New OREC Rules
New OREC Rules Effective July 1, 2010  
There have been some big rule changes at the Oklahoma Real Estate Commission, effective July 1. Which ones will affect your business the most?

SOCIAL NETWORKING
The new rules place requirements for licensees who are engaged in licensed activities, including marketing listings, through social networking. Any licensee who is engaged in licensed activities through social networking mediums must indicate their license status and include their broker’s reference as required under the current advertising rules for the OREC. If associates have their own Web site, the broker’s reference must appear on every individual name and/or frame.

SIGNAGE AND ADVERTISING
Other changes to the advertising rules require that a licensee shall not use a yard sign at the licensee’s personal residence as a marketing tool unless the property is for sale or lease. The new rules also clarify that a broker may promote a seller incentive so long as the advertisement clearly indicates that the seller is offering the incentive and it is limited to the particular property. Additionally, team names will require that the broker’s reference be in close proximity to the team name reference and also be prominent and easily identifiable to the public.

DISCLOSURES
The new rule changes also change four questions on the Residential Property Condition Disclosure Act. Question 14 will now ask for the age of the roof covering. Question 20 will also cover hail damage. Question 21 is a new question: “Are you aware of problems pertaining to sewer, septic, lateral lines or aerobic system?” Finally, Question 39 is being revised to encompass filed litigation and foreclosures.

CONTRACTS
There is a new requirement to include license numbers on purchase and lease contracts. Please note that this new rule ONLY applies if the licensee is acting as owner, purchaser or direct employee of owner – these are the only instances when the licensee would have to include their license number on contracts.

There are many other rule changes focusing on education providers and causes for disciplinary actions. Many of these items are clean-up language or specify other items already referenced in the Code. To view a complete listing of the new rules effective July 1, click here.