Broker Martinez in Tulsa, Oklahoma represents both the seller and the buyer in the same residential transaction. Both parties have provided written consent to this arrangement. What is the correct term for this agency relationship under Oklahoma law?
Correct Answer
A) Dual agency
When a single broker represents both the buyer and the seller in the same transaction with the written informed consent of both parties, this is called dual agency under Oklahoma law. Title 59 O.S. § 858-354 permits dual agency only when both parties have been fully informed and have consented in writing to the arrangement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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