Arkansas Real Estate Practice Exam

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When must the licensee's agency relationship with the buyer or lessee be disclosed?

At the time of signing the contract
At the first contact with the seller, lessor, or their agent
Within 20 days after first contact
After closing the deal

The correct answer is: At the first contact with the seller, lessor, or their agent

It is important for the licensee's agency relationship with the buyer or lessee to be disclosed at the first contact with the seller, lessor, or their agent. This is because it sets clear expectations and avoids any misunderstandings about who is representing whom in the transaction. Options A and D are incorrect because they are either too early or too late to disclose the agency relationship, potentially causing confusion and legal issues. Option C is also incorrect because 20 days after first contact is too long to wait for disclosure and could lead to misunderstandings in the meantime. Overall, it is best practice to disclose the agency relationship as soon as possible to maintain transparency and trust in the real estate transaction.