Arkansas Administrative Code
Agency 076 - Real Estate Commission
Rule 076.00.96-001 - 6.2 Inactive Status Renewal; 7.5 Termination/Transfer; 8.5 Fidelity/ Honest Dealing; 10.1 Dealing Ind. of Principal Broker; 10.5 Advertising; 10.10 Agreements to be Written; 10.16 Crim. Convict. and Disciplinary Actions; 11.3 Approved Courses

(1) A licensee who renews a license on inactive status for the calendar year 1994 or later may renew on inactive status for three (3) consecutive calendar years. If such licensee does not activate the license before the end of the third (3rd) calendar year the licensee shall be regarded as an original applicant.

(2) A licensee whose license was renewed on inactive status for the calendar year 1993 or before may renew on inactive status for five (5) consecutive calendar years. If such licensee does not activate the license before the end of the fifth (5th) calendar year, the licensee shall be regarded as an original applicant.

(1) Holds an active real estate license in another state; or

(2) Is employed by the federal, state, county or local government in a capacity in which the holding of an active real estate license would not be in the public interest; or

(3) Is employed as a full-time instructor at either an accredited postsecondary school or a school or organization licensed by the State Board of Private Career Education whose course of instruction is deemed by the commission to satisfy the educational requirements of the Arkansas Real Estate License Law.

(a) A licensee may not advertise any property.-; including the licensee's own property, for sale or rent, or display a real estate sign without including in that advertisement or sign the name of the firm with whom that licensee is licensed.

(b) A principal broker and any persons licensed with said principal broker shall not advertise or otherwise conduct real estate brokerage business under any name other than the name in which the principal broker's license has been issued.

(c) In public advertising a principal broker shall be especially careful to present a true picture and should not permit licensees to use individual names or telephone numbers, unless the licensee's connection with the broker is obvious in the advertisement.

(a) Except as provided in Regulation 10.10(b), a licensee, for the protection of the public and of all parties with whom the licensee deals, shall see that the exact agreement of the parties regarding real estate is in writing, and that signed copies of such agreements are delivered to all parties involved. (Examples: Offer and acceptance contracts, closing statements, lease agreements, management agreements, financial obligations and commitments, etc.)

(b) It is strongly recommended that listing agreements be in writing.

(c) In compliance with the Arkansas Supreme Court decision in the case of Pope County Bar Association, Inc. vs. Suggs, 624 S.W. 2d 828 (1981), real estate forms used by licensees in the regular course of business shall be approved by a licensed Arkansas attorney prior to use. The licensee shall be responsible for providing evidence of such approval by a licensed Arkansas attorney upon request of the Commission.

(a) A licensee who is convicted of or pleads guilty or nolo contendere to any crime other than a traffic violation shall make written report thereof to the commission within thirty (30) days after the conviction or plea. The report shall include the date of the offense and of the conviction or plea, the name and address of the court, the specific crime for which convicted, or to which the plea is entered, the fine, penalty and/or other sanctions imposed, and copies of the charging document and judgment of conviction or other disposition, including probation or suspension of sentence. The report shall also include the licensee's explanation of the circumstances which led to the charge and conviction or plea, along with any other information which the licensee wishes to submit.

(b) A licensee who after the initiation of an investigation, hearing or other administrative action surrenders or who has a professional, vocational or occupational license, permit, certification or registration denied, revoked, suspended or cancelled or who is subjected to any sanctions, including probation, involving such license, permit, certification or registration shall make written report thereof to the commission within thirty (30) days after such action. The report shall include the date of the action, the name and address of the regulatory agency which has taken the action and copies of documents pertaining thereto. The report shall also include the licensee's explanation of the circumstances which led to the action, along with any additional information the licensee wishes to submit.

(c) An applicant for a real estate license who has been convicted of or pleaded guilty or nolo contendere to any crime other than a traffic violation or who after the initiation of an investigation, hearing or other administrative action has surrendered or has had a professional, vocational or occupational license, permit, certification or registration denied, revoked, suspended or cancelled or who has been subjected to any sanctions, including probation, involving such a license, permit, certification or registration shall furnish the written report referred to in Regulation 10.16 (a) and/or (b) to the commission at the time the application is submitted if such action has already occurred, otherwise such report shall be made immediately after the action occurs.