Broker Janet at Prairie Wind Realty in Oklahoma City has two Sales Associates: Lisa represents seller Dan, and Carlos represents buyer Amy in the same transaction. Janet has disclosed this arrangement in writing and obtained consent from both Dan and Amy. Which type of agency relationship best describes this arrangement under Oklahoma law?
Correct Answer
A) Designated agency
Oklahoma law recognizes designated agency, in which a broker designates different licensees within the same firm to represent the buyer and seller separately in the same transaction. Here, Broker Janet has designated Lisa for the seller and Carlos for the buyer, with written disclosure and consent — this is the textbook definition of designated agency under Oklahoma's agency statutes.
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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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