Under Oklahoma agency disclosure rules, which of the following pieces of information is a buyer's agent NOT permitted to disclose to the seller or the seller's agent without the buyer's consent?
Correct Answer
A) The buyer's pre-approval letter showing the maximum loan amount the buyer qualifies for
The buyer's maximum loan pre-approval amount is confidential financial information that belongs to the buyer. Disclosing it to the seller or the seller's agent without the buyer's consent would undermine the buyer's negotiating position and breach the buyer's agent's fiduciary duty of confidentiality. Under Oklahoma agency law, a buyer's agent must protect the buyer's confidential information, including financial capacity beyond what is necessary to establish the buyer's ability to perform.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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