Agency
An Oklahoma licensee who represents a buyer in purchasing a business that includes real estate must:
AOnly use a business broker's forms
BBe aware that the transaction involves both real property (requiring a real estate license) and potentially business goodwill and personal property (which may require a business broker or other disclosures)✓ Correct
CRefuse the transaction because it involves a business
DGet a separate license for business brokerage
Explanation
When a transaction involves both real estate and a business, the agent must ensure they are qualified to handle both components or involve appropriate specialists. Business assets, licenses, inventory, and goodwill are separate from real property and may require different documentation.
People Also Study
Related Oklahoma Questions
- A real estate licensee in Oklahoma who operates a personal real estate investment business must:Oklahoma License Law
- An Oklahoma licensee who represents a buyer in the purchase of a property listed by another broker in the same office would be practicing:Oklahoma License Law
- Under Oklahoma law, when a licensee represents a buyer in a new construction transaction, the licensee should advise the buyer to:Agency
- An Oklahoma buyer is purchasing a property that previously operated as a dry-cleaning business. The primary environmental concern is likely:Environmental
- An Oklahoma real estate licensee who advertises on social media must ensure that:Oklahoma License Law
- In Oklahoma, when must a licensee provide the 'Disclosure of Brokerage Relationship' form to a consumer?Agency
- A single broker represents both the buyer and seller in the same transaction in Oklahoma. This is known as:Agency
- Which duty does an Oklahoma licensee owe to ALL parties in a transaction, regardless of who they represent?Agency
Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →