Agency
An Oklahoma seller instructs their listing agent not to disclose that the basement has flooded twice. The agent's legal and ethical obligation is to:
AFollow the seller's instructions because the seller is the client
BRefuse to comply with instructions to conceal material defects; the agent cannot misrepresent or conceal known material facts from buyers✓ Correct
CDisclose the flooding only if directly asked
DAdd a disclaimer to the MLS that no disclosures will be made
Explanation
An agent cannot follow client instructions that require concealing known material defects. Oklahoma law and OREC ethics prohibit misrepresentation or active concealment of material facts.
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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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