Agency
Oklahoma's OREC agency disclosure requirement is intended primarily to ensure:
AAll transactions are completed with a dual agent
BConsumers understand who represents their interests and what the nature of that representation is before engaging in a transaction✓ Correct
CAll licensees earn equal compensation
DAll properties are listed on the MLS
Explanation
The agency disclosure requirement ensures consumers understand whether they are represented, who represents them, and whether the agent represents both parties (dual agency). This informed consent protects consumers and ensures transparency.
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Related Oklahoma Questions
- Oklahoma's law requires that the OREC agency disclosure form be signed by:Agency
- Under Oklahoma's agency disclosure requirements, which of the following must be disclosed by a dual agent?Agency
- When an Oklahoma real estate agent represents both the buyer and seller in the same transaction (dual agency), they must:Agency
- Which of the following is a requirement for a real estate school in Oklahoma to receive OREC approval?Oklahoma License Law
- An agent who purchases property from their own client without full disclosure and the client's informed consent may be found to have violated the duty of:Agency
- Oklahoma's Broker Relationships Act requires brokers to provide the agency disclosure to a consumer:Oklahoma License Law
- Oklahoma's consumer protection laws that OREC enforces protect consumers from:Oklahoma License Law
- Oklahoma uses a standard residential purchase contract that typically includes a seller's property condition disclosure. This disclosure requirement is based on:Contracts
Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
State-Specific Concepts
Disclosure Requirements
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