Agency
Which statement is TRUE about gratuitous agency in Oklahoma real estate?
AAgents without compensation have no duties to their principals
BEven an agent working without compensation owes duties of loyalty and care to their principal✓ Correct
CGratuitous agents are exempt from OREC rules
DNo fiduciary duties arise without a written agreement
Explanation
Even a gratuitous (unpaid) agent owes fiduciary duties to their principal. The existence of an agency relationship, not compensation, determines the fiduciary duty.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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