Current through Register Vol. 49, No. 9, September, 2024
105. Examinations -
Locations, times, fees.
(a) All broker's and
salesman's examinations are held at various locations within the state once
each month during every month except December. 'The examinations are normally
held on the fourth Saturday of each month, unless that happens to be a holiday
weekend, in which case the examination will be scheduled for another date
during that month. Generally, all applications should be received in the
Commission office at least thirty days before the examination which the
applicant desires to sit for. However, regardless of the date on which the
application is received by the Commission, it shall be processed as
expeditiously as possible under the circumstances, and the applicant will be
scheduled to sit for the exam on the earliest date possible.
(b) Each application for either a salesman's
license or a broker's license shall be accompanied by a $50 application fee. In
addition, each application for a salesman's license and each application for a
broker's license shall be accompanied by an examination fee which shall equal
the actual cost of the examination as established by the testing service
engaged by the Commission to administer the examination. The examination fee
shall be made payable to the Commission unless the applicant is otherwise
notified by the Commission to pay the examination fee directly to the testing
service. The application fee and the examination fee shall be charged each time
an applicant applies to take an examination.- However, an applicant who has
taken the examination in Arkansas and is to be reexamined under the Walk-In
Testing Program prescribed by the Commission and who is being examined on only
the Arkansas law part or the uniform part of the examination pursuant to
Regulation 101 or Regulation 104 shall not be required to pay an additional
application fee when being reexamined, within six (6) months following the
month in which the applicant first failed either part. Neither the application
fee nor the examination fee shall be subject to refund.
(c) An applicant shall receive notice upon
passing the examination. Each successful broker applicant shall pay to the
Commission, within 90 days from the date of the successful completion of the
examination, a $60 license fee and a $25 recovery fund fee; each successful
salesman applicant shall pay to the Commission, within 90 days from the date of
successful completion of the examination, a $40 license fee and a $25 recovery
fund fee. However, the payment of the $25 recovery fund fee shall be waived for
any successful applicant who has previously paid such fee. If a successful
applicant shall fail to pay the prescribed fee(s) within 90 days following the
date of the examination, the examination results shall be null and void, and
the applicant shall be required to make new application and retake the
examination, as an original applicant.
109. Change of name or address - Lost
license.
Upon any change of name or address shown on any license issued by
the Commission, or upon the loss or misplacement of a license or pocket card,
the licensee shall promptly notify the Commission of such change or loss on a
form prescribed by the Commission. Failure to notify the Commission shall
automatically cancel any license heretofore issued. Upon receipt of such notice
and other information as may be necessary to issue a new -license, the
Commission shall issue a new license for the unexpired period of the license
upon the payment of a $30 license reissuance fee.
110. Duplicate license.
If a real estate broker maintains more than one (1) place of
business within the state, a duplicate license shall be issued to that broker
upon payment of a $3 0 initial fee and thereafter payment of a $30 annual
renewal fee. However, notwithstanding the payment of the required fee, such a
duplicate license shall not be issued to a supervising broker for any
additional office at which salesmen will be assigned unless such other office
has another supervising broker responsible for any such salesmen.
112. Renewal of license - Fees,
deadlines.
(a) The fee for the annual renewal
of each broker's license shall be $60. The fee for the annual renewal of each
salesman's license shall be $40.
(b) Notice to renew with renewal application
blanks will be sent by mail about July 15 of each year to each actively
licensed broker or salesman, at the last business address furnished to the
Commission/ and to each person who maintains his inactive status pursuant to
Regulation 113 at the last address furnished to the Commission. Renewal
applications accompanied by the required fee must be filed with the Commission
no later than September 30. In order to be considered filed with the Commission
by the deadline, the renewal applications must bear a U.S. Postal Service
postmark of September 30, or be received in the Commission's office on
September 30. If September 30 shall fall on a Saturday, Sunday or legal
holiday, the Commission shall accept as meeting the filing deadline those
renewal applications that bear a U.S. Postal Service postmark of September 30,
and those applications received ' in the Commission office on the first day the
office is open to the public after such Saturday, Sunday or legal holiday. In
the event an application for renewal of a license is filed after September 30,
then such application shall be treated as an application to renew a lapsed
license.
113. Inactive
license.
(a) Any broker or salesman who does
not wish to engage in the real estate business at the time of renewal shall
apply for inactive status on renewal forms furnished by the Commission. The fee
for inactive status for each renewal period shall be $60 for brokers and $40
for salesmen. Any person who shall renew his license on inactive status may do
so for six (6) consecutive renewals. If he shall not activate his license
before the seventh (7th) renewal, he shall be required to sit for the
examination in the same manner as an original applicant. However, there shall
be no limitation on the renewal of an inactive broker's license, if the
individual holds a license as a salesman at any time during the same renewal
period. Also there shall be no limitation on the renewal of an inactive license
if the individual holds an active license in another state. There shall also be
no limitation on the renewal of an inactive license by an employee of the
federal, state, county or local government if the holding of an active license
would not be in the public interest. Likewise, there shall be no limitation on
the renewal of an inactive license by a full-time instructor of real estate at
a college, university, or business school whose course of instruction is deemed
by the Commission to satisfy the educational requirements of the real estate
license law.
It shall be the responsibility of any person who renews his
license on inactive status to promptly notify the Commission in writing of any
change of name or address.
(b) If an actively licensed broker or
actively licensed salesman does not wish to continue to engage in the real
estate business, such broker or salesman shall return any license and pocket
card in his possession to his sponsoring broker who shall then return these
items to the Commission for inactive status. If a broker shall close his firm,
such broker shall remove all signs reflecting the company name and shall return
all licenses and pocket cards issued to the firm to the Commission office for
cancellation. If a real estate firm shall close its office, any real estate
salesman licensed with such firm shall be entitled to transfer to a new firm
upon compliance with Regulation 107.
114. Lapsed license.
In the event that an application for the renewal of a license,
either active or inactive, is not filed prior to the renewal deadline, such
license is deemed to have lapsed at the end of the renewal period. Upon
reapplication within five (5) years, a person formerly licensed by the
Commission may be relicensed without submitting to any examination if the
applicant furnishes the information required in the Ark. Code Ann. §
17-35-304
and pays the required fees. The fee for renewal of a lapsed broker's license is
$90 per year of lapse or fraction thereof and a $25 recovery fund fee; renewal
of a lapsed salesman's license is $60 per year of lapse or fraction thereof and
a $25 recovery fund fee. However, the payment of the $25 recovery fund fee
shall be waived for any person who has previously paid such fee. A former
licensee who fails to apply for renewal of a lapsed license within five (5)
years shall be regarded as an original applicant.
