Agency
Under Arkansas law, when must agency disclosure be provided to a prospective buyer or seller?
AAt the time of closing
BBefore or at the time of first substantive contact✓ Correct
CWhen the purchase contract is signed
DAfter the buyer has viewed at least one property
Explanation
Arkansas license law mandates written agency disclosure before or at the time of the first substantive contact — such as when the licensee begins to assist the consumer with their real estate needs.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same 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
License Law
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