The following shall be exempted from the licensing requirements of this subchapter:
(1) A person who acts as a residential building contractor in the construction of his or her residence unless he or she builds more than one (1) residence during any calendar year;
(2) The owner of a single family residence acting as his or her own home improvement contractor on his or her own property;
(3)
(A) A person or entity acting as a residential building contractor or a home improvement contractor on any project, when the cost of the work done or to be done does not exceed two thousand dollars ($2,000).
(B) Subdivision (3)(A) of this section shall not apply to a project in which the construction work necessary to complete the project is divided into separate contracts of amounts less than two thousand dollars ($2,000);
(4) A subcontractor of a contractor licensed by the Residential Contractors Committee; and
(5) A person or entity licensed as a contractor by another licensing agency, board, or commission of the State of Arkansas if the contractor is performing work within the scope of the license held by the person or entity.