Maria is a Sales Associate at Sooner Realty in Tulsa. She has listed a home for seller Tom. Buyer Kevin, who has no agent, visits the open house and wants to make an offer. Maria's broker, with written consent from both Tom and Kevin, allows Maria to represent both parties in the same transaction. What type of agency relationship has been created?
Correct Answer
C) Dual agency
When the same Sales Associate (Maria) represents both the seller (Tom) and the buyer (Kevin) in the same transaction with written informed consent from both parties, this creates a dual agency relationship. Oklahoma law permits dual agency only with full written disclosure and consent from all parties involved.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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.
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