Agency
An Oklahoma real estate agent who is a buyer's agent discovers that the property their buyer client wants to purchase has an encroachment from a neighbor's fence. The agent's duty requires them to:
AIgnore the encroachment to facilitate the sale
BDisclose the encroachment to the buyer and advise them to have a survey done, as it is a material fact affecting title and value✓ Correct
CKeep the information confidential because it might kill the deal
DOnly disclose if the buyer specifically asks about fences
Explanation
A buyer's agent has a duty to disclose all material facts affecting the property's value, title, or desirability to their client. An encroachment is a material defect affecting title.
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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.
AgencyA 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.
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