AR HB1244

Amends Arkansas Code § 17-42-103(9)(F) to clarify that "principal broker" definition includes individuals who buy, sell, assign, or offer to buy, sell, assign, or otherwise deal in options on real estate or improvements to real estate.

Modifies exemption for salaried or hourly employees engaged in leasing real property to specify they cannot perform acts of a principal broker except receiving security deposits or payments as permitted.

Limits exempt leasing employees to performing specific functions including delivering leases, receiving lease applications, accepting payments, showing rental units under written instructions, and conveying prepared information.

Amends exemption for corporate officers, LLC members, and partners to clarify they are exempt when acting on behalf of their entity regarding owned or leased real property if not receiving transaction-based compensation.

Bill was approved on February 27, 2015.