Okla. Admin. Code § 605:10-15-2

Current through Vol. 41, No. 16, May 1, 2024

Section 605:10-15-2 - Broker Relationships Act to become effective November 1, 2013

(a)Broker Relationships Act effective November 1, 2013. A new law, Title 59, O. S., Sections 858-351 through 858-363 of the License Code, becomes effective on November 1, 2013, which law shall be referred to as the Broker Relationships Act.

(b)Brokerage service agreement defined. The term "brokerage service agreement" shall mean an oral or written agreement to provide brokerage services entered into by a real estate broker and a person who is a party to a real estate transaction and shall include, but not be limited to, listing agreements, buyer broker agreements and property management agreements.

(c)Validity of a brokerage service agreement existing before and on November 1, 2013. A brokerage service agreement entered into prior to November 1, 2013, shall remain in full force and effect until the agreement expires or is otherwise terminated by an agreement of the parties.

(d)Providing services to more than one party to the transaction. When a firm provides brokerage services to more than one party to the transaction, the broker shall provide written notice to those parties that the broker is providing brokerage services to more than one party. When a firm provides brokerage services to both sides of the transaction, the firm shall ensure compliance with the duties and responsibilities in Title 59, O.S., Section 858-353 along with all other requirements of the License Code and Rules.

(e)Services provided to a tenant. When a broker provides brokerage services to a landlord under a property management agreement, the services provided to the tenant by the broker shall not be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to in writing; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.

Okla. Admin. Code § 605:10-15-2

Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 16 Ok Reg 394, eff 1-1-99 (emergency); Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 17 Ok Reg 2645, eff 7-1-00; Amended at 18 Ok Reg 48, eff 11-1-00 (emergency); Amended at 18 Ok Reg 1759, eff 7-1-01; Amended at 30 Ok Reg 2061, eff 11-1-13