Arkansas Real Estate Salesperson Exam — All Questions

Before a consumer discloses confidential information, an Arkansas licensee is expected to:

• a.Collect a nonrefundable retainer
• b.Disclose whom the licensee represents in the transaction✓
• c.Obtain a preapproval letter
• d.Record a memorandum of the listing

Arkansas requires licensees to disclose the agency relationship, identifying whether the licensee represents the seller, the buyer, both, or neither, so the consumer understands the relationship before revealing confidential information. Timely agency disclosure is a core consumer-protection requirement.

A licensee's firm may represent both the buyer and the seller in the same Arkansas transaction only when:

• a.The sale price is below a set threshold
• b.The principal broker approves after closing
• c.Both parties give informed written consent✓
• d.The Commission grants a waiver

Dual agency is permitted only with the informed written consent of both parties. A dual agent must remain neutral on price and terms and may not reveal one party's confidential negotiating information to the other, because dual agency limits the advocacy each client would otherwise receive.