| 51 | | - | 2021, Sections 858-307.2, 858-351, and 858-353, as |
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| 52 | | - | amended by Section 1, Chapter 326, O.S.L. 2024 (59 |
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| 53 | | - | O.S. Supp. 2024, Section 858 -353), which relate to |
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| 41 | + | 2021, Sections 858-307.2 and 858-351, which relate to |
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| 55 | + | Section 858-307.2. A. Beginning November 1, 200 4, as a |
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| 56 | + | condition of renewal or reactivation of the a real estate license, |
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| 57 | + | each licensee with the exception of those exempt as set out in this |
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| 58 | + | section shall submit to the Oklahoma Real Estate Commission evidence |
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| 59 | + | of completion of a specified number of hours of continuing education |
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| 60 | + | courses approved by the Commission, within the thirty -six (36) |
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| 61 | + | months immediately preceding the term for which the license is to be |
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| 62 | + | issued. The number of hours, or its equivalent, required for each |
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| 63 | + | licensed term shall be determine d by the Commission and promulgated |
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| 97 | | - | Section 858-307.2. A. Beginning November 1, 2004, as a |
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| 98 | | - | condition of renewal or reactivation of the a real estate license, |
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| 99 | | - | each licensee with the exception of those exempt as set out in this |
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| 100 | | - | section shall submit to the Oklahoma Rea l Estate Commission evidence |
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| 101 | | - | of completion of a specified number of hours of continuing education |
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| 102 | | - | courses approved by the Commission, within the thirty -six (36) |
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| 103 | | - | months immediately preceding the term for which the license is to be |
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| 104 | | - | issued. The number of hou rs, or its equivalent, required for each |
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| 105 | | - | licensed term shall be determined by the Commission and promulgated |
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| 106 | 90 | | by rule. Each licensee shall be required to complete and include as |
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| 107 | 91 | | part of said such continuing education a certain number of required |
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| 108 | 92 | | subjects as prescribed by rule. |
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| 109 | 93 | | B. The continuing education courses required by th is section |
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| 110 | 94 | | shall be satisfied by cour ses approved by the Commission and offered |
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| 111 | 95 | | by: |
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| 112 | 96 | | 1. The Commission; |
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| 113 | 97 | | 2. A technology center school; |
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| 114 | 98 | | 3. A college or university; |
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| 115 | 99 | | 4. A private school; |
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| 116 | 100 | | 5. The Oklahoma Association of Realtors, the National |
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| 117 | 101 | | Association of Realtors, or any affiliate thereof; |
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| 118 | 102 | | 6. The Oklahoma Bar Association, American Bar Association, or |
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| 119 | 103 | | any affiliate thereof; or |
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| 120 | 104 | | 7. An education provider. |
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| 155 | 139 | | 2. To a licensee who holds a provisional sales associate |
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| 156 | 140 | | license; |
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| 157 | 141 | | 3. To a nonresident licensee licensed in this state if the |
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| 158 | 142 | | licensee maintains a current license in another state or states and |
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| 159 | 143 | | has satisfied the conti nuing education requirement for licen se |
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| 160 | 144 | | renewal in that state or states. If the nonresident licensee is |
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| 161 | 145 | | exempt from the continuing education requirements in all states |
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| 162 | 146 | | where the nonresident holds a license, the nonresident licensee |
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| 163 | 147 | | shall successfully comp lete this state’s continuing education |
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| 164 | 148 | | requirement for license renewal or reactivation; or |
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| 165 | 149 | | 4. To a corporation, association, partnership , or branch |
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| 166 | 150 | | office. |
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| 167 | 151 | | F. The Commission shall require each licensee to receive a |
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| 168 | 152 | | specified number of hours of continuing education courses on deed |
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| 169 | 153 | | theft, as defined in Section 858-351 of this title. Each licensee |
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| 209 | | - | a. intentionally alter, falsify, forge, or misrepresent a |
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| 210 | | - | document relating to real property with the intent to |
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| 211 | | - | deceive, defraud, or unlawfully transfer or encumber |
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| 212 | | - | the ownership rights of the owner of the real |
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| 213 | | - | property, |
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| 193 | + | a. intentionally alter, falsify, forge, or misrepresent |
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| 194 | + | property documents such as a residential or commercial |
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| 195 | + | deed or title, with the intent to deceive, defraud, or |
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| 196 | + | unlawfully transfer or encumber the ownership rights |
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| 197 | + | of a residential or commer cial property, |
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| 252 | 236 | | 4. 6. “Transaction” means an activity or process to buy, sell, |
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| 253 | 237 | | lease, rent, option, or exchange real estate. Such activities or |
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| 254 | 238 | | processes may include, without limitation, soliciting, advertising, |
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| 255 | 239 | | showing, or viewing real property, presenting offers or |
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| 256 | 240 | | counteroffers, entering into agreements , and closing such |
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| 257 | 241 | | agreements; and |
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| 258 | 242 | | 5. “Firm” means a sole proprietor, corporation, association or |
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| 259 | 243 | | partnership. |
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| 260 | 244 | | SECTION 3. NEW LAW A new section of law to be codified |
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| 261 | 245 | | in the Oklahoma Statutes as Section 858 -364 of Title 59, unless |
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| 262 | 246 | | there is created a duplication in numbering, reads as follows: |
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| 263 | 247 | | As part of each closing of a transaction, notification o f the |
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| 264 | | - | signs and risks of deed theft, as defined in Section 858-351 of |
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| 265 | | - | Title 59 of the Oklahoma Statutes , shall be required to be given to |
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| 266 | | - | the buyer by a licensed real estate broker. The buyer shall confirm |
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| 267 | | - | receipt of such notification by affixing his or her signature to |
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| 268 | | - | such notification. The Oklahoma Real Estate Commission shall |
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| 269 | | - | promulgate rules to enact the provisions of this section. |
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| 248 | + | signs and risks of deed theft, as de fined in Section 2 of this act, |
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| 249 | + | shall be required to be given to the buyer by a licensed real estate |
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| 250 | + | broker. The buyer shall confirm receipt of such notification by |
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| 251 | + | affixing his or her signature to such notification. The Oklahoma |
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| 252 | + | Real Estate Commission s hall promulgate rules to enact the |
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| 253 | + | provisions of this section. |
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| 254 | + | SECTION 4. This act shall become effective November 1, 2025. |
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| 296 | | - | SECTION 4. AMENDATORY 59 O.S. 2021, Section 858 -353, as |
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| 297 | | - | amended by Section 1, Chapter 326, O.S.L. 2024 (59 O.S. Sup p. 2024, |
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| 298 | | - | Section 858-353), is amended to read as follows: |
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| 299 | | - | Section 858-353. A. A broker shall have the following duties |
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| 300 | | - | and responsibilities to all parties in a transaction, which are |
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| 301 | | - | mandatory and may not be abrogated or waived by a broker: |
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| 302 | | - | 1. Treat all parties with honesty and exercise reasonable skill |
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| 303 | | - | and care; |
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| 304 | | - | 2. Unless specifically waived in writing by a party to the |
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| 305 | | - | transaction: |
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| 306 | | - | a. receive all written offers and counteroffers, |
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| 307 | | - | b. reduce offers or counteroffers to a written form upon |
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| 308 | | - | request of any party to a transaction, and |
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| 309 | | - | c. present timely all written offers and counteroffers; |
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| 310 | | - | 3. Timely account for all money and property received by the |
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| 311 | | - | broker; |
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| 312 | | - | 4. Keep confidential information received from a party or |
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| 313 | | - | prospective party confidential. The confid ential information shall |
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| 314 | | - | not be disclosed by a firm without the consent of the party |
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| 315 | | - | disclosing the information unless consent to the disclosure is |
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| 316 | | - | granted in writing by the party or prospective party disclosing the |
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| 317 | | - | information, the disclosure is required by law, or the information |
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| 318 | | - | is made public or becomes public as the result of actions from a |
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| 319 | | - | source other than the firm. The following information shall be |
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| 281 | + | Passed the Senate the 27th day of March, 2025. |
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| 346 | | - | considered confidential and shall be the only information considered |
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| 347 | | - | confidential in a transaction: |
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| 348 | | - | a. that a party or prospective party is willing to pay |
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| 349 | | - | more or accept less than what is being offered, |
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| 350 | | - | b. that a party or prospective party is willing to agree |
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| 351 | | - | to financing terms that are different from those |
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| 352 | | - | offered, |
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| 353 | | - | c. the motivating factors of the party or prospective |
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| 354 | | - | party purchasing, selling, leasing, optioning or |
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| 355 | | - | exchanging the property, and |
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| 356 | | - | d. information specifically designated as confidential by |
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| 357 | | - | a party unless such information is public; |
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| 358 | | - | 5. Disclose information pertaining to the property as requir ed |
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| 359 | | - | by the Residential Property Condition Disclosure Act; |
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| 360 | | - | 6. Comply with all requirements of The Oklahoma Real Estate |
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| 361 | | - | License Code and all applicable statutes and rules; and |
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| 362 | | - | 7. Disclose: |
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| 363 | | - | a. information pertaining to compensation and fees |
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| 364 | | - | assessed on each transaction to the represented party, |
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| 365 | | - | which shall be communicated in writing before the |
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| 366 | | - | effective date of the contract for sale or lease, and |
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| 367 | | - | b. the time frame for which the compensation agreement is |
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| 368 | | - | valid, not to exceed one (1) year. If no time frame |
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| 395 | | - | is specified, the compensation agreement shall default |
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| 396 | | - | to sixty (60) days. |
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| 397 | | - | B. A broker shall have the following duties and |
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| 398 | | - | responsibilities only to a party for whom the broker is providing |
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| 399 | | - | brokerage services in a transaction which are mandatory and may not |
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| 400 | | - | be abrogated or waived by a broker: |
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| 401 | | - | 1. Inform the party in writing when an offer is made that the |
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| 402 | | - | party will be expected to pay certain costs, brokerage service costs |
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| 403 | | - | and the approximate amount of the costs; and |
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| 404 | | - | 2. Keep the party informed regarding the tr ansaction. |
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| 405 | | - | C. When working with both parties to a transaction, the duties |
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| 406 | | - | and responsibilities set forth in this section shall remain in place |
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| 407 | | - | for both parties. |
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| 408 | | - | D. A buyer and a broker providing services for the buyer shall |
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| 409 | | - | memorialize in writing the rel ationship between the buyer and the |
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| 410 | | - | broker including, but not limited to: |
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| 411 | | - | 1. The duration of the relationship for which the broker is |
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| 412 | | - | responsible to the buyer, not to exceed one (1) year; and |
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| 413 | | - | 2. The compensation agreed to by the broker and the buyer for |
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| 414 | | - | the duration of the contract including commissions, fees, and any |
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| 415 | | - | other compensation that is received by the broker during the course |
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| 416 | | - | of the relationship. |
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| 417 | | - | E. A document memorializing the working relationship between a |
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| 418 | | - | buyer and a broker providing services for the buyer shall be signed |
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| 445 | | - | by both the buyer and the broker prior to providing services |
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| 446 | | - | specific to the buyer. |
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| 447 | | - | F. Upon the expiration or termination of such a working |
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| 448 | | - | relationship, nothing shall preclude a buyer and broker from signing |
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| 449 | | - | a new agreement with terms memorialized in the same manner as |
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| 450 | | - | required by this section. Such contracts shall not include terms |
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| 451 | | - | which cause the contract to renew without additional agreement from |
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| 452 | | - | both the buyer and the broker. |
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| 453 | | - | SECTION 5. This act shall become effective November 1, 2025. |
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