Arkansas Real Estate Practice Exam

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What action must be taken if a Broker Price Opinion is issued without the broker's knowledge?

Notify the Commission in writing and forward the licensee's license to the Commission
Immediately retract the report
Pay a fine
Announce the mistake in a public forum

The correct answer is: Notify the Commission in writing and forward the licensee's license to the Commission

A Broker Price Opinion is a report prepared by a licensed real estate agent or broker to determine a property's market value. If this report is issued without the broker's knowledge, it is considered a serious violation of the real estate license law. Therefore, the most appropriate action would be to notify the Commission in writing and forward the licensee's license to the Commission. The other options, such as retracting the report or publicly announcing the mistake, do not address the seriousness of the violation and may not be enough to comply with the real estate license law. Additionally, paying a fine would only be required if the violation has already been reported and resolved.