Arkansas Administrative Code

17 CAR § 220-102. Place of regular meetings. All regular meetings of the Arkansas Real Estate Commission shall be held in the commission’s offices unless otherwise specified.

17 CAR § 220-1020. Property management owner ledgers. (a) A property manager must prepare and maintain at least one (1) separate owner’s ledger for each property management agreement, for all moneys received and disbursed. (b)(1) If a property is utilized for nightly rentals, a s…

17 CAR § 220-1021. Property management tenant ledgers. (a) A property manager must prepare and maintain at least one (1) tenant’s ledger for each unit from whom the property manager has received any funds under a property management agreement, whether or not the tenant has execut…

17 CAR § 220-1022. Property management cash receipts. (a) If a property manager chooses to accept cash, he or she or his or her designee must prepare a legible written receipt for any cash funds received under a property management agreement or from a prospective tenant. (b) A co…

17 CAR § 220-1023. Waiver of certain requirements for principal brokers. (a) Upon written request from a principal broker operating under the exemption contained in Arkansas Code § 17-42-104(a)(11), the Executive Director of the Arkansas Real Estate Commission may waive certain r…

17 CAR § 220-103. Appearance before the commission. (a) Any person desiring to appear before the Arkansas Real Estate Commission at any of its regular meetings to take up any business within the jurisdiction of the commission shall, at least fifteen (15) days prior to such meetin…

17 CAR § 220-104. Director to prepare agenda. The Executive Director of the Arkansas Real Estate Commission shall arrange the order of business of all meetings of the Arkansas Real Estate Commission and shall, at least ten (10) days prior thereto, notify all persons who are to ap…

17 CAR § 220-105. Director to fix salaries. The Executive Director of the Arkansas Real Estate Commission shall fix the salaries of all employees of the Arkansas Real Estate Commission within budgetary limitations.

17 CAR § 220-106. Subpoenas. (a)(1) Requests for subpoenas shall be in writing. (2) The person requesting the subpoena has the burden of obtaining and serving the subpoena. (b) Service of subpoenas issued by the Arkansas Real Estate Commission shall be as provided by Rule 45(c) o…

17 CAR § 220-1101. Requests for waiver or extension — Exemptions for uniformed service members and their spouses. (a)(1) Notwithstanding the provisions of subsection (b) of this section, each request for a waiver of the continuing education requirement under Arkansas Code § 17-42…

17 CAR § 220-1102. Continuing education topics. (a)(1) Annually, the Arkansas Real Estate Commission shall identify subject matter topics that will be acceptable for continuing education courses for the upcoming license year. (2) For the annual continuing education requirement th…

17 CAR § 220-1103. Approved courses and instructors. Only those courses and instructors that are approved by the Arkansas Real Estate Commission or that are exempted from such approval by Arkansas Code § 17-42-503 shall be accepted by the commission for continuing education credi…

17 CAR § 220-1104. No duplication of prelicensing and continuing education credit. No educational courses or hours submitted as credit toward the prelicensing education requirement shall be used as credit for the continuing education requirements, and no educational courses or ho…

17 CAR § 220-1105. Post-license education requirements. (a) Each salesperson and broker will complete a post-license education course as provided herein. (b) Salespersons shall complete an eighteen-classroom-hour salesperson course. (c) Brokers shall complete the thirty-classroom…

17 CAR § 220-1201. Interest on Real Estate Brokers’ Trust Account Program. The Interest on Real Estate Brokers' Trust Account Program authorized by Acts 1993, No. 690, § 24 (Arkansas Code § 17-42-601 et seq.), is hereby established, and Arkansas Real Estate Foundation, Inc., is d…

17 CAR § 220-1202. Certain interest-bearing trust accounts approved. Notwithstanding any other Arkansas Real Estate Commission rules to the contrary, a principal broker is authorized to maintain interest-bearing trust accounts when required to do so by law or valid rule of any go…

17 CAR § 220-1301. Registration — Renewal — Fees. (a) Each application for registration of a time-share plan or of an agent thereof shall be made on a form furnished by the Arkansas Real Estate Commission and shall be accompanied by the appropriate filing fee and evidence that a …

17 CAR § 220-1302. Agents — Amendment of registration. (a)(1) Each developer shall file with the Arkansas Real Estate Commission the name, street address, mailing address, and telephone number of each: (A) Acquisition agent; (B) Managing agent; (C) Sales agent; (D) Exchange agent…

17 CAR § 220-1303. Fictitious name. (a) Each developer, acquisition agent, managing agent, sales agent, and exchange agent shall register with the Arkansas Real Estate Commission each fictitious name, if any, under which that person conducts business. (b) No person shall conduct …

17 CAR § 220-1304. Purchase contract — Cancellation notice — Form, time, procedure. (a)(1) A purchaser may cancel any contract for the purchase of a time-share interest from a developer within five (5) days after execution of the contract. (2) The purchaser's right to cancel a co…

17 CAR § 220-1305. Record maintenance. Each developer shall ensure that any records required to be maintained pursuant to the Arkansas Time-Share Act, Arkansas Code § 18-14-101 et seq., or rules promulgated thereunder shall be maintained and made available to the Arkansas Real Es…

17 CAR § 220-1306. Records — Developer and agent — Type, time. (a)(1) Each developer shall maintain complete records of each sale of any time-share interests in the time-share plan. (2) The records shall be maintained for three (3) years and shall contain complete and detailed re…

17 CAR § 220-1307. Advertising materials. Advertising materials used in this state shall be maintained for three (3) years by the developer or agent using the materials.

17 CAR § 220-1308. Financial statements. (a) Financial statements are required to be submitted to the Arkansas Real Estate Commission under Arkansas Code § 18-14-204(a). (b) The statements shall be: (1) In accordance with generally accepted accounting principles; and (2) Issued b…

17 CAR § 220-1309. Reasonable time defined. "Reasonable time" as used in Arkansas Code § 18-14-409(a) shall be presumed to be thirty (30) days.

17 CAR § 220-1310. Limitations. Should the parties agree to reduce the period of limitation as stated in Arkansas Code § 18-14-403, such agreement to reduce shall be: (1) A separate and distinct paragraph of the contract; and (2) Initialed by the parties as though the paragraph w…

17 CAR § 220-1311. Reservation — Deposit refundable. Upon receipt of a deposit and acceptance of a reservation pursuant to Arkansas Code § 18-14-202(a), the developer shall notify the purchaser in writing that the: (1) Deposit is refundable at any time at the purchaser's option; …

17 CAR § 220-1312. General rules apply. 17 CAR §§ 220-101 – 220-1408 shall regulate the practice and procedure for the Arkansas Real Estate Commission for enforcement of the Arkansas Time-Share Act, Arkansas Code § 18-14-101 et seq., and are hereby adopted and incorporated by ref…

17 CAR § 220-1401. Definitions. As used in this subpart: (1) “Absentee bid” means a procedure that allows a bidder to participate in the bidding without being physically present; (2)(A) “Absolute auction” means an auction where the real estate is sold to the highest qualified bid…

17 CAR § 220-1402. Nature of auction and written auction agreement. (a)(1) Auction shall be with reserve, unless the real estate is offered without reserve using explicit terms such as “absolute” or “without reserve”. (2) In an auction “with reserve”, the auctioneer may withdraw …

17 CAR § 220-1403. Auctioneer/seller bidding or purchasing auctioned real estate. (a) Auctioneer bidding. (1) The auctioneer shall not bid or otherwise purchase the real estate being auctioned, or permit others to do so on his or her behalf, unless he or she has disclosed that he…

17 CAR § 220-1404. Auction advertisements. An auctioneer who advertises real estate shall comply with the following requirements: (1) Auction advertisements that include real estate must disclose the name of the real estate firm and auctioneer licensed with that firm who will be …

17 CAR § 220-1405. Internet auction sale procedure and absentee bids. (a) In an internet auction sale or in an auction that allows for absentee bids, the auctioneer must validate a buyer’s capability to participate in the sale by obtaining the buyer’s: (1) Name; (2) Address; (3) …

17 CAR § 220-1406. Auctioneer to maintain records. (a)(1) The principal broker of the real estate firm with which the auctioneer is licensed must maintain for a period of three (3) years copies of all agreements, listing contracts, handbills, advertisements, and other pertinent r…

17 CAR § 220-1407. Certain acts prohibited. Prohibited acts include the following: (1) Knowingly receiving or using a rafter bid, puffing of a bid, or any type of bid rigging such as utilizing the services of a shill; (2) Knowingly permitting an unlicensed individual to participa…

17 CAR § 220-1408. Unlicensed real estate activity. Any unlicensed person who participates in a real estate auction, or who makes or offers to make a rafter bid, or who engages in or offers to engage in puffing of a bid, or who acts or offers to act as a shill is prima facie evid…

17 CAR § 220-1501. Instructor applications — Education — Experience. (a) Applicants for original licensure as a principal or associate instructor must: (1) Apply on forms provided by the Arkansas Real Estate Commission; (2) Pay the application fee established by this part; and (3…

17 CAR § 220-1502. School applications — Association applications. (a) Applications for a main school, branch school, or association license must be submitted on forms provided by the Arkansas Real Estate Commission and accompanied by the application fee established by this part …

17 CAR § 220-1503. Course approval requirements. (a) Applications for real estate education course approvals must be submitted on forms provided by the Arkansas Real Estate Commission and accompanied by the application fee established by this part and shall meet the following req…

17 CAR § 220-1504. Renewals. (a)(1) The renewal period for school, association, and instructor licenses will be May 1 to April 30. (2) Renewal applications accompanied by the required fee must be filed with the Arkansas Real Estate Commission no later than March 31. (3) In order …

17 CAR § 220-1505. Monitoring. (a)(1) The Arkansas Real Estate Commission or its designee shall periodically monitor all aspects of real estate education offerings. (2) As such, a school’s or association’s course schedule should at all times be readily available to the commission…

17 CAR § 220-1506. Third-party sponsors. (a) Only principal instructors or instructors designated by the principal instructor and approved by the Executive Director of the Arkansas Real Estate Commission may contract with a third-party sponsor to offer a continuing education cour…

17 CAR § 220-1507. Distance education. (a) Schools offering distance education must also offer classroom courses in Arkansas. (b) Distance education instructors must meet the requirements listed under 17 CAR § 220-1501. (c) Distance education instructors must hold the ARELLO® Cer…

17 CAR § 220-1508. Course requirements. (a)(1) All real estate education courses shall be conducted in a facility that provides an appropriate learning environment. (2) At a minimum, the classroom shall: (A) Be of sufficient size to comfortably accommodate all enrolled students; …

17 CAR § 220-1509. Felony reporting requirements. (a) All real estate instructors and administrators of licensed associations must comply with the requirements set forth in 17 CAR § 220-1015(a) and (b). (b) An applicant for a real estate instructor license who has been convicted …

17 CAR § 220-1510. Maintenance of records — School or association closings. (a)(1) Each principal instructor, school owner, or administrator must maintain complete records of all real estate education business handled by that school or association. (2) For example, enrollment for…

17 CAR § 220-201. Generally. (a) The Executive Director of the Arkansas Real Estate Commission is the chief executive and administrative officer of the Arkansas Real Estate Commission, and, as such, is authorized to do all things necessary and convenient to carry into effect the …

17 CAR § 220-301. Fees. (a) The following fees are established at the amounts indicated: (1) Application fee, fifty dollars ($50.00); (2) Original broker license fee, seventy dollars ($70.00); (3) Annual renewal broker license fee, eighty dollars ($80.00); (4) Original salesperso…

17 CAR § 220-302. Dishonored checks. (a) Any applicant or licensee who shall submit in payment of any fee a check or bank draft that is not honored by the bank shall not be eligible to receive a license from the Arkansas Real Estate Commission until such time as such check or ban…

17 CAR § 220-303. Overpayment of fees. In the event that an applicant or licensee shall submit to the Arkansas Real Estate Commission any funds that are in excess of the funds required by the commission pursuant to this part or state law, the commission shall refund such overpaym…