Which of the following disciplinary actions is the Arkansas Real Estate Commission (AREC) authorized to take against a licensee who violates license law?
Correct Answer
B) Suspend, revoke, or fine a licensee
AREC is authorized to impose disciplinary actions including suspending or revoking a license and levying fines against licensees who violate Arkansas license law or AREC rules. AREC does not have the authority to imprison licensees (that is a criminal court function), set commission rates (which would violate antitrust law), or unilaterally void real estate contracts.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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