- (a) Upon the death, resignation, termination, or incapacity of a principal broker or the closing of a real estate firm, the Arkansas Real Estate Commission may in its discretion, based upon the merits and circumstances of each case, permit the real estate firm to continue operating for a period of time under the direction of a person approved by the commission and subject to time limitations and other conditions imposed by the commission.
- (b) Unless otherwise determined by the Executive Director of the Arkansas Real Estate Commission, the time of such approval is to be effective at the time of death, resignation, termination, or incapacity of the principal broker.