A developer in Arkansas wants to sell timeshare interests in a new lakefront resort. The developer asks an agent whether the agent can assist in marketing and selling the timeshare interests. Under Arkansas law, which of the following is most accurate?
Correct Answer
B) The agent may sell timeshare interests only if the timeshare project is registered with AREC and the agent holds an active Arkansas real estate license
Under the Arkansas Timeshare Act, Ark. Code Ann. § 18-14-101 et seq., timeshare interests are treated as interests in real property in Arkansas. The developer must register the timeshare project with AREC before marketing or selling timeshare interests. Additionally, agents selling timeshares must hold an active Arkansas real estate license. No separate timeshare-specific license or certification is required beyond the standard real estate license, but both the project registration and the agent's active license are mandatory.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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