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Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-42-319. Waiver of agency duties

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A licensee shall perform the duties required under § 17-42-317 or § 17-42-318 unless the client agrees to waive these duties and signs a waiver of duties statement that contains:

(1) A list of the fiduciary duties required of all licensees under § 17-42-316;

(2) A list of the duties contained in § 17-42-317 or § 17-42-318 set forth in a manner that allows for the parties to indicate each duty that is being waived; and

(3) The following language in at least 10-point boldface type:

“Agreement to Waive

By signing below, I agree that the real estate licensee who represents me will not perform the duties that are initialed above. I also understand that in a proposed real estate transaction, no other real estate licensee will perform the waived duties, and I realize that I may need to hire other professionals such as an attorney.

_________________________________________________

_________________________________________________

Signature of Client

Date

_________________________________________________

_________________________________________________

Signature of Licensee

Date”

(b) If a licensee enters into an agency relationship containing the waivers outlined in this section, all reasonable efforts must be taken to inform other licensees that:

(1) Any moneys of others, including without limitation earnest money, advance fees, or security deposits are not to be transmitted or kept by the licensee, notwithstanding other applicable statutes and rules; and

(2) A licensee for a buyer or lessee remains authorized to present offers to buy, lease, or rent real property directly to the licensee's principal notwithstanding a:

(A) Waiver under subsection (a) of this section; or

(B) Conflicting statute or rule.

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Cite this article: FindLaw.com - Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-42-319. Waiver of agency duties - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-17-professions-occupations-and-businesses/ar-code-sect-17-42-319/

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