Agency
An Oklahoma listing agent tells a buyer that the property has 'no known defects' without personally inspecting or verifying this statement. This could be:
AAn acceptable statement based on the seller's representations
BA negligent or fraudulent misrepresentation if defects exist; agents should qualify statements about property condition and disclose known material facts✓ Correct
CStandard disclaimer language
DRequired by OREC disclosure forms
Explanation
Agents can be held liable for misrepresentation even when relying on seller statements, particularly if they should have known better. Saying 'no known defects' without qualification implies personal knowledge.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
Disclosure Requirements
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