Agency
An Oklahoma seller's agent learns that the seller has accepted an offer that is contingent on the buyer selling their current home. The agent's fiduciary duty requires the agent to:
AKeep this information confidential from all parties
BContinue to market the property and accept backup offers unless the seller instructs otherwise, protecting the seller's interests✓ Correct
CImmediately terminate the listing agreement
DDisclose the contingency publicly to all competing buyers
Explanation
A seller's agent has a duty of loyalty to the seller. When an accepted offer has a contingency, the agent should advise the seller about options such as continuing to market and accepting backup offers, unless the seller directs otherwise.
Related Oklahoma Agency Questions
- Under Oklahoma law, an agent who exceeds the authority granted by their principal is:
- An agent represents a buyer in Oklahoma. The seller's agent offers the buyer's agent a bonus to 'push' the deal through. The buyer's agent should:
- An Oklahoma agent who represents a seller must present all offers regardless of:
- An Oklahoma listing agent who learns that the seller's property has foundation damage is required to:
- Oklahoma law allows a broker to act as an intermediary (transaction broker) provided:
- The duty of 'obedience' in an Oklahoma agency relationship requires the agent to:
- In Oklahoma, an agent who receives instructions from their principal (seller) that would violate fair housing law should:
- A single broker represents both the buyer and seller in the same transaction in Oklahoma. This is known as:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →