Arkansas Real Estate Practice Exam

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What records must a principal broker maintain for managed property?

Only financial transactions
Contracts and financial dealings among others
Only repair estimates
Publicity materials and advertisement records

The correct answer is: Contracts and financial dealings among others

A principal broker is responsible for managing a property on behalf of an owner. This includes handling contracts with tenants, conducting financial transactions, maintaining the property, and more. Therefore, it is necessary for a principal broker to maintain records of these various tasks in order to manage the property effectively. Options A, C, and D are incorrect because they only mention specific aspects of property management and do not encompass the full scope of responsibilities of a principal broker. Option B, on the other hand, includes all of these important record-keeping tasks, making it the correct answer.