Senate Bill No. 877 amends various sections of the Oklahoma Real Estate License Code to enhance regulations surrounding real estate licensing and education. Key provisions include the requirement for real estate licensees to complete a specified number of continuing education hours, which must now include training on deed theft, defined in detail within the bill. The Oklahoma Real Estate Commission is tasked with promulgating rules related to these educational requirements and ensuring that licensees are notified about the risks of deed theft during real estate transactions. Additionally, the bill mandates that a written memorial of the relationship between a buyer and a broker be established, detailing the duration of the relationship and compensation agreements.

The bill also introduces a new definition for "deed theft," outlining specific fraudulent actions related to real property ownership. It emphasizes the importance of transparency and accountability in real estate transactions, requiring brokers to disclose pertinent information to all parties involved. The effective date for these changes is set for November 1, 2025, allowing time for the Oklahoma Real Estate Commission to implement the necessary rules and regulations.