When a licensed agent wishes to purchase a property listed by their own firm, what must they do?
Correct Answer
B) Disclose their licensee status in writing
Under the Oklahoma Real Estate License Code, when a licensee purchases property listed by their own firm or any property in which they have a personal interest, they must disclose their status as a licensed real estate agent in writing before or at the time of making an offer. No OREC pre-approval is required.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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.
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