Agency
Oklahoma law allows a broker to act as an intermediary (transaction broker) provided:
ANo written agreement is required
BWritten disclosure and consent from both buyer and seller is obtained✓ Correct
COnly the buyer's consent is required
DOnly the seller's consent is required
Explanation
To act as an intermediary/transaction broker in Oklahoma, the broker must obtain written informed consent from both the buyer and the seller after disclosing the limitations on representation in this capacity.
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Key Terms to Know
Agency
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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