Property Management Laws in Arkansas
Must an Arkansas property management company have a real estate broker's license?
YES. Key components of property management are considered a real estate activity under existing Arkansas real estate licensing laws. A broker's license is required for any person or company who, for compensation, engages in the lease or rental of real estate in Arkansas, who offers or lists real estate for rent or lease, who collects rent for the use of real estate or who assists or directs in the negotiation of any transaction intended to result in the rent or lease of Arkansas real estate. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the requirement that an Arkansas property manager have a broker's license?
Certain limited exemptions exist. For example, on-site residential managers who reside at the property and who are engaged in the leasing of real property in connection with their employment need not have a real estate broker's license.
For more information about these and other Arkansas property management requirements and exceptions, please contact the Arkansas Real Estate Commission.
Before hiring a property manager to manage your Arkansas rental property, you should always check they he or she is licensed properly. You can check the license status of an Arkansas property manager at the Arkansas Real Estate Commission License Search.
MUST-KNOW INFO FOR PROPERTY MANAGERS:
Arkansas Eviction Laws
Evictions are awful - perhaps the worst task property managers must perform. If you're in the business long enough, you'll likely have to go through the eviction process at least once.
Here's a local example of an Arkansas eviction: Stacey Torres, an Edmond resident living at the Summit Grove Apartments, recently found herself in the hot seat for facing felony counts of embezzlement and criminal use of a computer. It was also discovered that she had been given 19 eviction notices by her apartment complex. Ideally, you won't have to serve eviction notices 19 times. So long as you follow the proper procedures for evictions in Arkansas and are clear about your rights, you can increase the chances of undergoing a relatively drama-free eviction.
Arkansas Community Association Management Licensing
A community association manager need not be licensed as a real estate broker to manage a community or condominium association in Arkansas.
Arkansas Real Estate Broker Requirements
Arkansas real estate broker licensing requirements include:
- Age: Be at least 18 years of age;
- Education: Successful completion of 60 classroom hours of real estate education (in real estate principles, license law, and commission regulations) from an approved school within thirty-six (36) months immediately preceding the date of the application. In addition, new brokers must complete 30 classroom hours of Post-License education within the first year.
- Experience: Have been licensed as an active real estate salesperson or broker for a period of not less than twenty-four (24) months within the previous forty-eight (48) month period immediately preceding the date of application
- Exam: Pass the licensure examination (send required forms and fees to the Arkansas Real Estate Commission within 90 days)
Arkansas Real Estate Salesperson Licensing Requirements
Arkansas real estate salesperson licensing requirements include:
- Age: Must be at least 18 years of age
- Education: Successful completion of 60 classroom hours of real estate education from an approved school. In addition, new salespeople must complete a post-license requirement of 18 classroom hours within 12-months after initial licensing.
- Exam: Pass the licensure examination (send required forms and fees to the Arkansas Real Estate Commission within 90 days)
For more information about these and other licensing requirements, please contact the Arkansas Real Estate Commission.
