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17-42-319. Waiver of agency duties.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-319. Waiver of agency duties.
(a) A licensee shall perform the duties required under § 17-42-317 or § 17-42-318 unless the client agrees to waive these duties and signs a waiver of duties statement that contains:
(1) A list of the fiduciary duties required of all licensees under § 17-42-316;
(2) A list of the duties contained in § 17-42-317 or § 17-42-318 set forth in a manner that allows for the parties to indicate each duty that is being waived; and
(3) The following language in at least 10-point boldface type:
“Agreement to Waive
By signing below, I agree that the real estate licensee who represents me will not perform the duties that are initialed above. I also understand that in a proposed real estate transaction, no other real estate licensee will perform the waived duties, and I realize that I may need to hire other professionals such as an attorney.
____________________ ____________________
Signature of Client Date
____________________ ____________________
Signature of Licensee Date”
(b) If a licensee enters into an agency relationship containing the waivers outlined in this section, all reasonable efforts must be taken to inform other licensees that:
(1) Any moneys of others, including without limitation earnest money, advance fees, or security deposits are not to be transmitted or kept by the licensee, notwithstanding other applicable statutes and rules; and
(2) A licensee for a buyer or lessee remains authorized to present offers to buy, lease, or rent real property directly to the licensee's principal notwithstanding a:
(A) Waiver under subsection (a) of this section; or
(B) Conflicting statute or rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-319
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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Stable record: arkansas_code:legal_authorities:17-42-319
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 6ab85f0c9c53a97a4e1750b001ed45ebf23f4fa99ec6b762d4932cc0d76be5d1
Source location: content.xml paragraph 15586
Stored source content
17-42-319. Waiver of agency duties.
(a) A licensee shall perform the duties required under § 17-42-317 or § 17-42-318 unless the client agrees to waive these duties and signs a waiver of duties statement that contains:
(1) A list of the fiduciary duties required of all licensees under § 17-42-316;
(2) A list of the duties contained in § 17-42-317 or § 17-42-318 set forth in a manner that allows for the parties to indicate each duty that is being waived; and
(3) The following language in at least 10-point boldface type:
“Agreement to Waive
By signing below, I agree that the real estate licensee who represents me will not perform the duties that are initialed above. I also understand that in a proposed real estate transaction, no other real estate licensee will perform the waived duties, and I realize that I may need to hire other professionals such as an attorney.
____________________ ____________________
Signature of Client Date
____________________ ____________________
Signature of Licensee Date”
(b) If a licensee enters into an agency relationship containing the waivers outlined in this section, all reasonable efforts must be taken to inform other licensees that:
(1) Any moneys of others, including without limitation earnest money, advance fees, or security deposits are not to be transmitted or kept by the licensee, notwithstanding other applicable statutes and rules; and
(2) A licensee for a buyer or lessee remains authorized to present offers to buy, lease, or rent real property directly to the licensee's principal notwithstanding a:
(A) Waiver under subsection (a) of this section; or
(B) Conflicting statute or rule.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-316. Agency relationship and duties generally.
(a) The common law of agency under Arkansas as supplemented by this section applies to the relationship between a licensee and the licensee's client.
(b)(1) In accepting employment by a client, a licensee pledges a primary duty of absolute fidelity to protect and promote the interests of the client or clients.
(2) The licensee's duty includes without limitation the obligation to:
(A) Use reasonable efforts to further the interest of the client;
(B) Exercise reasonable skill and care in representing the client and carrying out the responsibilities of the agency relationship;
(C) Perform the terms of the written agency agreement;
(D) Follow lawful instructions of the client unless doing so would expose the licensee to liability from another party to a contract, lease, or rental agreement;
(E) Perform all duties specified in this section in a manner that demonstrates loyalty to the interests of the client;
(F) Comply with all requirements of this section and other applicable statutes and rules;
(G) Disclose to the client material facts of the transaction that the licensee is aware of or should be aware of in the exercise of reasonable skill and care and that are not confidential information under a current or prior agency or dual agency relationship;
(H) Advise the client to obtain expert advice concerning material matters when necessary or appropriate;
(I) Account in a timely manner for all moneys and property received in which the client has or may have an interest;
(J) Keep confidential all confidential information; and
(K) Refrain from disclosing confidential information to a licensee who is not an agent of the client.
(c) The duties required of a licensee under this section may not be w
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-316
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 17-42-316. This identifies an authority to review, not proof of applicability.
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. The source passage cites 17-42-317. This identifies an authority to review, not proof of applicability.
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. The source passage cites 17-42-318. This identifies an authority to review, not proof of applicability.