2010 Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Chapter 10 - General Provisions
§ 17-10-101 - Responsibilities of real estate licensees and appraisers.

17-10-101. Responsibilities of real estate licensees and appraisers.

(a) As used in this section:

(1) "Agent" means any licensee as defined under 17-42-103(10)(A) or any appraiser;

(2) "Appraiser" means any appraiser, state-certified appraiser, state-certified residential appraiser, state-licensed appraiser, or state-registered appraiser, as those terms are defined under 17-14-103;

(3) "Licensee" shall have the same meaning as provided by 17-42-103(10);

(4) "Offender" shall have the same meaning as provided by 12-12-903(7);

(5) "Psychologically impacted" means without limitation that the real property was or was at any time suspected to have been the site of a homicide, suicide, or felony; and

(6) "Transferee" means and includes without limitation a buyer, purchaser, grantee, lessee, tenant, or one receiving any estate or interest in real property.

(b) The existence of any fact or circumstance or suspicion of the existence of any fact or circumstance that indicates a property might be or is psychologically impacted is not a material fact that must be disclosed in a real property transaction.

(c) No cause of action shall arise against an appraiser of real property, a licensee as agent of an owner, or a licensee as agent of a potential or actual transferee of real property for failure to inquire about, make a disclosure about, or release information about the existence of any fact or circumstance or suspicion of the existence of any fact or circumstance that indicates that the real property is psychologically impacted.

(d) No cause of action shall arise against an appraiser of real property, a licensee as agent of an owner, or a licensee acting as agent of a potential or actual transferee of real property for failure to inquire about, make a disclosure about, or release information about the existence of the fact that real property is located in the vicinity of an offender.

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