Rachel is a licensed real estate agent in Arkansas who has been working under Designated Broker Kevin for three years. She passes the broker examination and meets all AREC requirements for a broker-level license. Kevin asks Rachel to take over management of the branch office. Which license category must Rachel hold to legally manage the branch office on Kevin's behalf in Arkansas?
Correct Answer
B) Broker-associate license, working under Kevin as the designated broker
Under Arkansas law, a broker-associate is an individual who has met broker-level requirements and works under a designated broker's supervision. Rachel, having passed the broker examination and met AREC requirements, can hold a broker-associate license and manage the branch office on behalf of Designated Broker Kevin. The broker-associate category allows for advanced responsibilities, including branch management, while still operating under the designated broker's oversight.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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