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(a) When representing a buyer or lessee in an agency relationship, a licensee shall:
(1)(A) Use reasonable efforts to locate a property at a price and with purchase or lease terms acceptable to the buyer or lessee.
(B) Unless requested by the client, the licensee is not obligated to seek additional purchase or lease possibilities if the buyer or lessee has contracted to purchase or lease or has extended a letter of intent to lease suitable property;
(2) Within the scope of knowledge required for licensure, but without violating the limits of the licensee's authority:
(A) Answer the buyer's or lessee's questions regarding the steps the buyer must take to fulfill the terms of any contract; and
(B) Provide information to the buyer or lessee regarding offers or counteroffers;
(3) Assist the buyer or lessee in developing, communicating, and presenting offers or counteroffers; and
(4) In a timely manner:
(A) Present an offer to purchase or lease to the seller or lessor or their agent, regardless of whether or not the property is subject to a contract of sale, lease, or letter of intent to lease; and
(B) Accept delivery of and present any counteroffers to the buyer or lessee.
(b) If a dual or multiple agency relationship is disclosed under § 17-42-108, a licensee does not breach a duty or an obligation to the buyer or lessee by:
(1) Showing property to other buyers or lessees; or
(2) Acting as an agent or subagent for other buyers or lessees or as an agent or subagent for sellers or lessors.
(c) This section does not permit a licensee to perform any act or service that constitutes the practice of law.
Cite this article: FindLaw.com - Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-42-318. Representing buyer or lessee in an agency relationship - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-17-professions-occupations-and-businesses/ar-code-sect-17-42-318.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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