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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1920 By: Rosino
AS INTRODUCED
An Act relating to The Oklahoma Real Estate L icense
Code; amending 59 O.S. 2021, Section 858-353, which
relates to broker duties and res ponsibilities;
requiring certain disclo sure; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, S ection 858-353, is
amended to read as follows:
Section 858-353. A. A broker shall have the following duties
and responsibilities to all parties in a transaction, which are
mandatory and may not be abrogated or waived by a broker:
1. Treat all parties with honesty and exercise reasonable skill
and care;
2. Unless specifically waived in writing by a party to the
transaction:
a. receive all written offers and counteroffers ,
b. reduce offers or counteroffers to a written form upon
request of any party to a transaction, and
c. present timely all written off ers and counteroffers;
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3. Timely account for all money and property received b y the
broker;
4. Keep confidential information received from a party or
prospective party confidential . The confidential information shall
not be disclosed by a firm without t he consent of the party
disclosing the information unless consent to the disclosure is
granted in writing by the party or prospective party disclosing the
information, the disclosure is required by law, or the information
is made public or becomes public a s the result of actions from a
source other than the firm. The following infor mation shall be
considered confidential and shall be the only information considered
confidential in a transaction:
a. that a party or prospective party is willing to pay
more or accept less than what is being offered,
b. that a party or prospective party is willing to agree
to financing terms tha t are different from those
offered,
c. the motivating factors of the party or prospec tive
party purchasing, selling, leasing, optioning or
exchanging the property, and
d. information specifically designated as conf idential by
a party unless such information is public;
5. Disclose information pertaining to the prope rty as required
by the Residential Property Condition Disclosure Act; and
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6. Comply with all requirements of The Oklahoma Real Estate
License Code and all applicable statutes and rules ; and
7. Disclose information pertaining to compensation and fees
assessed on each transaction to the represented party.
B. A broker shall have the following duties and
responsibilities only to a party for whom the broker is providing
brokerage services in a transaction which are mandatory and may not
be abrogated or waived by a broker:
1. Inform the party in writing when an offer is made that t he
party will be expected to pay certain costs, brokerage service costs
and approximate amount of the costs; and
2. Keep the party informed regarding the transaction.
C. When working with both parties to a transaction, the duties
and responsibilities set forth in this section shall remain in place
for both parties.
SECTION 2. This act shall become effective November 1, 2024.
59-2-2658 MR 1/18/2024 11:30:47 AM