(12)
or issued independently and without permission or authority from the
broker. If the principal broker or designated executive broker learns that a
licensee has prepared or issued a broker price opinion independently, that
broker must comply with Commission Regulation 10.1(a) by immediately
notifying the Commission in writing and forwarding such licensee’s li-
cense to the Commission.
10.16 Criminal Convictions and Disciplinary Actions
(a) A licensee who is convicted of or pleads guilty or nolo contendere to
any crime other than a trac violation shall make written report thereof to
the Commission within thirty (30) days after the conviction or plea. e
report shall include the date of the oense and of the conviction or plea,
the name and address of the court, the specic crime for which convicted,
or to which the plea is entered, the ne, penalty and/or other sanctions im-
posed, and copies of the charging document and judgement of conviction
or other disposition, including probation or suspension of sentence. e
report shall also include the licensee’s explanation of the circumstances
which led to the charge and conviction or plea, along with any other infor-
mation which the licensee wishes to submit.
(b) A licensee who, after the initiation of an investigation, hearing or
other administrative action surrenders or who has a professional, voca-
tional or occupational license, permit, certication or registration denied,
revoked, suspended or cancelled or who is subject to any sanctions, includ-
ing probation, involving such license, permit, certication or registration or
who is the subject of sanctions for practicing a profession without a license
shall make written report thereof to the Commission within thirty (30)
days after such action. e report shall include the date of the action, the
name and address of the regulatory agency which has taken the action and
copies of documents pertaining thereto. e report shall also include the
licensee’s explanation of the circumstances which led to the action, along
with any additional information the licensee wishes to submit.
(c) An applicant for a real estate license who has been convicted of or
pleaded guilty or nolo contendere to any crime other than a trac viola-
tion or who, after the initiation of an investigation, hearing or other ad-
ministrative action, has surrendered or has had a professional, vocational or
occupational license, permit, certication or registration denied, revoked,
suspended or cancelled or who has been subjected to any sanctions, includ-
ing probation, involving such a license, permit certication or registration,
shall furnish the written report referred to in Regulation 10.16 (a) and/
or (b) to the Commission at the time the application is submitted if such
action has already occurred, otherwise such report shall be made immedi-
ately after the action occurs.
10.17 Violation of Law or Regulation
A licensee who violates or fails to comply with any provision of the
Arkansas Real Estate License Law or Commission Regulations is subject
to sanctions under Section 17 of Act 690 of 1993 [A.C.A.§ 17-42-312].