Arkansas Administrative Code
Agency 076 - Real Estate Commission
Rule 076.00.04-001 - Amendments to Rules: Regulations 4.1 - Applications; Education; Experience; Regulation 10.4 - Broker Responsibilities; Executive Brokers; Part-Time Brokers; Regulation 10.8 - Trust Funds; Trust Accounts; Regulations 10.10 - Agreements to be Written

(1) An accredited postsecondary school wherever situated; or

(2) A school or organization licensed by the State Board of Private Career Education, or

(3) A school or organization approved by a real estate licensing jurisdiction deemed equivalent by the Commission.

(1) The preparation of instruments in connection with a real estate rental or sale and the closing of a sale by a licensee must be performed by or under the specific supervision of the principal broker.

(2) It is generally the responsibility of the principal broker to ensure that the real estate closing conducted on behalf of the principal broker's client(s) is conducted properly and in accordance with the agreement of the buyer and seller. In those cases where the principal broker is excluded from participating in the closing, such principal broker must nevertheless make all reasonable efforts to fulfill this responsibility, and shall give written instructions to the closing agent.

(1) No later than three (3) days following the execution of a real estate contract by the seller and buyer, all trust funds shall be either deposited in the trust account or delivered to an escrow agent. All other funds delivered to the broker pending performance of any act shall be, no later than three (3) days, either deposited in the trust account or delivered to an escrow agent. Should the third (3rd) day be a Saturday, Sunday, or legal holiday, then the third (3rd) day is extended to the next day which is not a Saturday, Sunday, or legal holiday. The broker shall maintain an accounting of all funds paid to the broker and shall keep a signed receipt for any funds the broker delivers to an escrow agent. The broker remains responsible for the funds if the broker selected the escrow agent, but not if the parties selected the escrow agent. A broker shall at all times keep detailed records of all funds coming into the broker's possession and all disbursements made by the broker.