Exclusive right to sell means that the agency (the brokerage firm that the agent works for) will handle all offers and inquiries, and will receive a commission regardless of how the property is sold. Exclusive agency means the seller retains the right to sell the property on their own, and the agency will not receive a commission unless they produce a buyer. Open listing refers to a general contract where the agency has the right to sell the property, but the seller can enter into other listing agreements with additional brokers (and a commission is only received if the agency produces a buyer).

• Laws – ARC § 10.13
• Dual Agency (AR Code § 17-42-108(a)(2) and ARC § 8.3) – As long as written disclosure is provided to both parties before any agreement is signed or transaction completed, and both parties provide written consent, a broker may act as a dual agent.
• Purchase Agreement – This document is used to define the terms and conditions of the sale of residential real estate, completed and signed by the buyer, seller, and agent(s).

Disclosures / Waivers (2)

Agency Representation Disclosure (AR Code § 17-42-108(a)(1) and ARC § 8.1 – 8.2) – Whenever a real estate broker is representing a party to a real estate transaction (buyer or seller), they must disclose to the other party or their agent the agency relationship between them and their client. Download: PDF

Property Disclosure Statement (AREC § 10.6) – A property disclosure statement is not specifically required by state law to be provided to buyers from sellers of real property; however, real estate brokers are bound by the Arkansas Real Estate Commission to provide facts to a buyer and their agent that are material to the value or desirability of the property. Download: PDF