Sandra currently holds a designated broker license in Arkansas and runs her own brokerage. She decides she no longer wants the responsibility of running an office and wishes to work under another broker. Under Arkansas law, which license category would Sandra hold if she makes this change?
Correct Answer
A) Broker-associate
Under Arkansas law, the broker-associate license category is specifically designed for individuals who have met broker-level education and experience requirements but choose to work under the supervision of a designated broker rather than operating independently. If Sandra gives up her designated broker status to work under another broker, she would hold a broker-associate license, retaining her broker-level qualifications while relinquishing independent operating authority.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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?
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In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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