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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
§ 17-42-319. Waiver of agency duties
Universal Citation: AR Code § 17-42-319 (2017)
- (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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