Agency
An Oklahoma real estate agent who is also a licensed attorney may:
AProvide legal advice as part of their real estate services without additional disclosure
BProvide both real estate and legal services, but must clearly identify which capacity they are acting in at each point✓ Correct
COnly practice real estate and not law simultaneously
DCharge a single combined fee for both services
Explanation
A dual-licensed real estate agent/attorney in Oklahoma must clearly distinguish when they are acting as a real estate agent (fiduciary under the broker) and when they are providing legal advice as an attorney (separate professional relationship). Conflicts of interest and clear disclosure are critical.
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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.
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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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