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17-42-318. Representing buyer or lessee in an agency relationship.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-318. Representing buyer or lessee in an agency relationship.
(a) When representing a buyer or lessee in an agency relationship, a licensee shall:
(1)(A) Use reasonable efforts to locate a property at a price and with purchase or lease terms acceptable to the buyer or lessee.
(B) Unless requested by the client, the licensee is not obligated to seek additional purchase or lease possibilities if the buyer or lessee has contracted to purchase or lease or has extended a letter of intent to lease suitable property;
(2) Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A) Answer the buyer's or lessee's questions regarding the steps the buyer must take to fulfill the terms of any contract; and
(B) Provide information to the buyer or lessee regarding offers or counteroffers;
(3) Assist the buyer or lessee in developing, communicating, and presenting offers or counteroffers; and
(4) In a timely manner:
(A) Present an offer to purchase or lease to the seller or lessor or their agent, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease; and
(B) Accept delivery of and present any counteroffers to the buyer or lessee.
(b) If a dual or multiple agency relationship is disclosed under § 17-42-108, a licensee does not breach a duty or an obligation to the buyer or lessee by:
(1) Showing property to other buyers or lessees; or
(2) Acting as an agent or subagent for other buyers or lessees or as an agent or subagent for 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) · 17-42-318
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:17-42-318
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 676604275538de92e584309807ce820820b8dfe603bec931d563b648afaf6379
Source location: content.xml paragraph 15568
Stored source content
17-42-318. Representing buyer or lessee in an agency relationship.
(a) When representing a buyer or lessee in an agency relationship, a licensee shall:
(1)(A) Use reasonable efforts to locate a property at a price and with purchase or lease terms acceptable to the buyer or lessee.
(B) Unless requested by the client, the licensee is not obligated to seek additional purchase or lease possibilities if the buyer or lessee has contracted to purchase or lease or has extended a letter of intent to lease suitable property;
(2) Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A) Answer the buyer's or lessee's questions regarding the steps the buyer must take to fulfill the terms of any contract; and
(B) Provide information to the buyer or lessee regarding offers or counteroffers;
(3) Assist the buyer or lessee in developing, communicating, and presenting offers or counteroffers; and
(4) In a timely manner:
(A) Present an offer to purchase or lease to the seller or lessor or their agent, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease; and
(B) Accept delivery of and present any counteroffers to the buyer or lessee.
(b) If a dual or multiple agency relationship is disclosed under § 17-42-108, a licensee does not breach a duty or an obligation to the buyer or lessee by:
(1) Showing property to other buyers or lessees; or
(2) Acting as an agent or subagent for other buyers or lessees or as an agent or subagent for 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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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-108. Disclosure requirement.
(a)(1) In every real estate transaction involving a licensee, the licensee shall clearly disclose to all parties or to their agents which party or parties he or she is representing.
(2) A licensee may represent more than one (1) party to a real estate transaction pursuant to and subject to rules of the Arkansas Real Estate Commission.
(b) The timing, method, and other requirements of such a disclosure shall be established by the commission, and the commission shall also determine the consequences of failure to make disclosure in accordance with such requirements.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-108
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. The source passage cites 17-42-108. This identifies an authority to review, not proof of applicability.