Agency
An Oklahoma agent who represents a buyer in a new construction purchase from a builder should:
AAlways use only the builder's contract without review
BAdvise the buyer to have an attorney review the builder's contract, conduct independent inspections, and ensure the buyer's interests are represented throughout the process✓ Correct
CAssume the builder's contracts are always fair
DDiscourage buyer inspections because the home is new
Explanation
New construction transactions involve builder contracts that heavily favor the builder. A buyer's agent should advocate for their client's interests: advise attorney review, recommend independent inspections at each construction phase, and help the buyer understand contract terms.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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