Contracts
In Oklahoma, a power of attorney authorizing someone to execute real estate contracts or deeds on behalf of another must be:
AVerbal agreement between the parties
BIn writing, signed by the principal, acknowledged before a notary, and recorded in the county where the property is located before the agent can execute real estate documents✓ Correct
CApproved by OREC before use
DWitnessed by two real estate licensees
Explanation
A power of attorney for real estate purposes in Oklahoma must be in writing, properly notarized (acknowledged), and recorded in the county clerk's office where the property is located to be effective for real estate transactions.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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