Licensed Sales Associate Rivera is working under Broker Thompson in Oklahoma City. Rivera has been exclusively representing buyer Chen in the search for a home. Rivera finds a property that is listed by her own brokerage, Broker Thompson's firm. Chen wants to make an offer on this property. What disclosure situation does this create under Oklahoma agency law?
Correct Answer
A) Rivera must disclose the potential for in-house dual agency and obtain written consent from both Chen and the seller before proceeding
When a buyer's agent and a listing agent work within the same brokerage, an in-house dual agency situation arises. Under Oklahoma law (Title 59 O.S. § 858-354), the broker must disclose this conflict of interest to both the buyer and the seller and obtain the written informed consent of both parties before proceeding. Without this disclosure and consent, the transaction cannot lawfully proceed with the same brokerage representing both sides.
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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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