(a) Upon written request from a principal broker operating under the exemption contained in Arkansas Code § 17-42-104(a)(11), the Executive Director of the Arkansas Real Estate Commission may waive certain requirements for principal brokers set forth in Chapter 42 of Title 17 of the Arkansas Code and this part related to the following:

1. (1) Firm name approvals;
2. (2) Place of business and signage;
3. (3) Branch offices;
4. (4) Handling of funds and maintenance of records; and
5. (5) Trust funds, trust accounts, and disbursement of trust funds.

(b)

1. (1) The principal broker’s request should clearly state their justification for requesting the waiver and include a written explanation of the business processes of the Arkansas-licensed residential construction company employing the principal broker pursuant to Arkansas Code § 17-42-104(a)(11)(A)(iv) as those business processes relate to the waiver being requested.
2. (2) The Arkansas Real Estate Commission may request additional documentation or information from a principal broker requesting a waiver under this section.

(c)

1. (1) The executive director will determine, based upon the information provided, which requirements will be waived by the commission and will communicate the same in writing to the principal broker within thirty (30) days of receipt.
2. (2) The executive director may authorize issuance of a temporary interim license to a principal broker at the time the waiver request and accompanying items are submitted to the commission.

(d)

1. (1) A principal broker whose request for a waiver under this section is denied, in whole or in part, may request the commission's review of the executive director's determination, provided that any such request for reconsideration is made in writing and received by the commission within thirty (30) days of receipt of the executive director's written notice of determination.
2. (2) The determination made by the commission in response to a request for review under this part is not subject to appeal.

(e) A waiver provided under this section shall not relieve the principal broker of:

1. (1) The requirement to make open to inspection by the commission all records as required under this part; or
2. (2) The obligation to fulfill all other requirements under the Real Estate License Law, Arkansas Code § 17-42-101 et seq., and this part.