AR HB1147

Exempts employees of Arkansas licensed residential construction companies from real estate licensing requirements when selling newly constructed and never-occupied single family residential property, provided they disclose in writing that they represent only the construction company employer and that purchasers may hire their own licensed agent or legal counsel

Requires the construction company employer to maintain written disclosures for 7 years after delivery

Restricts the exemption to companies whose primary business is developing, constructing, or selling newly constructed single family residential real estate and prohibits employees from providing real estate services to more than one unaffiliated entity

Requires the construction company to employ a principal broker who is responsible for supervising exempt employees in the same manner as licensed real estate agents

Directs the Arkansas Real Estate Commission to promulgate implementation rules by January 1, 2024, or as soon as practicable if legislative approval extends beyond that date