Contracts
The legal doctrine of caveat emptor ('buyer beware') as applied to Oklahoma real estate has been significantly modified because:
AOklahoma courts apply caveat emptor strictly in all cases
BSellers and agents are now required to disclose known material defects under the Oklahoma Residential Property Condition Disclosure Act✓ Correct
CBuyers no longer have any inspection rights
DOREC requires that all property conditions be warranted
Explanation
While caveat emptor was once the rule requiring buyers to independently discover defects, the Oklahoma Residential Property Condition Disclosure Act now requires sellers to affirmatively disclose known material defects, significantly shifting responsibility toward sellers.
Related Oklahoma Contracts Questions
- A 'kick-out clause' (right of first refusal contingency) in an Oklahoma purchase contract allows the seller to:
- An Oklahoma home inspection contingency gives the buyer the right to negotiate repairs or credits. If the seller refuses all repairs, the buyer may:
- A contract for the sale of Oklahoma mineral rights must be:
- Oklahoma's 'as-is' clause means the buyer accepts the property in its current condition. However, the buyer typically retains the right to:
- In Oklahoma, specific performance as a remedy in a real estate contract breach means:
- A 'subject to financing' clause in an Oklahoma purchase contract typically specifies:
- Oklahoma real estate purchase contracts typically include a dispute resolution clause providing for:
- A 'subject to inspection and approval' contingency in an Oklahoma contract differs from a standard inspection contingency because:
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →