The proposed "Buyer Beware Act" aims to enhance transparency in real estate transactions by amending the responsibilities of real estate licensees and appraisers. Under the new provisions, a real estate licensee representing a seller is prohibited from disclosing the current taxable value of a residential property in listings. Instead, the licensee must direct potential buyers to the county assessor's office to obtain the current assessed value of the property. This change is intended to ensure that buyers are aware of the assessed value and any limitations on property tax increases that may not transfer to them upon purchase.

Additionally, the act requires that the licensee provide written disclosures to potential buyers, informing them about the limitations on assessed value increases as outlined in Arkansas Constitution, Amendment 79, and state law. The disclosures clarify that these limitations do not carry over to the new property owner during the transaction. Overall, the "Buyer Beware Act" seeks to protect buyers by ensuring they have access to critical information regarding property assessments and tax implications.

Statutes affected:
HB 1905: 17-10-101