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Section 8: Agency Disclosure

8.1 Seller or Lessor Agents

     (a)(1) In any real estate transaction in which a licensee is acting solely as agent for a seller or lessor, the licensee shall disclose to a potential buyer or lessee, or to the buyer’s or lessee’s licensed agent, the licensee’s agency relationship with the seller or lessor. Such disclosure shall be made in a timely manner under the particular circumstances so as to avoid to the extent possible eliciting or receiving from the prospective buyer or lessee information which would reasonably be expected to remain confidential and not disclosed to the seller or lessor, such as, for example, information concerning the real estate needs or motivations, negotiating strategies or tactics, or the financial situation of the potential buyer or lessee.

     (2) When the disclosure is made to the licensed agent of the buyer or lessee, it is that licensee’s duty to convey the disclosure to the buyer or lessee in a timely manner.

     (b) In all cases, disclosure shall be in writing, but may initially be made orally and reduced to writing at a convenient time subject to the requirements of Regulation 8.1

     (c). Evidence of the disclosure shall be maintained by the licensee. (c) In all cases, however, such disclosure must be made before the buyer or lessee signs any document related to the transaction, such as an offer or lease or rental agreement.

 

8.2 Buyer or Lessee Agents

      (a)(1) In any real estate transaction in which a licensee is acting solely as agent for a buyer or lessee, the licensee shall disclose to a potential seller or lessor or to the seller’s or lessor’s licensed agent, the licensee’s agency relationship with the buyer or lessee. Such disclosure shall be made at the first contact with the seller, lessor, or the agent of the seller or lessor.

      (2) When the disclosure is made to the licensed agent of the seller or lessor, it is that licensee’s duty to convey the disclosure to the seller or lessor in a timely manner.

        (b) In all cases, disclosure shall be in writing, but may initially be made orally and reduced to writing at a convenient time subject to the requirements of Regulation 8.2(c). Evidence of the disclosure shall be maintained by the licensee.

        (c) In all cases, however, such disclosure must be made before the seller or lessor signs any document related to the transaction, such as an offer or lease or rental agreement.

 

8.3 Dual Agency

      (a) A licensee who represents both the seller and buyer in a real estate transaction, or both the lessor or tenant in a real estate lease or rental transaction shall make disclosure in the time and manner required by Regulations 8.1 and 8.2 and all parties to the transaction must have given their written consent to such dual representation prior to or at the time of execution of the agency contract, listing contract, property management contract, lease, rental agreement, offer and acceptance contract or other real estate contract.

      (b) Notwithstanding Regulation 8.3(a), a licensee shall not accept a commission, rebate, profit, payment, compensation or other valuable consideration in connection with a real estate transaction or real estate activity from any person or entity except the licensed principal broker under whom the licensee is licensed.

   

Arkansas law requires I disclose even to potential parties which side I represent.   This should be easy but it is not so black and white in a lease transactions.

Click here for a copy of the Statue.

I don't represent the Property Manager/Owner/lessor so I must represent the tenant/lessee, right?   But I don't feel like I do.  I don't apply for you (make an offer), I don't see the lease (contract) and not much of an opportunity to negotiate for you.  Once you apply the Property Manager/Owner will reach out to you not me.    If a approved they will ask you for security deposit even before seeing the lease in most cases.   No room for me to really represent you.    Because of this I consider myself a showing agent. 

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