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People also ask
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What is the most widely used type of agency representation agreement in real estate?
An exclusive right-to-sell listing is the most commonly used contract. With this type of listing agreement, one broker is appointed the sole seller's agent and has exclusive authorization to represent the property.
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Who is the executive director of the Arkansas Real Estate Commission?
Melissa Goff Named AREC Executive Director. I am pleased to announce Ms. Melissa Goff as the new Executive Director of the Arkansas Real Estate Commission. Having served for the past 3 1/2 years as Deputy Director, Ms.
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What is agency representation in real estate?
The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. The seller's representative (also known as a listing agent or seller's agent) is hired by and represents the seller.
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Does Arkansas allow dual agency in real estate?
Both Seller and Buyer must have given their written consent to such dual representation prior to or at the time of execution of any Agency Agreement, Listing Agreement or Real Estate Con- tract.
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What does agency representation mean?
An agency representation agreement is a legally-binding contract that creates an agency relationship authorizing a broker to serve as the agent for a principal in a real estate transaction. The written agreement is essentially an employment contract between the broker and the principal.
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What does agency mean in real estate?
Agency, which creates a legally binding relationship between the real estate agent and their client during the buying and selling process, is one of the most important aspects of the real estate profession. Because of agency, real estate agents to act in their client's best interest.
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What does representation mean in real estate?
Representation essentially refers to the connection between a real estate professional and their client, where the agent acts in the interests of the client during a transaction. This connection is guided by responsibilities such as loyalty, confidentiality, disclosure, obedience, and reasonable care.
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What is the Arkansas Real Estate Commission post license classroom hour requirement for a new salesperson or broker?
Post-License Guidelines The AREC post-license requirement for a new salesperson is 18 classroom hours and must be taken by the end of the month six (6) months* after the date the individual was initially licensed.
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