| HB2524  | Paraphrase: HB2524, by Rep. Steve Martin, R-Bartlesville and Sen. Dan Newberry, R-Tulsa, modifies definitions under the Oklahoma Real Estate Code, including adding a definition of "firm." It clarifies that a firm, rather than a broker, that is providing brokerage services to one or both parties must describe and disclose in writing the broker's duties and responsibilities prior to the party or parties signing a contract to sell, purchase, lease, option or exchange real estate. It also modifies duties and responsibilities of a broker, stating that certain responsibilities are in place unless specifically waived in writing by a party to the transaction, and it requires the broker to keep the party for whom the broker is providing services informed regarding the transaction. It makes certain information confidential and not subject to disclosure, including that a party or prospective party is willing to pay more or accept less than what is being offered; that a party or prospective party is willing to agree to financing terms different from those offered; and the motivating factors of the party or prospective party purchasing, selling, leasing, optioning or exchanging the property. The bill removes certain language regarding the duties of transaction brokers. It requires all brokerage agreements to incorporate as material terms the duties and responsibilities of the Oklahoma Real Estate License Code. It allows a broker to provide brokerage services to one or both parties in a transaction, if both parties are provided written notice. It allows a broker to cooperate with other brokers in a transaction, but a broker cannot be an agent, subagent or dual agent and an offer of subagency cannot be made to other brokers. The measure states that broker associates, sales associates and provisional sales associates cannot enter into a brokerage agreement with a party in the associate's name and is only allowed to enter into the agreement in the name of the broker. The bill repeals current language regarding written brokerage agreements, single-party brokers and alternative relationships when the broker assists one or both parties and confidential information. (Amended by House, Committee Substitute) - © 2012 eCapitol, LLC. All rights reserved. Effective Date: 11/01/2013 Emergency: No Position: Support Principal Authors: Martin, Steve (H); Newberry, Dan (S) Status: Signed & Transmitted to Governor Status Date: 05/09/2012 |