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 real estate licensees representing sellers to direct potential buyers 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 buyers are informed about property valuations.

Additionally, the bill introduces new requirements for licensees, including a prohibition on disclosing the current taxable value of residential properties in listings. Instead, they must provide written disclosures to potential buyers regarding the limitations on assessed value increases as outlined in Arkansas law, clarifying that these limitations do not carry over to new property owners. This legislation seeks to protect buyers by ensuring they have access to accurate and relevant information about property values before making purchasing decisions.

Statutes affected:
HB 1905: 17-10-101