Arkansas Real Estate License FREE Arkansas Real Estate License Agency Relationships and Disclosures Questions and Answers 2

Question 1

Under Arkansas law, when must a real estate licensee provide a written agency disclosure to a prospective client?

Accepted Answer

At the first substantive contact

Answer

At closing

Answer

After the offer is accepted

Answer

Only if the client requests it

Question 2

In Arkansas, what type of agency relationship allows a broker to represent both the buyer and seller in the same transaction?

Accepted Answer

Dual agency

Answer

Single agency

Answer

Subagency

Answer

Transaction brokerage

Question 3

Which document must an Arkansas licensee use to confirm the type of agency relationship with a client?

Accepted Answer

Agency confirmation statement

Answer

Purchase agreement

Answer

Listing agreement only

Answer

MLS data sheet

Question 4

What is the primary fiduciary duty an Arkansas real estate agent owes to their client?

Accepted Answer

Loyalty, placing the client's interests above their own

Answer

Obedience to all instructions without exception

Answer

Providing legal advice on contracts

Answer

Guaranteeing the sale price

Question 5

In Arkansas, if a seller's agent discovers a material defect in the property, what is their disclosure obligation?

Accepted Answer

Disclose to all parties regardless of whom they represent

Answer

Disclose only if asked by the buyer

Answer

No obligation to disclose

Answer

Disclose only to their client

Question 6

Under Arkansas real estate law, what happens if a licensee fails to make required agency disclosures?

Accepted Answer

The licensee may face disciplinary action including license suspension or revocation

Answer

The transaction is automatically voided

Answer

Nothing, disclosures are optional

Answer

Only a small fine is imposed