Agency
An Oklahoma real estate agent who provides clients with referrals to mortgage lenders, inspectors, or other service providers should:
AOnly refer to services that pay them the highest referral fees
BDisclose any financial relationships with referred providers to clients; recommending service providers should be based on quality and the client's best interests, not hidden financial incentives✓ Correct
CKeep referral relationships confidential
DGuarantee the performance of referred service providers
Explanation
Agents who receive compensation for referrals must disclose this to clients (RESPA also requires disclosure for settlement service referrals). Referrals should be based on provider quality and the client's needs, not on which provider offers the biggest kickback to the agent.
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Key Terms to Know
Lien
A 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.
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.
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