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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
COMMITTEE SUBSTITUTE
FOR ENGROSSED
SENATE BILL NO. 877 By: Bullard and Hamilton of the
Senate
and
Maynard of the House
COMMITTEE SUBSTITUTE
An Act relating to deed regulation; amending 59 O.S.
2021, Sections 858-307.2, 858-351, and 858-353, as
amended by Section 1, Chapter 326, O.S.L. 2024 (59
O.S. Supp. 2024, Section 858 -353), which relate to
real estate licensing; requiring certain continuing
education course; expanding applic ation of certain
definitions; defining term; updating statutory
language; requiring certain notification to buyer;
requiring the Oklahoma Real Estate Commission to
promulgate certain rules; requiring written memorial
of certain services; prescribing conten t; prescribing
requirements related to renewal; providing for
codification; 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 -307.2,
is amended to read as follows:
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Section 858-307.2. A. Beginning November 1, 2004, as a
condition of renewal or reactivation of the a real estate license,
each licensee with the exception of those exempt as set out in this
section shall submit to the Oklahoma Rea l Estate Commission evidence
of completion of a specified number of hours of continuing education
courses approved by the Commission, within the thirty -six (36)
months immediately preceding the term for which the license is to be
issued. The number of hou rs, or its equivalent, required for each
licensed term shall be determined by the Commission and promulgated
by rule. Each licensee shall be required to complete and include as
part of said such continuing education a certain number of required
subjects as prescribed by rule.
B. The continuing education courses required by this section
shall be satisfied by courses approved by the Commission and offered
by:
1. The Commission;
2. A technology center school;
3. A college or university;
4. A private school;
5. The Oklahoma Association of Realtors, the National
Association of Realtors, or any affiliate thereof;
6. The Oklahoma Bar Association, American Bar Association, or
any affiliate thereof; or
7. An education provider.
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C. The Commission shall maint ain a list of courses which are
approved by the Commission.
D. The Commission shall not issue an active renewal license or
reactivate a license unless the continuing education requirement set
forth in this section is satisfied within the prescribed time
period.
E. The provisions of this section do not apply:
1. During the period a license is on inactive status;
2. To a licensee who holds a provisional sales associate
license;
3. To a nonresident licensee licensed in this state if the
licensee maintains a current license in another state or states and
has satisfied the continuing education requirement for license
renewal in that state or states. If the nonresident licensee is
exempt from the continuing education requirements in all states
where the nonresident holds a license, the nonresident licensee
shall successfully complete this state’s continuing education
requirement for license renewal or reactivation; or
4. To a corporation, association, partnership , or branch
office.
F. The Commission shall r equire each licensee to receive a
specified number of hours of continuing education courses on deed
theft, as defined in Section 858-351 of this title. Each licensee
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shall be required to complete such continuing education on or before
November 1, 2028.
SECTION 2. AMENDATORY 59 O.S. 2021, Section 858 -351, is
amended to read as follows:
Section 858-351. Unless the context clearly indicates
otherwise, as used in Sections 858 -351 through 858-363 of The
Oklahoma Real Estate License Co de and Section 3 of this act:
1. “Broker” means a real estate broker, an associated broker
associate, sales associate, or provisional sales associate
authorized by a real estate broker to provide brokerage services;
2. “Brokerage services” means those se rvices provided by a
broker to a party in a transaction;
3. “Deed theft” means to:
a. intentionally alter, falsify, forge, or misrepresent a
document relating to real property with the intent to
deceive, defraud, or unlawfully transfer or encumber
the ownership rights of the owner of the real
property,
b. misrepresent oneself as the owner or authorized
representative of the owner of real property in order
to obtain ownership or possession of such real
property, or
c. with intent to defraud, take, obtain, s teal, or
transfer title or ownership of real property by fraud,
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forgery, larceny, or any other fraudulent or deceptive
practice;
4. “Firm” means a sole proprietor, corporation, association, or
partnership;
5. “Party” means a person who is a seller, buyer , landlord, or
tenant or a person who is involved in an option or exchange; and
4. 6. “Transaction” means an activity or process to buy, sell,
lease, rent, option, or exchange real estate. Such activities or
processes may include, without limitation, sol iciting, advertising,
showing, or viewing real property, presenting offers or
counteroffers, entering into agreements , and closing such
agreements; and
5. “Firm” means a sole proprietor, corporation, association or
partnership.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 858 -364 of Title 59, unless
there is created a duplication in numbering, reads as follows:
As part of each closing of a transaction, notification o f the
signs and risks of deed theft, as defined in Section 858-351 of
Title 59 of the Oklahoma Statutes , shall be required to be given to
the buyer by a licensed real estate broker. The buyer shall confirm
receipt of such notification by affixing his or her signature to
such notification. The Oklahoma Real Estate Commission shall
promulgate rules to enact the provisions of this section.
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SECTION 4. AMENDATORY 59 O.S. 2021, Section 858 -353, as
amended by Section 1, Chapter 326, O.S.L. 2024 (59 O.S. Sup p. 2024,
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
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. The confid ential 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
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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 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;
5. Disclose information pertaining to the property as requir ed
by the Residential Property Condition Disclosure Act;
6. Comply with all requirements of The Oklahoma Real Estate
License Code and all applicable 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 before 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
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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 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 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 tr ansaction.
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.
D. A buyer and a broker providing services for the buyer shall
memorialize in writing the rel ationship between the buyer and the
broker including, but not limited to:
1. The duration of the relationship for which the broker is
responsible to the buyer, not to exceed one (1) year; and
2. The compensation agreed to by the broker and the buyer for
the duration of the contract including commissions, fees, and any
other compensation that is received by the broker during the course
of the relationship.
E. A document memorializing the working relationship between a
buyer and a broker providing services for the buyer shall be signed
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by both the buyer and the broker prior to providing services
specific to the buyer.
F. Upon the expiration or termination of such a working
relationship, nothing shall preclude a buyer and broker from signing
a new agreement with terms memorialized in the same manner as
required by this section. Such contracts shall not include terms
which cause the contract to renew without additional agreement from
both the buyer and the broker.
SECTION 5. This act shall become effective November 1, 2025.
60-1-13596 JBH 04/23/25