Under Arkansas agency law, which of the following most accurately distinguishes a broker-associate from a designated broker?
Correct Answer
B) A broker-associate must work under a designated broker's supervision, while a designated broker may operate a firm independently
The defining distinction between a broker-associate and a designated broker in Arkansas is the ability to operate independently. A broker-associate has met broker-level qualifications but must remain under the supervision of a designated broker and cannot run an independent brokerage. A designated broker, by contrast, is licensed and authorized to operate a brokerage firm independently and supervise other licensees.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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