Sales Associate Trent in Broken Arrow, Oklahoma is assisting a buyer in a transaction but has not agreed to represent the buyer as a fiduciary agent. Instead, Trent is helping both the buyer and the seller complete the transaction without advocating for either party's interests. Under Oklahoma law, which type of relationship does Trent have with the buyer?
Correct Answer
C) Transactional brokerage
Transactional brokerage (also referred to as facilitation or non-agency assistance) describes a relationship in which a licensee assists both the buyer and the seller in completing a transaction without representing either party as a fiduciary agent. Oklahoma law recognizes this type of relationship, and in this role Trent owes the parties honesty and fair dealing but does not owe full fiduciary duties such as loyalty and undivided representation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A legal relationship in which one person (the agent) is authorized to act on behalf of another person (the principal) in business transactions with third parties.
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
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.
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