HB1147

House Bill 1147 amends Arkansas real estate license laws to create an exemption for employees of licensed residential construction companies. Under this bill, employees of such companies may facilitate the sale of newly constructed, never-occupied residential real estate without holding a real estate license, provided they meet specific requirements. These requirements include providing a written disclosure to buyers stating that the employee acts exclusively for the construction company and informing the buyer of their right to independent representation. The construction company must employ a principal broker to oversee the conduct of these employees, who will be held responsible for them as if they were licensed. Additionally, the bill allows the Arkansas Real Estate Commission to waive certain requirements for principal brokers employed by these companies and mandates the creation of administrative rules to implement these changes.