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17-42-317. Representing seller or lessor in an agency relationship.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-317. Representing seller or lessor in an agency relationship.
(a) When representing a seller or lessor in an agency relationship, a licensee shall:
(1)(A) Use reasonable efforts to obtain a purchase or lease offer at a price and with terms acceptable to the seller or lessor.
(B) Unless requested by the seller or lessor, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease;
(2) Accept delivery of and present an offer to the seller or lessor in a timely manner, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease;
(3) Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A) Answer the seller's or lessor's questions regarding the steps the seller or lessor must take to fulfill the terms of a contract; and
(B) Provide information to the seller or lessor regarding offers or counteroffers of which the licensee has actual knowledge; and
(4) Assist the seller or lessor in developing, communicating, and presenting offers or counteroffers.
(b) A licensee does not breach a duty or an obligation to a seller or lessor with whom the licensee has an agency relationship by showing alternative properties to a prospective buyer or by acting as an agent or subagent for other sellers or lessors.
(c) This section does not permit a licensee to perform any act or service that constitutes the practice of law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-317
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:17-42-317
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 528d4191611c76d9ee74707c09d1312e786dead0209e4243a521123793e3e788
Source location: content.xml paragraph 15554
Stored source content
17-42-317. Representing seller or lessor in an agency relationship.
(a) When representing a seller or lessor in an agency relationship, a licensee shall:
(1)(A) Use reasonable efforts to obtain a purchase or lease offer at a price and with terms acceptable to the seller or lessor.
(B) Unless requested by the seller or lessor, the licensee is not obligated to seek additional offers if the property is subject to a contract of sale, lease, or letter of intent to lease;
(2) Accept delivery of and present an offer to the seller or lessor in a timely manner, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease;
(3) Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A) Answer the seller's or lessor's questions regarding the steps the seller or lessor must take to fulfill the terms of a contract; and
(B) Provide information to the seller or lessor regarding offers or counteroffers of which the licensee has actual knowledge; and
(4) Assist the seller or lessor in developing, communicating, and presenting offers or counteroffers.
(b) A licensee does not breach a duty or an obligation to a seller or lessor with whom the licensee has an agency relationship by showing alternative properties to a prospective buyer or by acting as an agent or subagent for other sellers or lessors.
(c) This section does not permit a licensee to perform any act or service that constitutes the practice of law.
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