PSI Oklahoma Real Estate Practice Test

A principal instructs an agent to inform any minority buyer that the property was just put under contract an hour ago and is no longer available. The agent refuses to comply. In this case, what is true?

1. The agent has not violated fiduciary duty

2. The agent has violated fair housing laws

3. The agent is acting against the principal's instructions

4. The agent is obligated to inform any potential buyer

The correct answer is: The agent has not violated fiduciary duty

The situation described highlights the ethical and legal responsibilities of real estate agents, particularly concerning fair housing laws. The agent’s decision to refuse the principal's instruction demonstrates a commitment to uphold these legal standards. By not misleading a minority buyer about the availability of the property, the agent is adhering to the principles of fair housing, which aim to prevent discrimination based on race, color, religion, sex, or national origin. Upholding these laws is paramount in the real estate profession, and agents are expected to act in ways that do not perpetuate discriminatory practices. Therefore, the agent is indeed not violating fiduciary duty. Instead, the agent is acting ethically and in compliance with fair housing laws, thereby ensuring that all buyers are treated equally, regardless of their minority status. The other statements do not accurately reflect the agent's responsibilities. The agent is not violating fair housing laws; rather, they are ensuring compliance. Moreover, the agent's choice to not follow the principal's discriminatory instruction aligns with professional ethical standards rather than acting against them. Lastly, while the agent is indeed obligated to inform any potential buyer about the status of the property, the crucial aspect here is that they are doing so in a manner that does not discriminate, which supports the affirmation of