Under Arkansas agency law, which of the following pieces of information is a buyer's agent REQUIRED to disclose to the buyer client, even if the buyer did not ask for it?
Correct Answer
A) The fact that the property is located near a planned highway expansion that could affect value
A buyer's agent in Arkansas owes fiduciary duties to the buyer, which include the duty to disclose all material facts that could affect the buyer's decision. A planned highway expansion near the property is a material fact that could significantly affect the property's value and the buyer's use and enjoyment. The agent must disclose this proactively, even without being asked, as part of the duty of disclosure owed to the buyer client.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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