Agency
An Oklahoma real estate licensee who discloses a seller's confidential information — such as the minimum price the seller will accept — to a buyer without authorization is:
AProviding good service to the buyer
BBreaching the fiduciary duty of confidentiality owed to the seller client, which could result in OREC discipline and civil liability✓ Correct
CActing as a dual agent
DFollowing standard industry practice
Explanation
Confidentiality is a core fiduciary duty. Disclosing the seller's minimum acceptable price gives the buyer an unfair negotiating advantage and directly harms the seller.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Math Concepts
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