Broker Connie at Redlands Realty in Edmond, Oklahoma is personally representing both the seller and the buyer in the same transaction. Both parties have provided written informed consent after full disclosure. Which of the following statements correctly describes Connie's obligations in this dual agency arrangement under Oklahoma law?
Correct Answer
A) Connie may continue the transaction but must limit the confidential information she discloses about each party to the other.
Under Oklahoma law, when a broker acts as a dual agent with written informed consent from both parties, the broker is permitted to proceed but must carefully limit the disclosure of confidential information. Specifically, the dual agent may not disclose the seller's willingness to accept less than the asking price, the buyer's willingness to pay more than the offered price, or other confidential motivations of either party. The consent does not eliminate the duty of confidentiality — it only permits the dual agency arrangement to proceed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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