Agency
AREC requires agency disclosure in Arkansas to be made to prospective buyers and sellers. The primary purpose of agency disclosure is to:
AAllow AREC to monitor all transactions
BEnsure consumers understand who the agent represents and what duties they owe✓ Correct
CPrevent dual agency in all transactions
DGuarantee consumer access to the MLS
Explanation
Agency disclosure ensures that buyers and sellers understand whose interests the agent represents, what fiduciary duties are owed, and the implications of different agency relationships before confidential information is exchanged.
Related Arkansas Agency Questions
- In Arkansas, when a licensee works with a buyer but has NO written buyer-agency agreement, the licensee is presumed to be:
- The duty of 'accounting' in an agency relationship means the agent must:
- Which action by an agent would constitute a breach of the duty of loyalty?
- If a buyer's agent learns that the buyer's maximum budget is $250,000 while the listing is priced at $230,000, the agent should:
- An agent who has NOT been hired by a buyer but nonetheless acts in ways that create a reasonable belief of representation is an example of:
- A listing agent learns that the seller is willing to accept $10,000 less than the asking price. Under seller agency, the agent:
- In a designated agency arrangement in Arkansas, the designated agents each represent:
- In an Arkansas real estate transaction, the agent who represents the seller is typically called the:
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