Should I Work With A Single Party Broker or A Transaction Broker?

In the past, real estate agents represented the seller exclusively, whether the agent helped a seller to market and sell the home or helped a buyer find and purchase the home. In other words, agents were at one time legally bound to represent the seller in a residential real estate transaction. In that same scenario, the seller paid both the listing agent and the agent who brought the buyer.

A Single Party Broker is required to treat all parties with honesty, comply with all requirements of the Oklahoma Real Estate License Code, exercise reasonable skill and care which includes:

1.  timely presentation of all written offers

2.  keeping parties fully informed

3.  accounting for all money and property received by the Broker

4.  keeping confidential information confidential

5.  disclosing information pertaining to the property as required

6.  performing all brokerage activities for the benefit of the party    for whom the Broker is performing services

7.  obey specific directions of the party for whom the Broker is performing services

The party for whom the Broker is providing is may be vicariously liable for the acts and omissions of the Broker.

A Transaction Broker  has all the duties as Single Party Broker except the Transaction Broker does not provide services for the benefit of a party, but assists in the transaction.  In addition, a party for whom a Transaction Broker is performing services is not vicariously liable.