Which duty does a licensee owe to ALL parties in a transaction, including non-clients?
Correct Answer
C) Honesty and fair dealing
Under Oklahoma agency law, a licensee owes honesty and fair dealing to ALL parties in a transaction, including customers who are not clients. Fiduciary duties such as loyalty, obedience, and confidentiality are owed only to the licensee's client (the principal), not to all parties.
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Related Topics & Key Terms
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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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