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ENGROSSED SENATE
BILL NO. 1920 By: Rosino of the Senate
and
Moore of the House
An Act relating to The Oklahoma Real Estate License
Code; amending 59 O.S. 2021, Section 858 -353, which
relates to broker duties and responsibilities;
requiring certain disclosure; specifying method of
notification; setting time frame for certain
agreement; updating statutory language; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 59 O.S. 2021, Section 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
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c. present timely all written offers and counteroffers;
3. Timely account for all money and property received by the
broker;
4. Keep confidential information received from a party or
prospective party confidential. T he confidential information shall
not be disclosed by a firm without the 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 as the result of actions from a
source other than the firm. The following information shall be
considered confidential and shall be the only information considered
confidential in a tran saction:
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 w illing to agree
to financing terms that are different from those
offered,
c. the motivating factors of the party or prospective
party purchasing, selling, leasing, optioning or
exchanging the property, and
d. information specifically designated as confidential by
a party unless such information is public;
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5. Disclose information pertaining to the property as required
by the Residential Property Condition Disclosure Act; and
6. Comply with all requirements of The Oklahoma Real Estate
License Code and all a pplicable statutes and rules ; and
7. Disclose:
a. information pertaining to compensation and fees
assessed on each transaction to the represented party,
which shall be communicated in writing within ten (10)
days of the effective date of the contract for sale or
lease, and
b. the time frame for which the compensation agreement is
valid, not to exceed one ( 1) year. If no time frame
is specified, the compensation agreement shall default
to sixty (60) days.
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 whi ch are mandatory and may not
be abrogated or waived by a broker:
1. Inform the party in writing when an offer is made that the
party will be expected to pay certain costs, brokerage service costs
and the approximate amount of the costs; and
2. Keep the party informed regarding the transaction.
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C. When working with both parties to a transaction, the duties
and responsibilities set forth in this section s hall remain in place
for both parties.
SECTION 2. This act shall become effective Nove mber 1, 2024.
Passed the Senate the 1 4th day of March, 2024.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2024.
Presiding Officer of the House
of Representatives