensee have to file any motions at the Commission office? - correct answer 10 days A licensee has a listing agreement with a seller but the licensee does not market the property, is never present for showings, and is unresponsive to the seller's inquiries. If the seller sues the licensee, the licensee's errors and omissions insurance may provide coverage for - correct answer failure to perform the work as promised. While there are several actions the Arkansas Real Estate Commission may take to punish licensees who violate the license law, the Commission may NOT - correct answer impose a prison sentence on the licensee. Upon finding a real estate licensee in violation of the Real Estate License Law, the Arkansas Real Estate Commission may use all of the following punishments EXCEPT - correct answer incarceration Under the procedures to streamline the disciplinary process for technical violations of the license law, a licensee who has performed activities requiring an active real estate license while their license is expired may have a penalty imposed by the executive director of not more than - correct answer $250