§ 17-42-103 - Definitions.
17-42-103. Definitions.
As used in this chapter:
(1) "Associate broker" means an individual who has a broker's license and who is employed by a principal broker, or is associated with a principal broker as an independent contractor, and who participates in any activity described in subdivision (12) of this section while under the supervision of a principal broker or executive broker. However, an associate broker shall have no supervisory authority over any other licensee;
(2) "Board" means the State Board of Private Career Education;
(3) "Branch office" means a real estate principal broker's office other than his or her principal place of business;
(4) "Classroom hour" means a period of at least fifty (50) minutes, but not more than sixty (60) minutes, of actual classroom instruction with the instructor present;
(5) "Commission" means the Arkansas Real Estate Commission;
(6) "Continuing education" means postlicensure education derived from participation in courses in real estate-related subjects which have been approved by the board or which are not required to be approved by the board;
(7) "Continuing education unit" means a period of ten (10) contact hours of actual classroom instruction with the instructor present;
(8) "Director" means the Executive Director of the Arkansas Real Estate Commission;
(9) "Executive broker" means an individual who has a broker's license and who is employed by a principal broker or associated with a principal broker as an independent contractor and who participates in any activity described in subdivision (12) of this section while under the supervision of a principal broker. However, an executive broker may supervise associate brokers and salespersons;
(10) (A) "Licensee" means an individual who holds any type of license issued by the commission and, unless the context clearly requires otherwise, shall include a principal broker, an executive broker, an associate broker, and a salesperson.
(B) Nothing in this chapter shall preclude a licensee from:
(i) Doing business as a professional corporation under 4-29-101 et seq.; or
(ii) Receiving payment from a real estate firm or principal broker of an earned commission to the licensee's legal business entity if the licensee earned the commission on behalf of the real estate firm or principal broker;
(11) "Participate in a real estate auction" means any act or conduct done for compensation or the expectation thereof and designed, intended, or expected to affect the bidding or results of a real estate auction, including, without limitation, serving as an auctioneer or ringman or encouraging, soliciting, or receiving bids;
(12) "Principal broker" means an individual, while acting for another for a fee, commission, or other consideration, or the expectation thereof, who:
(A) Sells, exchanges, purchases, rents, or leases real estate;
(B) Offers to sell, exchange, purchase, rent, or lease real estate;
(C) Negotiates, offers, attempts, or agrees to negotiate the sale, exchange, purchase, rent, or lease of real estate;
(D) Lists, offers, attempts, or agrees to list real estate for sale, lease, or exchange;
(E) Auctions, offers, attempts, or agrees to auction real estate, or participates in a real estate auction;
(F) Buys, sells, offers to buy or sell, or otherwise deals in options on real estate or improvements thereon;
(G) Collects, offers, attempts, or agrees to collect rent for the use of real estate;
(H) Advertises or holds himself or herself out as being engaged in the business of buying, selling, exchanging, renting, or leasing real estate;
(I) Assists or directs in the procuring of prospects calculated to result in the sale, exchange, lease, or rent of real estate;
(J) Assists or directs in the negotiation of any transaction calculated or intended to result in the sale, exchange, lease, or rent of real estate;
(K) Engages in the business of charging an advance fee in connection with any contract whereby he or she undertakes to promote the sale or lease of real estate either through its listing in a publication issued for such a purpose or for referral of information concerning the real estate to brokers, or both; or
(L) Performs any of the foregoing acts as an employee of or on behalf of the owner of, or any person who has an interest in, real estate;
(13) (A) "Real estate" means and include leaseholds or any other interest or estate in land and shall include the sale and resale of time-share units.
(B) Unless the context otherwise requires, the words "real estate" and "real property" shall be synonymous; and
(14) "Salesperson" means an individual who has a salesperson's license and who is employed by a principal broker or is associated with a principal broker as an independent contractor and who participates in any activity described in subdivision (12) of this section while under the supervision of a principal broker or executive broker.