DAY 17 — Broker Relationships (OK Specific)

What is a broker relationship?

Relationship between broker and client/customer

What is single-party broker?

Represents only one side

What is a transaction broker?

Assists both sides without representing either

What is a client?

Person represented by broker

What is a customer?

Person not represented

What must be disclosed in Oklahoma?

Broker relationship

When must disclosure happen?

At first contac

What is confidentiality?

Keeping client information private

What is loyalty?

Acting in best interest of client

Can a broker represent both sides?

Yes, if disclosed properly

What is written consent?

Agreement signed by parties

What is a material fact?

Important information affecting value

Must material facts be disclosed?

Yes

What is misrepresentation?

Giving false information

What is omission?

Leaving out important facts

Can a broker give legal advice?

No

What duty is owed to all parties?

Honesty

What duties are owed only to a client in a broker relationship?

Loyalty, confidentiality, and full disclosure

What do broker relationships determine in a real estate transaction?

The duties and responsibilities owed to each party

What is the difference between duties owed to a client vs a customer?

Client = loyalty and confidentiality; Customer = honesty and fair dealing