Under Oklahoma law, when must a real estate licensee first disclose the agency relationship to a prospective buyer who contacts the licensee about a listed property?
Correct Answer
A) At the first substantive contact with the prospective buyer
Under the Oklahoma Real Estate License Code (Title 59 O.S. § 858-354), a licensee must disclose the agency relationship at the first substantive contact with a prospective buyer or seller. This ensures consumers understand who the licensee represents before any meaningful exchange of information occurs.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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