Arkansas Real Estate Law Mid-Term Exam Questions and Answers

In a timely manner A licensee is representing the seller solely in a real estate transaction. When must the agent disclose his or her agency relationship to the prospective buyer? At first contact A licensee is representing the buyer solely in a real estate transaction. When must the agent disclose his or her agency relationship to the seller or the agent of the seller? No, not without written consent from the seller for dual representation A buyer prospect enters into a buyer agency contract with the licensee. The prospect is interested in seeing the licensee's listing. At the time of the listing, the seller authorized the licensee to a seller agency only. Can the licensee show the property to this buyer prospect? $1000 per violation A licensee fails disclose his or her agency relationship under the time and manner required by law. If found in violation, the Arkansas Real Estate Commission may impose a fine of Inform the buyer the showing cannot occur without written consent from the seller A buyer wishes to enter into a buyer agency relationship. On the particular house that the buyer wants to look at, the seller did not give written dual agency authorization to ABC Realty. this situation, the agent can is entitled to collect a commission A licensed broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker is entitled to collect a commission A licensed broker procures a ready, willing, and able buyer for his or her seller-principal. The seller first accepts the buyer's offer in writing, then experiences a change of heart and withdraws the original acceptance. In this situation, the broker Yes, it can occur if both the buyer and the seller give their written consent to dual agency A real estate company has entered into agency agreements with both a seller and buyer. The buyer is interested in making an offer on the seller's property Can this occur?