Arkansas License Law
Under the Arkansas Property Disclosure Act, when must the seller's disclosure be provided to the buyer?
AAt closing
BWithin 3 days after an offer is accepted
CPrior to or at the time the buyer makes an offer✓ Correct
DOnly if requested by the buyer's agent
Explanation
The Arkansas Property Disclosure Act requires that the seller's disclosure statement be provided to the buyer prior to or at the time the buyer makes an offer, allowing the buyer to make an informed decision.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
Disclosure Requirements
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