Agency
In Arkansas, what must occur before a broker can represent both the buyer and seller in the same transaction?
AThe broker must resign from one side of the transaction
BBoth parties must provide written informed consent to dual agency✓ Correct
CThe broker must notify AREC in writing
DOnly verbal agreement from both parties is required
Explanation
Arkansas requires written informed consent from both the buyer and the seller before a broker may act as a dual agent, representing both parties in the same transaction.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
AREC Regulation
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