reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-301 - License required - Violations

(a)
No person shall practice or represent himself or herself as a real estate broker or salesperson without first applying for and receiving a license to practice under this chapter.
(b)
Any person who directly or indirectly for another with the intention, or on the promise of receiving any valuable consideration, offers, attempts, or agrees to perform any single act described in §
17-42-103(10)
, whether as part of a transaction or as an entire transaction, shall be deemed a broker or salesperson within the meaning of this chapter.
(c)
The commission of a single act by a person required to be licensed under this chapter and not so licensed shall constitute a violation of this chapter.
(d)
It shall be unlawful for any person, directly or indirectly, to act as a real estate broker or salesperson without first obtaining a license and otherwise complying with the provisions of this chapter.
(e)
(1)
Notwithstanding the provisions of this section, a person or other legal entity not licensed by the Arkansas Real Estate Commission may own a real estate firm, provided the employees or agents employed by or associated with the firm who perform real estate activities identified under §
17-42-103(10)
hold an active license under this chapter.
(2)
The firm may enter into contracts or otherwise perform activities identified under §
17-42-103(10)
only through a principal broker and a licensee employed by or associated with the principal broker that holds an active license issued by the commission at the time of performing the contract or activities.
(f)
The commission may provide for the continuing temporary operation of a real estate firm having all rights under §
17-42-107(a)
upon the death, resignation, termination, or incapacity of the principal broker or upon the closing of a real estate firm, under the direction of a person approved by the commission, subject to time limitations and other conditions imposed by the commission.
Acts 1993, No. 690, § 2; 2001, No. 1172, § 2; 2011, No. 865, §§ 7, 8.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-302 - Issuance or denial of license

(a)
The Arkansas Real Estate Commission shall issue a license to any applicant who meets the following requirements:
(1)
Attainment of the age of majority;
(2)
Successful completion of educational requirements prescribed by this chapter;
(3)
Successful completion of experience requirements prescribed by this chapter;
(4)
Successful completion of an examination administered or approved by the commission;
(5)
Demonstrates no record of unprofessional conduct;
(6)
Evidence of good reputation for honesty, trustworthiness, and integrity sufficient to safeguard the interests of the public; and
(7)
Completion of a criminal history background check through the Department of Arkansas State Police and the Federal Bureau of Investigation as set out in §
17-42-315
.
(b)
The commission shall determine what constitutes adequate proof of meeting the requirements of subsection (a) of this section and shall deny a license to any applicant who fails to meet the requirements or who fails to pay the appropriate fees.
Acts 1993, No. 690, § 9; 2005, No. 657, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-303 - Education and experience requirements

(a)
The Arkansas Real Estate Commission shall establish education requirements for licensure, including the standards and procedures for approval of education programs, subject to the following conditions:
(1)
(A)
The most education hours required of an applicant for a broker's license shall not exceed one hundred twenty (120) hours within the thirty-six (36) months immediately preceding the date of application.
(B)
Effective on May 1, 2014, an applicant for a broker's license shall complete at least forty-five (45) of the required education hours in a course developed by the commission; and
(2)
The maximum number of hours required of an applicant for a salesperson's license shall not exceed ninety (90) hours, at least thirty (30) hours of which shall be in the basic principles of real estate.
(b)
(1)
The commission shall establish the experience requirement for licensure for an applicant for a broker's license subject to the condition of serving an active, bona fide apprenticeship by holding a valid salesperson's license issued by the commission or by holding a valid salesperson's license or broker's license issued by the appropriate licensing agency of another state for a period of not less than twenty-four (24) months within the previous forty-eight-month period immediately preceding the date of application.
(2)
However, the commission may waive the experience requirement for a real estate broker applicant who has held an active real estate broker's license for a period of not less than eighteen (18) months or who has experience acceptable to the commission in a field considered real estate-related for a period of not less than twenty-four (24) months within the previous forty-eight-month period immediately preceding the date of application.
(c)
(1)
The commission shall establish a post-licensure education requirement for individuals in their first year of licensure as salespersons or brokers.
(2)
The commission shall not require more than thirty (30) classroom hours of post-licensure education hours.
Amended by Act 2019, No. 386,§ 24, eff. 7/24/2019.
Amended by Act 2013, No. 281,§ 1, eff. 8/16/2013.
Acts 1993, No. 690, § 10; 1995, No. 729, § 1; 2001, No. 748, § 1; 2007, No. 263, § 5.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-304 - Fees

The Arkansas Real Estate Commission shall have authority to establish, charge, and collect the following fees:
(1)
An application fee not to exceed fifty dollars ($50.00);
(2)
An original broker's license fee not to exceed eighty dollars ($80.00);
(3)
A broker's license annual renewal fee not to exceed eighty dollars ($80.00);
(4)
An original salesperson's license fee not to exceed sixty dollars ($60.00);
(5)
A salesperson's license annual renewal fee not to exceed sixty dollars ($60.00);
(6)
A broker's expired license fee not to exceed one hundred ten dollars ($110) per year or fraction thereof;
(7)
A salesperson's expired license fee not to exceed eighty dollars ($80.00) per year or fraction thereof;
(8)
A license reissuance fee not to exceed thirty dollars ($30.00);
(9)
An initial duplicate license fee not to exceed thirty dollars ($30.00);
(10)
A duplicate license annual renewal fee not to exceed thirty dollars ($30.00);
(11)
A transfer fee not to exceed thirty dollars ($30.00);
(12)
(A)
An examination fee not to exceed seventy-five dollars ($75.00).
(B)
However, the commission at its discretion may direct each applicant to pay the actual costs of the examination fee directly to a testing service engaged by the commission to administer the examination;
(13)
Pursuant to §
17-42-313
, an appeal filing fee not to exceed one hundred dollars ($100);
(14)
A Real Estate Recovery Fund fee not to exceed twenty-five dollars ($25.00); and
(15)
The actual cost of a state and federal criminal history background check.
Acts 1993, No. 690, § 7; 1995, No. 1285, § 1; 2001, No. 535, § 1; 2005, No. 657, § 2.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-306 - Application procedure - Licensing examination required

(a)
(1)
Applications for licensure shall be submitted on forms provided by the Arkansas Real Estate Commission.
(2)
The commission may require any information and documentation needed to determine if the applicant meets the criteria for licensure as provided in this chapter.
(3)
Each applicant shall pay an application fee and examination fee as the commission may require under §
17-42-304
.
(4)
(A)
Applicants that have provided all required information and documentation to the commission may sit for the licensing examination, if a request has been sent to the Identification Bureau of the Department of Arkansas State Police for a state and federal criminal background check.
(B)
A real estate license shall not be issued until the applicant has successfully completed the licensing examination and the commission receives and approves the state and federal criminal background check.
(b)
(1)
(A)
An applicant who successfully completes the licensing examination shall pay, within ninety (90) days from the date of the licensing examination, such license fee and Real Estate Recovery Fund fee as the commission may require under §
17-42-304
.
(B)
(i)
If the federal criminal background check has not been received by the commission within ninety (90) days of the date of the licensing examination, the date may be extended by the commission until receipt of the federal criminal background check.
(ii)
A real estate license shall not be issued until receipt and approval by the commission of the state and federal criminal background checks.
(2)
The applicant's failure to pay the license fee and Real Estate Recovery Fund fee within the ninety-day period under subdivision (b)(1)(A) of this section shall invalidate the licensing examination results, and the applicant shall be required to make new application and retake the licensing examination as an original applicant.
Amended by Act 2017, No. 252,§ 7, eff. 8/1/2017.
Amended by Act 2017, No. 252,§ 6, eff. 8/1/2017.
Amended by Act 2017, No. 252,§ 5, eff. 8/1/2017.
Acts 1993, No. 690, § 12; 2007, No. 53, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-308 - Inactive license

(a)
(1)
A licensee may place his or her license on inactive status.
(2)
The holder of an inactive license shall not practice as a real estate broker or salesperson in this state without first activating the license.
(b)
An inactive license which is not renewed shall be treated as an expired license pursuant to §
17-42-307
.
(c)
Inactive licenses may be activated upon compliance with requirements established by the Arkansas Real Estate Commission, including payment of appropriate fees.
(d)
The provisions of this chapter relating to disciplinary action against a licensee shall be applicable to an inactive or expired license.
Acts 1993, No. 690, § 14.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-309 - Place of business

(a)
Every principal broker shall maintain a place of business and shall display a permanently attached sign bearing the name under which the principal broker conducts his or her real estate business and the words "real estate", "realty", or other words approved by the Arkansas Real Estate Commission which clearly indicate to the public that the principal broker is engaged in the real estate business.
(b)
(1)
If a principal broker maintains a branch office, a duplicate license shall be issued upon payment by the principal broker of the initial fee and, thereafter, such renewal fee as the commission may require pursuant to §
17-42-304
.
(2)
However, a duplicate license shall not be issued for a branch office at which licensees are assigned unless the principal broker establishing the branch office has designated an executive broker to supervise the licensees.
Acts 1993, No. 690, § 15; 2005, No. 561, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-310 - Change of name or address - Lost license or card

(a)
(1)
When a licensee changes his or her name, place of business, or address shown on the license, or loses a license or pocket card, he or she shall promptly notify the Arkansas Real Estate Commission of such a change or loss.
(2)
Upon receipt of the notice and payment of the relevant fee, the commission shall reissue the license.
(b)
It is the responsibility of each licensee to keep the commission notified of his or her mailing address, both home and business, at all times.
(c)
The licenses of the principal broker and all licensees employed by or associated with him or her shall be retained by the principal broker and conspicuously displayed in his or her place of business.
(d)
(1)
Upon the termination of a licensee's employment by or association with a principal broker, the licensee shall promptly deliver his or her pocket card to the principal broker, and the principal broker shall promptly notify the commission of the termination and return to the commission the license and pocket card of the terminated licensee, which shall automatically inactivate the license.
(2)
If the pocket card is unavailable, the principal broker shall promptly so notify the commission in writing.
(e)
A license inactivated under this section may be transferred to another principal broker upon application of the licensee, payment of the relevant fee, and submission of a statement that he or she is not taking any listings, management contracts, appraisals, lease agreements, or copies of any such documents or any other pertinent information belonging to the licensee's previous principal broker or firm.
Acts 1993, No. 690, § 15; 2005, No. 560, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-313 - Dismissal of complaint - Appeal

(a)
Any person whose complaint against a licensed real estate broker or salesperson is dismissed by the Executive Director of the Arkansas Real Estate Commission without a hearing may appeal the dismissal to the Arkansas Real Estate Commission subject to and in accordance with the following provisions:
(1)
The request for appeal must be in writing and received in the office of the commission not later than sixty (60) days following the date of dismissal by the executive director;
(2)
The request for appeal must be accompanied by such filing fee as the commission may require pursuant to §
17-42-304
; and
(3)
(A)
(i)
The appellant must also pay the cost of preparing the record for the commission's review, which cost shall be determined by the commission.
(ii)
The costs must be paid by the appellant within thirty (30) days after notification of the amount. Otherwise, the appeal will be dismissed.
(B)
However, if the commission's review results in a hearing being ordered on the complaint, both the filing fee and the cost of preparing the record shall be refunded to the appellant.
(C)
Any person who is indigent and unable to pay either the filing fee or the cost of the record, or both, may file a pauper's oath in such form as required by the commission, and, if the commission determines that the appellant is indeed indigent, the filing fee or cost of the record, or both, shall be waived.
(b)
(1)
All appeals duly perfected pursuant to subsection (a) of this section shall be presented to and decided by the commission on the written record.
(2)
Such a decision may be to affirm the executive director's dismissal, to order additional investigation, or to order a hearing on the complaint.
Acts 1993, No. 690, § 18.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-314 - Hearings

(a)
Proceedings under §
17-42-312
and hearings on denials of licenses shall be conducted pursuant to the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
(b)
Except in cases in which a licensee has obtained a license by false or fraudulent representation, the Arkansas Real Estate Commission shall not investigate the actions of or conduct any disciplinary hearing regarding any real estate broker or salesperson unless the complaint is filed or the investigation initiated within three (3) years from the date of the actions complained of or concerning which an investigation is initiated.
Acts 1993, No. 690, § 19.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-316 - Agency relationship and duties generally

(a)
The common law of agency under Arkansas as supplemented by this section applies to the relationship between a licensee and the licensee's client.
(b)
(1)
In accepting employment by a client, a licensee pledges a primary duty of absolute fidelity to protect and promote the interests of the client or clients.
(2)
The licensee's duty includes without limitation the obligation to:
(A)
Use reasonable efforts to further the interest of the client;
(B)
Exercise reasonable skill and care in representing the client and carrying out the responsibilities of the agency relationship;
(C)
Perform the terms of the written agency agreement;
(D)
Follow lawful instructions of the client unless doing so would expose the licensee to liability from another party to a contract, lease, or rental agreement;
(E)
Perform all duties specified in this section in a manner that demonstrates loyalty to the interests of the client;
(F)
Comply with all requirements of this section and other applicable statutes and rules;
(G)
Disclose to the client material facts of the transaction that the licensee is aware of or should be aware of in the exercise of reasonable skill and care and that are not confidential information under a current or prior agency or dual agency relationship;
(H)
Advise the client to obtain expert advice concerning material matters when necessary or appropriate;
(I)
Account in a timely manner for all moneys and property received in which the client has or may have an interest;
(J)
Keep confidential all confidential information; and
(K)
Refrain from disclosing confidential information to a licensee who is not an agent of the client.
(c)
The duties required of a licensee under this section may not be waived by a client.
Amended by Act 2019, No. 315,§ 1465, eff. 7/24/2019.
Acts 2011, No. 877, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-317 - Representing seller or lessor in an agency relationship

(a)
When representing a seller or lessor in an agency relationship, a licensee shall:
(1)
(A)
Use reasonable efforts to obtain a purchase or lease offer at a price and with terms acceptable to the seller or lessor.
(B)
Unless requested by the seller or lessor, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease;
(2)
Accept delivery of and present an offer to the seller or lessor in a timely manner, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease;
(3)
Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A)
Answer the seller's or lessor's questions regarding the steps the seller or lessor must take to fulfill the terms of a contract; and
(B)
Provide information to the seller or lessor regarding offers or counteroffers of which the licensee has actual knowledge; and
(4)
Assist the seller or lessor in developing, communicating, and presenting offers or counteroffers.
(b)
A licensee does not breach a duty or an obligation to a seller or lessor with whom the licensee has an agency relationship by showing alternative properties to a prospective buyer or by acting as an agent or subagent for other sellers or lessors.
(c)
This section does not permit a licensee to perform any act or service that constitutes the practice of law.
Acts 2011, No. 877, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-318 - Representing buyer or lessee in an agency relationship

(a)
When representing a buyer or lessee in an agency relationship, a licensee shall:
(1)
(A)
Use reasonable efforts to locate a property at a price and with purchase or lease terms acceptable to the buyer or lessee.
(B)
Unless requested by the client, the licensee is not obligated to seek additional purchase or lease possibilities if the buyer or lessee has contracted to purchase or lease or has extended a letter of intent to lease suitable property;
(2)
Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A)
Answer the buyer's or lessee's questions regarding the steps the buyer must take to fulfill the terms of any contract; and
(B)
Provide information to the buyer or lessee regarding offers or counteroffers;
(3)
Assist the buyer or lessee in developing, communicating, and presenting offers or counteroffers; and
(4)
In a timely manner:
(A)
Present an offer to purchase or lease to the seller or lessor or their agent, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease; and
(B)
Accept delivery of and present any counteroffers to the buyer or lessee.
(b)
If a dual or multiple agency relationship is disclosed under §
17-42-108
, a licensee does not breach a duty or an obligation to the buyer or lessee by:
(1)
Showing property to other buyers or lessees; or
(2)
Acting as an agent or subagent for other buyers or lessees or as an agent or subagent for sellers or lessors.
(c)
This section does not permit a licensee to perform any act or service that constitutes the practice of law.
Acts 2011, No. 877, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 3 - LICENSES (§§ 17-42-301 — 17-42-319) › Section 17-42-319 - Waiver of agency duties

(a)
A licensee shall perform the duties required under §
17-42-317
or §
17-42-318
unless the client agrees to waive these duties and signs a waiver of duties statement that contains:
(1)
A list of the fiduciary duties required of all licensees under §
17-42-316
;
(2)
A list of the duties contained in §
17-42-317
or §
17-42-318
set forth in a manner that allows for the parties to indicate each duty that is being waived; and
(3)
The following language in at least 10-point boldface type:
"Agreement to Waive
By signing below, I agree that the real estate licensee who represents me will not perform the duties that are initialed above. I also understand that in a proposed real estate transaction, no other real estate licensee will perform the waived duties, and I realize that I may need to hire other professionals such as an attorney.
____________________ ____________________
Signature of Client Date
____________________ ____________________
Signature of Licensee Date"
(b)
If a licensee enters into an agency relationship containing the waivers outlined in this section, all reasonable efforts must be taken to inform other licensees that:
(1)
Any moneys of others, including without limitation earnest money, advance fees, or security deposits are not to be transmitted or kept by the licensee, notwithstanding other applicable statutes and rules; and
(2)
A licensee for a buyer or lessee remains authorized to present offers to buy, lease, or rent real property directly to the licensee's principal notwithstanding a:
(A)
Waiver under subsection (a) of this section; or
(B)
Conflicting statute or rule.
Acts 2011, No. 877, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-401 - Applicability

The provisions of this subchapter shall apply only to:
(1)
Licensees who were licensed at the time of the occurrence of the acts or violations complained of; and
(2)
Acts or violations which occur after December 31, 1979.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-402 - Construction

Nothing in this subchapter shall be construed to limit or restrict in any manner other civil or criminal remedies which may be available to any person.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-403 - Creation - Administration

There is created and established the "Real Estate Recovery Fund", which shall be maintained and administered by the Arkansas Real Estate Commission as provided in this subchapter.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-404 - Fees - Use of fund

(a)
The Arkansas Real Estate Commission shall set the fees at such amount as it deems necessary to initially establish the Real Estate Recovery Fund and to reestablish the fund at the beginning of each annual renewal period. However, the fees shall not exceed the limits set forth in §
17-42-405
.
(b)
The assets of the fund may be invested and reinvested as the commission may determine, with the advice of the State Board of Finance.
(c)
Any amounts in the fund may be used by the commission for the following additional purposes:
(1)
(A)
To fund educational seminars and other forms of educational projects for the use and benefit generally of licensees.
(B)
The production and distribution of informational literature of an educational nature shall qualify as educational projects;
(2)
To fund real estate chairs or courses at various state institutions of higher education for the purpose of making such courses available to licensees and the general public;
(3)
To fund research projects in the field of real estate; and
(4)
To fund any and all other educational and research projects of a similar nature having to do with the advancement of the real estate field in Arkansas.
Acts 1993, No. 690, § 22; 2003, No. 837, § 1.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-405 - Additional fee

(a)
In addition to the other fees provided for in this chapter and rules of the Arkansas Real Estate Commission, each licensed real estate broker and salesperson shall pay to the commission for the benefit of the Real Estate Recovery Fund a fee as the commission may require, not to exceed the lesser of:
(1)
Twenty-five dollars ($25.00) per annual renewal; or
(2)
An amount sufficient to restore the fund balance to two hundred fifty thousand dollars ($250,000).
(b)
Likewise, each person who becomes a licensee for the first time shall at that time pay to the commission for the benefit of the fund such fee as the commission may require, not to exceed twenty-five dollars ($25.00).
(c)
No fees collected under the provisions of this subchapter may be expended from the fund except for the purposes set forth in this subchapter.
Amended by Act 2019, No. 315,§ 1466, eff. 7/24/2019.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-406 - Disciplinary hearing - Procedure

(a)
(1)
In any disciplinary hearing before the Arkansas Real Estate Commission which involves any licensee who has allegedly violated any provision of this chapter or commission rules, the commission shall first determine whether a violation has occurred.
(2)
If so, the commission shall then determine the amount of damages, if any, suffered by the aggrieved party or parties. However, damages shall be limited to actual damages in accordance with §
17-42-407
.
(3)
The commission shall then direct the licensee to pay that amount to the aggrieved party or parties.
(4)
If that amount has not been paid within thirty (30) days following entry of the commission's final order in the matter and the order has not been appealed to the circuit court, then the commission shall pay, upon request, from the Real Estate Recovery Fund to the aggrieved party or parties the amount specified. However, the commission shall not:
(A)
Pay in excess of twenty-five thousand dollars ($25,000) for any one (1) violation or continuing series of violations, regardless of the number of licensees who participated in such a violation or continuing series of violations; or
(B)
Pay an amount in excess of the fund balance.
(b)
The question of whether or not certain violations constitute a continuing series of violations shall be a matter solely within the discretion and judgment of the commission.
(c)
Nothing within this subchapter shall obligate the fund for any amount in excess of a total of seventy-five thousand dollars ($75,000) with respect to:
(1)
The acts of any one (1) licensee; or
(2)
Any group of related claims.
(d)
Whether or not a claim is one (1) of a group of related claims shall be a matter solely within the discretion and judgment of the commission.
(e)
When unsatisfied or pending claims are such that they exceed the limits payable under subsection (c) of this section, the commission shall be the sole determinant of how the available funds shall be allocated among such claims.
Amended by Act 2019, No. 315,§ 1467, eff. 7/24/2019.
Acts 1993, No. 690, § 22; 1997, No. 781, § 1; 2007, No. 263, §§ 9, 10.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-407 - Jurisdiction

(a)
The Arkansas Real Estate Commission's jurisdiction and authority to award damages to an aggrieved party pursuant to §
17-42-406
is limited to actual, compensatory damages. The commission shall not award punitive or exemplary damages, nor shall it award interest on damages.
(b)
Likewise, the appellate jurisdiction of the circuit court is limited to the awarding of actual, compensatory damages.
(c)
The circuit court shall have no authority or jurisdiction to assess punitive or exemplary damages under this subchapter.
(d)
The circuit court's jurisdiction over the Real Estate Recovery Fund shall be limited to appeals from the commission's orders.
(e)
The circuit court shall have no jurisdiction or authority to order payments from the fund in any amount in excess of either:
(1)
The amount determined by the commission; or
(2)
The limits set forth in §
17-42-406
.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-408 - Appeal

(a)
An appeal may be taken to the circuit court from a final order of the Arkansas Real Estate Commission in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
(b)
An appeal shall automatically stay that portion of the commission's order which directs the payment of damages, and neither the licensee nor the commission shall be obligated to pay the damages to the aggrieved party or parties until such time as the appeal is finally decided, whether in the circuit court or in the Supreme Court.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-409 - Subrogation - Suspension of license

Upon the payment by the Arkansas Real Estate Commission of any amount of money under the provisions of §
17-42-406
:
(1)
The recipients of the payment, to the extent of the payment, shall assign to the commission all rights and claims that they may have against the licensee involved;
(2)
The commission shall be subrogated to all of the rights of the recipients of the payment, to the extent of the payment; and
(3)
In addition to any other disciplinary action taken against the licensee on the merits of the hearing, his or her license shall be immediately suspended until he or she has completely reimbursed the commission for the payment, plus interest at a rate to be determined by the commission. The rate shall not exceed ten percent (10%) per annum.
Acts 1993, No. 690, § 22.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 4 - APPLICABILITY - REAL ESTATE RECOVERY FUND - DISCIPLINARY ACTIONS (§§ 17-42-401 — 17-42-410) › Section 17-42-410 - [Repealed]

Repealed by Act 2013, No. 1147,§ 2, eff. 8/16/2013.
Acts 1997, No. 781, § 2.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-501 - Real estate education program

The Arkansas Real Estate Commission shall establish an education program for real estate licensees to ensure that education is available and accessible to an applicant or a licensee. The education program is intended to fulfill the education requirements for a real estate license and to provide real estate courses intended to fulfill the education requirements for a real estate license.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23; 1995, No. 1285, § 2; 1999, No. 471, § 1; 2007, No. 263, § 11.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-503 - Exemptions

(a)
The licensing requirements of this subchapter do not apply to:
(1)
The National Association of Realtors, the National Association of Real Estate Brokers, or other associated entities if each association identifies an administrator;
(2)
An accredited college or university; or
(3)
An instructor associated with an entity listed in subdivision (a)(1) or subdivision (a)(2) of this section if the course is developed by or for those specific entities.
(b)
The requirement for course approval by the Arkansas Real Estate Commission under this subchapter does not apply to:
(1)
A classroom course in a real estate-related subject identified by the commission as an approved topic if it is offered by the National Association of Realtors, the National Association of Real Estate Brokers, or other associated entities;
(2)
A course of at least three (3) semester hours or equivalent in a real estate subject that is approved by the commission and offered by an accredited college or university;
(3)
A course in a real estate-related subject offered by the commission;
(4)
A course or a conference in a real estate-related subject approved by the commission and offered annually on a limited basis in Arkansas; or
(5)
A course that is not used to fulfill the education requirements of this subchapter for attaining a real estate license.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23; 2007, No. 263, § 12.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-504 - Requirements - Mandatory real estate education

(a)
A person shall not practice as a provider of real estate education for real estate licensure unless the person holds a real estate license under this subchapter.
(b)
A person or school shall not represent that an offered real estate course satisfies the education requirements for real estate licensure unless the course is approved by the Arkansas Real Estate Commission.
(c)
(1)
It is a violation of this subchapter to fail to obtain:
(A)
A license to practice as a provider of real estate education for real estate licensure; or
(B)
Approval for a real estate education course by the commission.
(2)
A real estate education course offered in violation of this subchapter is a nonqualified offering.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23; 1995, No. 1285, § 3; 2007, No. 263, § 13.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-505 - Civil penalties - Jurisdiction

(a)
If after notice and a hearing under this subchapter and the Arkansas Administrative Procedure Act, §
25-15-201
et seq., the Arkansas Real Estate Commission finds that a person has offered a nonqualified offering, the commission may impose a civil penalty of no more than five thousand dollars ($5,000) and assess costs against the person.
(b)
The fact that a person offers to provide or provides a course offering without the appropriate license or course approval from the commission is prima facie evidence that the person is offering a nonqualified offering.
(c)
In addition to civil penalties imposed under this section, the commission may require a person who offered a nonqualified offering to reimburse compensation, fees, or other remuneration collected for the nonqualified offering.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23; 1995, No. 1285, § 4.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-506 - Powers and duties

(a)
The Arkansas Real Estate Commission may adopt rules as necessary to implement this subchapter.
(b)
The commission shall license, approve, and regulate schools, associations, principal instructors, and associate instructors offering commission-approved prelicense, postlicense, and continuing education courses offered to satisfy education requirements for real estate licensure.
(c)
The commission shall establish the licensing or education requirements for:
(1)
A school or association that applies for a license to offer real estate courses that satisfy the education requirements for real estate licensure;
(2)
Principal and associate instructors of courses approved by the commission;
(3)
Courses that satisfy the education requirements for applicants for real estate licensure and licensees; and
(4)
Guest speakers of courses approved by the commission.
(d)
The commission shall:
(1)
Establish procedural guidelines for licensed schools and their locations and those providing real estate education designed for students to meet the education requirements for a real estate license;
(2)
Charge fees and pay the necessary expenses to develop, approve, sponsor, contract for, or conduct real estate courses and seminars for real estate licensees or instructors of real estate education;
(3)
Maintain in electronic format a list of the names of real estate schools, associations, administrators, instructors, and courses approved under this subchapter;
(4)
Publish in electronic format the names of the persons, associations, or schools that have been sanctioned by formal hearing or consent order under this subchapter;
(5)
Periodically monitor courses offered or taught by the licensed schools and instructors; and
(6)
Establish course requirements with respect to:
(A)
Accessibility;
(B)
Attendance;
(C)
Satisfactory completion; and
(D)
Curricula.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-507 - Disposition of funds

Except as otherwise provided in this subchapter, the fees, charges, fines, and penalties collected by the Arkansas Real Estate Commission under this subchapter are to be to be deposited into the Arkansas Real Estate Commission Fund and spent under §
17-42-204
.
Amended by Act 2013, No. 281,§ 3, eff. 8/16/2013.
Acts 1993, No. 690, § 23.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-508 - Subpoenas and subpoenas duces tecum

The Arkansas Real Estate Commission may issue subpoenas and subpoenas duces tecum with both its investigations and hearings of persons, entities, and courses under §
17-42-205
.
Added by Act 2013, No. 281,§ 3, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 17 - PROFESSIONS, OCCUPATIONS, AND BUSINESSES (§§ 17-1-101 — 17-107-311) › Subtitle 2 - NONMEDICAL PROFESSIONS (§§ 17-10-101 — 17-56-202) › Chapter 42 - REAL ESTATE LICENSE LAW (§§ 17-42-101 — 17-42-702) › Subchapter 5 - RENEWAL OF LICENSES (§§ 17-42-501 — 17-42-518) › Section 17-42-509 - Issuance or denial of license

(a)
The Arkansas Real Estate Commission shall issue a license to an applicant instructor of real estate education who:
(1)
Is twenty-one (21) years of age or older;
(2)
Has successfully completed the real estate education requirements under this subchapter;
(3)
Has sufficient experience as determined by the commission;
(4)
Has no record of unprofessional conduct; and
(5)
Shows evidence of a reputation of honesty, trustworthiness, and integrity sufficient to safeguard the interest of the public.
(b)
The commission shall determine what constitutes proof of meeting the requirements of subsection (a) of this section.
(c)
A person or entity shall not be issued a license under this subchapter if:
(1)
The person or entity has had a real estate or other professional or occupational license suspended or revoked for disciplinary reasons;
(2)
The person has been refused a renewal of a license issued by this state or any other jurisdiction;
(3)
The person or entity has pleaded guilty or nolo contendere to or been found guilty of a felony listed under §
17-3-102
or a misdemeanor involving violence, fraud, misrepresentation, or dishonest or dishonorable dealing in a court of competent jurisdiction; or
(4)
The person or entity fails to pay the appropriate fees.
(d)
(1)
Subsection (c) of this section may be waived by the commission on request of an affected applicant for licensure.
(2)
Circumstances for which a waiver may be granted include:
(A)
The applicant's age at the time the action occurred;
(B)
The circumstances surrounding the action;
(C)
The length of time since the action;
(D)
Work history;
(E)
Employment references;
(F)
Character references; and
(G)
Other evidence demonstrating that the applicant does not pose a threat to the public.
Amended by Act 2019, No. 990,§ 46, eff. 7/24/2019.
Added by Act 2013, No. 281,§ 3, eff. 7/22/2015.