Regulation
3.1 Fees.
This regulation is being amended to
increase license fees for brokers and salespersons to maximum as authorized by A.C.A.
§17-42-304.
The following fees are established at the amounts indicated:
a) Application fee - $50.00
b) Original broker license fee - $70.00
c) Annual renewal broker license fee – $70.00
d) Original salesperson license fee – $50.00
e) Annual renewal salesperson license fee – $50.00
f) Broker expired license fee – $100.00
g) Salesperson expired license fee - $70.00
h) License reissuance fee - $30.00
i) Initial duplicate license fee - $30.00
j) Annual renewal duplicate license fee - $30.00
k) Transfer fee - $30.00
l) Appeal filing fee - $100.00
m) Recovery fund fee - $25.00
n) Examination fee shall be the actual cost charged by the testing service and shall be paid directly to the testing service.
Regulation
9.5 Hearings.
This regulation is being amended to state the method that notice of a hearing is served on a licensee.
(a) Hearings shall be scheduled for a day certain by the director who shall, at least thirty (30) days prior to such hearing date, send notice to all persons entitled to notice thereof of the place and approximate time of said hearing, a statement of the allegations and charges forming the basis for the hearing, and the provisions of the law or regulations thought to be involved therein. The commission shall serve notice of said hearing by mailing same addressed to the licensee at his or her address last known to the Commission or may, in its discretion, serve the licensee by personal delivery of said notice.
Regulation
10.2 Expiration Date for Agency Agreements or Contracts.
This regulation is being amended to recognize that licensees represent both buyers and sellers in Agency agreements or contracts.
A licensee shall put a specific determinable or a specific expiration date on all written Agency agreements or contracts or any extensions thereof. (Examples: Listing and Buyer Representation Agreements or Contracts.)
Regulation
10.10 Agreements to be written.
This regulation is being amended to recognize that licensees represent both buyers and sellers in Agency agreements or contracts.
(b) It is strongly recommended that agency agreements or contracts be in writing. (Examples: Listing and Buyer Representation Agreements or Contracts.)
Regulation
10.13 Listing Agreements; Agency Representation Agreements; Signs.
This regulation is being amended to recognize that licensees
represent both buyers and sellers in Agency agreements or contracts.
This amendment
also requires licensees to advise clients to consult with an attorney before entering into
two Agency Representation Agreements about the risk of being liable for two separate
commissions.
(b) A licensee shall not knowingly enter into an agency agreement or contract when there is reason to believe that there is an existing exclusive agency agreement or contract in force without first communicating with the other principal broker who holds such agreement or contract to confirm its existence. If there is an existing exclusive agency agreement or contract in force, the licensee shall not enter into another agency agreement or contract without first notifying the client in writing to consult with an attorney regarding the risk of being liable for two (2) separate commissions. (Examples: Exclusive Listing and Exclusive Buyer Representation Agreements or Contracts, Property Management Agreements.) Top