Arkansas Real Estate Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

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Question: 1 / 400

What is the responsibility of the last principal broker of a closing Real Estate Firm?

Notify the Commission of new job

Manage the shutdown party

Send a farewell note to clients

Responsible for the firm's records and notify the Commission of their location

The last principal broker of a closing Real Estate Firm is responsible for managing the firm's records and ensuring that they are sent to the appropriate agency. This is important because it ensures that all necessary documents and records are properly transferred and preserved. Options A, B, and C are incorrect as they do not pertain to the responsibilities of the principal broker of a closing firm. Additionally, sending a farewell note to clients can be seen as unprofessional and may not be necessary in this context. Option A, notifying the Commission of a new job, may be a responsibility of the principal broker but it is not specific to the closing of the firm. Option B, managing the shutdown party, is also not a specific or necessary responsibility of the principal broker in this scenario. Overall, option D is the most correct and relevant answer choice as it specifically pertains to the responsibilities of the principal broker in this situation.

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