Agency
Under Oklahoma law, a designated agency arrangement means:
AThe broker acts as a neutral facilitator
BDifferent agents within the same brokerage represent each party separately✓ Correct
CThe broker represents neither party
DOne agent represents both parties with consent
Explanation
In a designated agency arrangement, the broker designates different agents within the firm to exclusively represent the buyer and seller respectively, reducing the conflicts inherent in dual agency.
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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.
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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