HB1853

House Bill 1853 proposes amendments to Arkansas real estate law regarding the fiduciary duties of licensed real estate professionals. The primary change allows clients participating in a dual agency arrangement to contractually waive the licensee's duty of 'absolute fidelity.' Furthermore, the bill specifies that the obligation to maintain client confidentiality may be limited by contract under dual agency, particularly regarding information that could compromise a client's negotiating position. It clarifies that while these specific duties are typically non-waivable under state law, the exceptions for dual agency will now be explicitly permitted. The bill outlines the general responsibilities of a licensee, including acting with reasonable care, loyalty, and timely accounting for funds. These changes aim to provide a legal framework for the practical realities of dual representation in real estate transactions.