ABOUT THE ARKANSAS REAL ESTATE COMMISSION
Mission Statement and Core Purpose
The mission of the Arkansas Real Estate Commission is to protect the public interest, through the examination, licensing, and regulation of real estate brokers and salespersons, and through administration of the Arkansas Time-Share Law.
We envision a marketplace wherein real estate licensees are inherently capable and ethical to the point that consumers can utilize the services of the real estate professionals with confidence and trust. The regulatory function will be one of partnership with and support of all stakeholders.
- We commit to serve the citizens of the state of Arkansas by advancing a secure real estate marketplace.
- We pledge ourselves to be good stewards of the resources at our disposal to ensure accountability and transparency in all agency operations.
- We value fairness and impartiality in our interactions with all stakeholders.
- We believe in integrity as an essential component of the administration of the duties with which we are charged.
- We resolve to treat all persons with respect.
- We commit to the promotion of professional development opportunities for real estate practitioners and regulatory officials.
Arkansas law charges the Commission with the responsibility of administering the Real Estate License Law (Ark. Code Annotated Section 17-42-101 et seq.), the Real Estate Recovery Fund (ACA §17-42-401 et seq.), the Real Estate Education Program (ACA §17-42-501 et seq.), and the Time-Share Law (Ark. Code Annotated Section 18-14-101 et seq.).
The Real Estate Commission consists of five members appointed by the Governor for three year terms. Three Commission members are from the real estate profession, one Commission member serves as a consumer representative, and one Commission member serves as an elderly representative.
Responsibilities are discharged through a staff of fifteen persons and directed by an Executive Director who is employed by the Commission. A Deputy Executive Director is responsible for assisting the Executive Director with authority to act in all matters in the Executive Director's absence.
The Commission's functions and duties include the following:
- The Licensing section is responsible for reviewing applications of individuals who are applying to take the Arkansas real estate exam, issuing licenses to persons who enter the profession, annually renewing licenses issued to real estate brokers and salespersons, maintaining current license data and history for each licensee, and maintaining continuing education data for each licensee. Applicants for licensing are examined for competency in the real estate profession by a professional testing company.
- The Investigations section is responsible for investigating complaints received from members of the public concerning alleged violations of the Real Estate License Law or Time-Share Law. After being investigated, each complaint is reviewed by the Executive Director and either dismissed or scheduled for a disciplinary hearing before the Commissioners. Such hearings are conducted according to the provisions of the state's Administrative Procedure Act.
- The Commission is responsible for administering the Recovery Fund which was established to pay damage claims to members of the public who have suffered monetary loss specifically attributable to real estate brokers and/or salespersons who have been found, in disciplinary hearings before the Commission, to have violated the Real Estate License Law or Regulations. The Recovery Fund can also be used for real estate educational purposes.
- The Commission is responsible for administering the Real Estate Education program which licenses and approves schools, instructors, associations and courses. The Commission sets the education requirements for obtaining and maintaining real estate licenses.
- The Commission is responsible for administering the Time-Share Law which includes reviewing and accepting registrations received from developers and other entities, and reviewing certain kinds of advertising.