May I be licensed as the Principal Broker of both my main real estate office and my branch office?
Only if there are no licensed agents assigned to the branch office. A Designated Executive Broker will be required for the branch office to have licensees operate in that office.
Can I download AREC forms from the AREC website?
Yes, the following forms are available for print from the AREC website: Complaint Form, Transfer, Firm Change, Trust Account, Personal Name/Address Change, License Renewal, Executive Broker information, Firm Name Approval, Activation, Branch Office Application, Executive Broker form(s) or Request for Licensure.
What is needed to open a branch office?
If you are the only person to be licensed for the branch, complete an Application For Duplicate License For A Branch Office Form, submit $30.00 application fee, trust account form and photo of office sign. If other licensed agents are assigned, a separate Broker will be required and must complete an Branch Office Executive Broker Form, which is to be signed by the Principal Broker of the main office. The principal broker for the main office will need to complete an Application For Duplicate License For A Branch Office Form.
What is needed to change Principal Brokers for my Company?
If there is an existing active broker that will take on the responsibility of the Principal Broker, that broker will need to submit their current license and pocket card, trust account form, photograph of the office sign, $30 processing fee, a Principal Broker form. The outgoing Principal Broker will need to submit current license and pocket card and a Principal Broker form terminating the association.
Where do I obtain forms/contracts to sell real estate?
No specific form or contract is required to be used by a licensed agent, however, Commission Regulation 10.10(c) does require that real estate forms used by licensees in the regular course of business be approved by a licensed Arkansas attorney prior to use. Therefore, you may have an attorney draft forms for you. The Arkansas Realtors Association (ARA) designs and sells forms to its members and to non-member licensees as well. More information is available by contacting ARA at 501 225-2020.
Can I work for more than one real estate Company?
You cannot be licensed with more than one real estate company; therefore, you cannot perform real estate activities that require a license for more than one real estate company.
What is needed to change my home address?
You can download or request the AREC form for changing your address or mail, fax or email the change to AREC.
What is needed to change my company’s business address?
If you move to a different city, you will submit a firm name approval form so as not to conflict with an existing company. If not, send the Firm Change form, $30.00 processing fee, and current License and Pocket card for each licensee in the company and a photograph of the company’s sign in it’s new location.
What is needed to transfer to another company?
In accordance to Regulation 7.5, the Principal Broker is responsible for returning your license and pocket card to AREC. You are to complete a Transfer form, secure your new broker’s signature and submit with $30.00 processing fee. If completed correctly, this form serves as a 30-day temporary license.
What is needed to close my company?
Return all licenses and pocket cards associated with your company to AREC. You will need to furnish a statement as to the location of the office records. These records will need to be available for review for three years.