Probate & statutory restrictions on sales price

[Mark Rogers]

I'm looking into direct mail marketing for probate leads and ran across an Arkansas state statute (Ark Code 28-51-303) which states in part: 

(2) (A) If the sale is to be at public auction, the property shall be sold for not less than three-fourths (3/4) of its appraised value.

(B) A private sale shall be for not less than the appraised value thereof.

For those of you who market for probate leads, are there similar restrictions in your state laws?  I'm sure that the heirs can still sell inherited property for whatever amount they wish, but I'm wondering if provisions like these tie the Personal Representative's hands such that the PR couldn't really sell the property to an Investor who is using the 70% rule?  Thanks!