HB1700

House Bill 1700 proposes to amend the Arkansas Real Estate License Law by creating a specific exemption for property managers from the requirement to hold a real estate license issued by the Arkansas Real Estate Commission. The bill provides a formal definition of a 'property manager,' detailing various tasks such as negotiating leases, collecting rents, advertising properties, and maintaining property records. To qualify for this exemption, a property manager must meet specific criteria, including having at least two years of experience managing 50 or more rental units or holding a certification from a national property management institute. Additionally, qualifying individuals must not have a felony conviction and must maintain a $100,000 fidelity bond. This legislation effectively moves property management oversight for qualifying professionals away from the standard real estate licensing framework.