What is an Arkansas licensee's obligation when they are aware of a material defect in a property?
Correct Answer
B) Disclose it to all parties in the transaction
Under Arkansas license law, a licensee who is aware of a material defect must disclose it to all parties in the transaction, regardless of which party the licensee represents. This duty to disclose material facts cannot be waived and applies even when the information may be adverse to the licensee's client.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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