Under the Oklahoma Real Estate License Code, a 'single-party' agency relationship in which a licensee represents only the seller in a real estate transaction is best described as which type of agency?
Correct Answer
C) Seller agency
Seller agency (also called listing agency) is the traditional single-party agency relationship in which the licensee and broker represent only the seller's interests. Under Oklahoma law, this is the foundational agency type where all fiduciary duties run exclusively to the seller/principal.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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