Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas HB1905: TO CREATE THE BUYER BEWARE ACT; AND TO REQUIRE A REAL ESTATE LICENSEE REPRESENTING A SELLER TO DIRECT THE SELLER TO THE OFFICE OF THE COUNTY ASSESSOR FOR THE CURRENT ASSESSED VALUE OF A RESIDENTIAL REAL ESTATE PROPERTY
Status: Failed, May 5, 2025
What the bill says
An act to be entitled an act to create the buyer beware act; to amend the law concerning the responsibilities of real estate licensees and appraisers; to require a real estate licensee representing a seller to direct the seller to the office of the county assessor for the current assessed value of a residential real estate property; and for other purposes. subtitle to create the buyer beware act; and to require a real estate licensee representing a seller to direct the seller to the office of the county assessor for the current assessed value of a residential real estate property.
From the introduced text:
An Act To Be Entitled AN ACT TO CREATE THE BUYER BEWARE ACT; TO AMEND THE LAW CONCERNING THE RESPONSIBILITIES OF REAL ESTATE LICENSEES AND APPRAISERS; TO REQUIRE A REAL ESTATE LICENSEE REPRESENTING A SELLER TO DIRECT THE SELLER TO THE OFFICE OF THE COUNTY ASSESSOR FOR THE CURRENT ASSESSED VALUE OF A RESIDENTIAL REAL ESTATE PROPERTY; AND FOR OTHER PURPOSES. Subtitle TO CREATE THE BUYER BEWARE ACT; AND TO REQUIRE A REAL ESTATE LICENSEE REPRESENTING A SELLER TO DIRECT THE SELLER TO THE OFFICE OF THE COUNTY ASSESSOR FOR THE CURRENT ASSESSED VALUE OF A RESIDENTIAL REAL ESTATE PROPERTY. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. DO NOT CODIFY. Title. This act shall be known and may be cited as the "Buyer Beware Act". SECTION 2. Arkansas Code § 17-10-101, concerning the responsibilities of real estate licensees and appraisers, is amended to add an additional subsection to read as follows: (e)(1) A licensee acting as the agent of an owner in the sale of residential real estate property shall not disclose the current taxable value of the residential real estate property in a listing of the residential real *LGL182* 03/31/2025 10:33:05 AM LGL182 HB1905 estate property. (2) The listing under subdivision (e)(1) of this section shall direct a potential or actual transferee …