Agency
When a salesperson acts as a dual agent, which of the following statements is TRUE?
AThe salesperson may share confidential pricing information from both sides to close the deal
BFull fiduciary duties are still owed to both buyer and seller individually
CBoth parties must give written informed consent before the dual agency may proceed✓ Correct
DThe salesperson automatically becomes a transactional broker
Explanation
Dual agency in Arkansas requires the written informed consent of both the buyer and the seller. Without this consent, proceeding as a dual agent violates license law.
Related Arkansas Agency Questions
- The fiduciary duty of CONFIDENTIALITY requires an agent to:
- The duty of 'reasonable care' requires a licensee to:
- Under Arkansas law, a real estate licensee must provide an agency disclosure to prospective clients:
- A licensee who assists a buyer in a transaction but does not represent them is most accurately described as a:
- A buyer's agent discovers that their buyer-client has a maximum budget of $300,000 but the seller is asking $280,000. Under buyer agency, the agent should:
- Which type of listing gives the broker the right to a commission regardless of who sells the property, even if the owner sells it themselves?
- The duty of 'accounting' in an agency relationship means the agent must:
- A seller's agent who also acts as a mortgage loan originator for the same buyer in the same transaction would most likely violate:
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