An act TO CREATE THE BUYER BEWARE ACT, the official text

Stricken language would be deleted from and underlined language would be added to present law.

1 State of Arkansas                A Bill
2 95th General Assembly

3 Regular Session, 2025                                           HOUSE BILL 1905

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5 By: Representative Lundstrum

6 By: Senator J. Bryant

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8                               For An Act To Be Entitled

9   AN ACT TO CREATE THE BUYER BEWARE ACT; TO AMEND THE

10  LAW CONCERNING THE RESPONSIBILITIES OF REAL ESTATE

11  LICENSEES AND APPRAISERS; TO REQUIRE A REAL ESTATE

12  LICENSEE REPRESENTING A SELLER TO DIRECT THE SELLER

13  TO THE OFFICE OF THE COUNTY ASSESSOR FOR THE CURRENT

14  ASSESSED VALUE OF A RESIDENTIAL REAL ESTATE PROPERTY;

15  AND FOR OTHER PURPOSES.

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18                                 Subtitle

19                       TO CREATE THE BUYER BEWARE ACT; AND TO

20                       REQUIRE A REAL ESTATE LICENSEE

21                       REPRESENTING A SELLER TO DIRECT THE

22                       SELLER TO THE OFFICE OF THE COUNTY

23                       ASSESSOR FOR THE CURRENT ASSESSED VALUE

24                       OF A RESIDENTIAL REAL ESTATE PROPERTY.

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26 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:

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28  SECTION 1. DO NOT CODIFY. Title.

29  This act shall be known and may be cited as the "Buyer Beware Act".

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31  SECTION 2. Arkansas Code � 17-10-101, concerning the responsibilities

32 of real estate licensees and appraisers, is amended to add an additional

33 subsection to read as follows:

34  (e)(1) A licensee acting as the agent of an owner in the sale of

35 residential real estate property shall not disclose the current taxable value

36 of the residential real estate property in a listing of the residential real

    *LGL182*                                                  03/31/2025 10:33:05 AM LGL182
                                                                           HB1905

1 estate property.

2        (2) The listing under subdivision (e)(1) of this section shall

3 direct a potential or actual transferee of real property to contact the

4 office of the county assessor for the current assessed value of the

5 residential real estate property.

6        (3) The licensee under subdivision (e)(1) of this section shall

7 disclose in writing to a potential or actual transferee of real property

8 that:

9                   (A) Arkansas Constitution, Amendment 79, and state law

10 provide limitations for a taxpayer on the increase of the assessed value of

11 his or her real property;

12                  (B) The limitations under subdivision (e)(3)(A) of this

13 section do not transfer to the potential or actual transferee of real

14 property at the time of the real estate transaction; and

15                  (C) The office of the county assessor may provide the

16 assessed value of the residential real estate property at the request of the

17 potential or actual transferee of real property.

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