Sales Associate Brennan in Lawton, Oklahoma represents buyer Okafor in the purchase of a residential property. During negotiations, Okafor privately tells Brennan that he has been diagnosed with a serious illness and needs to move quickly to be closer to family, and asks Brennan to keep this information confidential. The seller's agent later asks Brennan directly whether Okafor has any urgent personal reasons for wanting to close quickly. How should Brennan respond under Oklahoma agency disclosure law?
Correct Answer
B) Brennan must protect Okafor's confidential information and may decline to answer or state that the buyer's personal circumstances are confidential
As Okafor's buyer's agent, Brennan owes a fiduciary duty of confidentiality to Okafor. This duty specifically protects information that Okafor has shared in confidence and that, if disclosed, would harm Okafor's negotiating position. The illness and relocation urgency are exactly the type of confidential personal information that a buyer's agent must protect. Under Oklahoma agency law, Brennan may decline to answer the seller's agent's question or affirmatively state that the buyer's personal circumstances are confidential. Disclosing this information without Okafor's consent would breach the fiduciary duty and potentially violate the Oklahoma Real Estate License Code.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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