Arkansas Agency and Property Management
Arkansas requires timely agency disclosure and trust handling of property-management funds. This chapter covers agency disclosure timing, dual agency consent, and trust handling in property management.
Agency Disclosure
Arkansas requires timely written agency disclosure so a consumer understands whether the licensee represents the seller, the buyer, or acts in another capacity before an agency relationship is established. Disclosing early, rather than at closing or only on request, lets the consumer make an informed choice.
Dual Agency
A firm may represent both buyer and seller only with the informed written consent of both parties. As a dual agent it cannot fully advocate for either side and must protect each party's confidential information. Consent must be documented and does not depend on price or waiving inspections.
Property-Management Trust Funds
Rents, security deposits, and other funds collected while managing property for an owner must be held in the firm's trust account with proper records and accounted for to the owner. The principal broker is responsible for these funds, and commingling them with firm or personal money violates Arkansas law.