The proposed legislation, known as the "Buyer Beware Act," aims to amend existing laws regarding the responsibilities of real estate licensees and appraisers in Arkansas. It specifically requires that real estate licensees representing sellers must direct sellers to the county assessor's office to obtain the current assessed value of residential properties. This act emphasizes the importance of transparency in real estate transactions, ensuring that potential buyers are informed about property valuations.

Additionally, the bill introduces new provisions that prohibit licensees from disclosing the current taxable value of residential properties in listings. Instead, they must include a directive for potential buyers to contact the county assessor for this information. Furthermore, licensees are required to provide written disclosures to potential buyers regarding limitations on assessed value increases as outlined in the Arkansas Constitution and state law, clarifying that these limitations do not carry over to new property owners during transactions.

Statutes affected:
HB 1905: 17-10-101