Agency
An Oklahoma listing agent who is approached by a buyer at an open house must disclose their agency relationship. If the buyer wishes to make an offer, the agent should:
ADraft the offer and represent both parties without further discussion
BInform the buyer that the agent represents the seller and discuss options: the buyer can proceed unrepresented, seek their own agent, or consider applicable disclosed dual agency or transaction brokerage options✓ Correct
CRefuse to assist the buyer in any way
DAct as the buyer's agent automatically when taking the offer
Explanation
A listing agent at an open house must disclose they represent the seller when a buyer wants to make an offer. The agent should explain the buyer's options for representation and ensure any agency arrangement going forward is properly disclosed and consented to in writing.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate 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.
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