Bill > HB1853

This bill amends Arkansas law regarding real estate agency relationships, specifically focusing on the duties and obligations of real estate licensees. The bill clarifies that licensees have a primary duty of absolute fidelity to protect and promote their client's interests, but introduces a new provision allowing multiple clients to contractually waive this absolute fidelity requirement if they consent to dual agency. The bill maintains and elaborates on a licensee's existing responsibilities, which include using reasonable efforts to further the client's interests, exercising skill and care, performing agency agreements, following client instructions, demonstrating loyalty, complying with statutes and rules, and disclosing material transaction facts. A significant change involves confidentiality provisions, allowing limited disclosure of confidential information in dual agency scenarios, particularly when such disclosure is authorized in writing by the client or required by law. The bill emphasizes that most licensee duties cannot be waived, with specific exceptions for dual agency scenarios, thereby providing more flexibility while still maintaining professional standards in real estate transactions.

Business and Industry

https://arkleg.state.ar.us/Bills/Detail?id=hb1853&ddBienniumSession=2025%2F2025R