(1) In every real estate transaction involving a licensee, the licensee shall clearly disclose to all parties or to their agents which party or parties he or she is representing.
(2) A licensee may represent more than one (1) party to a real estate transaction pursuant to and subject to rules of the Arkansas Real Estate Commission.
(3) The timing, method, and other requirements of such a disclosure shall be established by the commission, and the commission shall also determine the consequences of failure to make disclosure in accordance with such requirements.