Tenkiller Property.com Oklahoma Brokerage Services Disclosure

Questions and Answers on Brokerage Services

The following are questions and answers to help clarify the brokerage relationships.

Q. Does a written agreement with the broker to provide brokerage services automatically make the broker a single party broker?

A. No. A transaction broker will generally have a written agreement with the buyer and/or seller to provide brokerage services. However, to create a single party broker relationship, the agreement must include a provision that specifically states the broker is acting as a single-party broker for the party.

Q. Can a broker work as a transaction broker for one of the parties and a single-party broker for the other?

A. Yes as long as the broker discloses in writing to the party for whom the broker is providing services as a transaction broker:

•The difference between a transaction broker and a single party broker;

•That the broker is a single-party broker for the other party and performs services for the benefit of the other party in the transaction.

Q. Can a broker work as a transaction broker for both parties?

A. Yes

Q. Can a broker work as a single party broker for both parties?

A. No. One of the parties must agree to change their single-party relationship with the broker to a transaction broker relationship. In this event, the broker must obtain the written consent of each party before the broker begins to perform services as a transaction broker. This written consent must include specific statements that explain:

•The type of transactions that might occur in which the single-party broker would seek to obtain consent to become a transaction broker;

•The difference between the services of a single-party broker and a transaction broker;

•The broker will no longer be obligated to obey the party's instructions or work for the benefit of the party;

•The party is not required to consent to the change in the brokerage relationship.

•The party's consent to change the brokerage relationship has been given voluntarily;

•The party will no longer be vicariously liable for the acts of the broker and his associates.

Q. What is an example of a transaction that would require a single-party broker to obtain consent to change his relationship to transaction broker?

A. Example. The broker has a single party agreement with the seller to sell the seller's home. The broker also works with buyers and has a single party agreement with a buyer, who decides to make an offer to purchase the seller's property. This would place the broker in the position of a single-party broker for both parties, which is prohibited. Therefore, unless the buyer or seller agrees to allow the broker to act in their behalf as a transaction broker, the broker must refer the buyer to another real estate firm.

Generally, the broker will discuss the above possibility with you prior to entering into a "single-party" agreement.

Q. Can a single party broker for the buyer disclose the following information to the buyer?

•That the seller is willing to take less than the asking price

•That the seller is willing to agree to different financing terms; and

•The sellers motivation for selling the property.

A. No, unless

1) the Seller gives the broker permission to disclose,

2) disclosure of the information is required by law or

3) the information is made public from a source other than the broker

Under our Contract paragraph "Brokerage Relationship Disclosure and Information", the listing Broker and the cooperating Broker confirm our brokerage relationships.

Tenkiller Property.com LLC is a proud member in good standing with the

The entire guide is available for your review at our office.