Which of the following duties does an Arkansas licensee owe to ALL parties in a transaction, including those who are not the licensee's client?
Correct Answer
C) Honesty and fair dealing
Under Arkansas license law, a licensee owes honesty and fair dealing to all parties in a transaction, including customers who are not the licensee's client. Duties such as loyalty, obedience, and confidentiality are fiduciary duties owed exclusively to the licensee's client, not to all parties.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
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.
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