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