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

In Arkansas, what is a transaction broker's role compared to a traditional agent?

Answer: They provide facilitation services without representing either party as a client

A transaction broker facilitates the real estate transaction without establishing a fiduciary relationship with either the buyer or the seller.

Which of the following is NOT a fiduciary duty owed by an Arkansas real estate agent to their client?

Answer: Guaranteeing profit on the investment

Guaranteeing profit is not a fiduciary duty; agents owe duties of loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.

When dual agency is practiced in Arkansas, what must the broker obtain from both parties?

Answer: Informed written consent

Both the buyer and seller must provide informed written consent before a broker may act as a dual agent in Arkansas.

An Arkansas buyer's agent learns that the buyer plans to offer above asking price. Can the agent share this with the seller?

Answer: No, this is confidential client information

A buyer's agent has a fiduciary duty of confidentiality and must not disclose the buyer's negotiating strategy or willingness to pay more to the seller.

Under Arkansas law, what must be disclosed about properties located in a designated flood zone?

Answer: The agent must provide a written flood zone disclosure to the buyer

Arkansas requires that buyers be informed in writing if a property is located in a designated flood zone as part of material property disclosures.

In Arkansas, who is responsible for ensuring that all required property condition disclosures are provided to the buyer?

Answer: The seller and the listing agent

Both the seller and the listing agent share responsibility for ensuring that all required property condition disclosures are provided to the buyer.