Oklahoma Sales Associate Davis is representing seller Williams in the sale of a residential property in Norman. During a showing, prospective buyer Garcia mentions to Davis that he must purchase a home within 30 days due to a job relocation and is willing to pay above asking price if necessary. What is Davis's obligation regarding this information?
Correct Answer
B) Davis must disclose Garcia's motivation and urgency to seller Williams because Davis owes fiduciary duties to the seller
As the seller's agent, Davis owes fiduciary duties to seller Williams, including the duty of disclosure. Any material information that could affect the seller's negotiating position — such as the buyer's urgent timeline and willingness to pay above asking price — must be disclosed to the seller. Under Oklahoma agency law, a seller's agent must act in the seller's best interest and disclose all known information that is material to the transaction.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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