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17-42-701. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-701. Definitions.
As used in this subchapter:
(1) “Actual introduction” means the referral of a principal to a licensee by the person or entity seeking the referral fee before the principal and licensee have engaged in material discussions regarding a specific real estate transaction;
(2)(A) “Interference with a licensee relationship” means:
(i) A demand for a referral fee from a licensee when reasonable cause for payment does not exist;
(ii) A threat to reduce, withhold, or eliminate any relocation or other benefits or the actual reduction, withholding, or elimination of any relocation or other benefit for the purpose of obtaining a referral fee from a licensee when reasonable cause for payment does not exist; or
(iii) An attempt to induce a principal to breach or terminate a representation agreement for the purpose of replacing that representation agreement with another representation agreement in order to obtain a referral fee.
(B) “Interference with a licensee relationship” does not mean:
(i) Communications between an employer or an employer's representative and an employee concerning relocation policies and benefits if the communication does not involve advice about or encouragement to terminate or amend an existing representation agreement; and
(ii) Advice to a principal about the right to allow a licensee relationship to expire under its own terms or not to renew the licensee relationship upon its expiration;
(3) “Licensee relationship” means an agreement between a licensee and a principal under which the licensee agrees to act as a principal broker as defined in § 17-42-103;
(4) “Principal” means the buyer, seller, landlord, or tenant in a licensee relationship;
(5) “Reasonable cause for payment” means the creation of a cooperative o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-701
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-42-701
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b4fe5b4118aa48638f5bcc9053a4fe06aec5d1a491b446bdbc84f1eed9a8df40
Source location: content.xml paragraph 16062
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17-42-701. Definitions.
As used in this subchapter:
(1) “Actual introduction” means the referral of a principal to a licensee by the person or entity seeking the referral fee before the principal and licensee have engaged in material discussions regarding a specific real estate transaction;
(2)(A) “Interference with a licensee relationship” means:
(i) A demand for a referral fee from a licensee when reasonable cause for payment does not exist;
(ii) A threat to reduce, withhold, or eliminate any relocation or other benefits or the actual reduction, withholding, or elimination of any relocation or other benefit for the purpose of obtaining a referral fee from a licensee when reasonable cause for payment does not exist; or
(iii) An attempt to induce a principal to breach or terminate a representation agreement for the purpose of replacing that representation agreement with another representation agreement in order to obtain a referral fee.
(B) “Interference with a licensee relationship” does not mean:
(i) Communications between an employer or an employer's representative and an employee concerning relocation policies and benefits if the communication does not involve advice about or encouragement to terminate or amend an existing representation agreement; and
(ii) Advice to a principal about the right to allow a licensee relationship to expire under its own terms or not to renew the licensee relationship upon its expiration;
(3) “Licensee relationship” means an agreement between a licensee and a principal under which the licensee agrees to act as a principal broker as defined in § 17-42-103;
(4) “Principal” means the buyer, seller, landlord, or tenant in a licensee relationship;
(5) “Reasonable cause for payment” means the creation of a cooperative or subagency relationship between licensees or a representation agreement as the result of an actual introduction of business;
(6)(A) “Referral fee” means any mutually agreed-upon fee, commission, or other consideration to be paid by a licensee to any person or entity.
(B) “Referral fee” does not mean a cooperative commission offered by a listing licensee to a selling licensee or by a selling licensee to a listing licensee; and
(7)(A) “Representation agreement” means an agreement between a principal and a licensee in which the licensee agrees to perform any of the activities of a principal broker.
(B) “Representation agreement” includes:
(i) A buyer's agency agreement, a property listing agreement, and a cooperative brokerage agreement; and
(ii) Any agreement containing any of the agreements described in subdivision (7)(B)(i) of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-103. Definitions.
As used in this chapter:
(1)(A) “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 (10) of this section while under the supervision of a principal broker or executive broker.
(B) An associate broker shall have no supervisory authority over any other licensee;
(2) “Branch office” means a principal broker's office other than his or her principal place of business;
(3) “Broker's price opinion” means an estimate prepared by a licensee that details the probable selling price of real estate and provides a varying level of detail about the real estate's condition, market, and neighborhood, and information about sales of comparable real estate;
(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) “Continuing education” means postlicensure education derived from participation in courses in real estate-related subjects that have been approved by the Arkansas Real Estate Commission or that are not required to be approved by the commission;
(6) “Continuing education unit” means a period of ten (10) contact hours of actual classroom instruction with the instructor present;
(7)(A) “Executive broker” means an individual who:
(i) Has a broker's license;
(ii) Is employed by a principal broker or associated with a principal broker as an independent contractor; and
(iii) Participates in any activity described in subdivision (10) of this section while under the supervision of a principal broker.
(B) An executive broker may supervise assoc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-42-103. This identifies an authority to review, not proof of applicability.