The bill amends the Oklahoma Real Estate License Code, specifically 59 O.S. 2021, Section 858-303B, to enhance transparency and flexibility in real estate transactions. It allows real estate brokers or agents to negotiate compensation and fees with clients before services are rendered, requiring them to disclose all relevant information regarding these fees, including who is responsible for payment and the amounts involved. Additionally, brokers who collect fees in advance must provide a detailed accounting of expenditures to the client within ten days of the service or upon request, but no later than one year from the contract date.

Furthermore, the bill removes the requirement for brokers or agents to have a buyer broker showing agreement or contract in place before showing real estate. This change aims to streamline the process for potential buyers and sellers, making it easier for them to engage in real estate transactions without unnecessary contractual obligations upfront. The act is set to take effect on November 1, 2026.