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2017 Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Chapter 42 - Real Estate License Law
Subchapter 3 - Licenses
§ 17-42-317. Representing seller or lessor in an agency relationship
Universal Citation: AR Code § 17-42-317 (2017)
- (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.
- (1)
- (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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