(a) As used in this part:
- (1) “Audit trail” means a documented history of a financial transaction by which the transaction can be traced to its source;
- (2) “Occupant” means a person who rents a property on a nightly basis;
- (3) "Property manager" means a licensed principal broker or designated executive broker who performs property management activities pursuant to Arkansas Code § 17-42-103(10); and
- (4) “Tenant” means a person who rents a property on other than a nightly basis.
- (b) This subpart does not apply to any residential property management program operated or regulated by a federal or state act or agency that includes specific recordkeeping requirements that the Arkansas Real Estate Commission determines are substantially equivalent to or greater than that required by this subpart.