Donna is a licensed Arkansas real estate agent who recently began selling timeshare interests at a resort development in the Ozarks. The timeshare developer told Donna she does not need to do anything differently because her existing real estate license covers all timeshare sales. Under the Arkansas Timeshare Act (Ark. Code Ann. § 18-14-101 et seq.) and AREC rules, which of the following is most accurate?
Correct Answer
C) Donna's active Arkansas real estate license is required to sell timeshares, but the timeshare project itself must also be registered with AREC before sales may begin.
Under the Arkansas Timeshare Act (Ark. Code Ann. § 18-14-101 et seq.), agents selling timeshare interests in Arkansas must hold an active Arkansas real estate license—so Donna's existing license is necessary and sufficient for her personal authority to sell. However, the developer's statement is incomplete because the timeshare project itself must be registered with AREC before any sales may legally commence. Both conditions must be satisfied: the agent must be licensed and the project must be registered with AREC.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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