Agency
In Oklahoma, a real estate agent's duty of 'disclosure' to their client requires the agent to:
ADisclose only the information the client specifically asks about
BShare all information the agent knows or should know that is relevant to the representation, including market conditions, comparable sales, and material facts about the property✓ Correct
CDisclose only legally required information
DWithhold information about competing offers to protect confidentiality
Explanation
The fiduciary duty of disclosure requires agents to proactively share all material information with their clients, not just respond to questions. This includes market data, comparable sales, property defects, and anything else a reasonable client would want to know to make an informed decision.
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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.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
State-Specific Concepts
Disclosure Requirements
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