Oklahoma Governor Mary Fallin late yesterday signed House Bill 2524, legislation that reforms Oklahoma’s Broker Relationships Act.
Under the 2001 law, real estate licensees provide services under two roles: Single-Party Broker and Transaction Broker. This has been the object of confusion among agents and consumers and prompted a joint task force of the Oklahoma Association of REALTORS® and Oklahoma Real Estate Commission.
The new law—authored by Rep. Steve Martin, R-Bartlesville and Sen. Dan Newberry, R-Tulsa—will further outline how real estate licensees will perform when working with only one or both parties to a transaction. Licensees will no longer be a Single-Party Broker or Transaction Broker. Everyone will be simply a broker with the same duties and responsibilities. Licensees may continue to represent one client and work for their benefit.
OAR President David Momper, Owner-Broker RE/MAX Executives, Tulsa, says, “The new broker relationships law will provide better transparency in real estate transactions and help consumers better understand the level of service they’re receiving.”
With this law being at the root of how real estate is transacted, there is considerable education and forms that need to be updated. To allow for the transition, the new law will take effect November 1, 2013.
Agents whose license expires before November 1, 2013 and need continuing education in the Broker Relationships (BRA) Core category will take the current curriculum. Follow OAR on Facebook and Twitter to see the law’s progress and be among the first to sign up for new Broker Relationships classes as they become available.
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