Agency
Under Oklahoma's agency disclosure requirements, which of the following must be disclosed by a dual agent?
AOnly the names of both parties
BThe dual agency relationship and its limitations on the agent's ability to advocate for either party✓ Correct
CThe buyer's financial qualifications to the seller
DThe seller's lowest acceptable price to the buyer
Explanation
A dual agent must disclose the dual agency relationship and explain to both parties that the agent cannot provide undivided loyalty to either party. The agent must keep confidential each party's negotiating position.
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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.
State-Specific Concepts
Disclosure Requirements
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