Emergency Rules Broker Relationships Act

Emergency Rules Pertaining to Broker Relationships Act to Become Effective November 1, 2000.

CHAPTER 10 RULES AND REGULATIONS SUBCHAPTER 15, DISCLOSURES

(A) 605:10-15-2 Broker Relationships Act effective November 1, 2000.

A new law. Title 59, O.S. Sections 858-351 through 858-363 of the License Code, becomes effective on November 1, 2000, which law shall be referred to as the Broker Relationships Act.

(1) 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 e limited to, listing agreements, buyer broker agreements, and property management agreements.

(2) Validity of a brokerage service agreement existing before and on November 1, 2000. A brokerage service agreement entered into prior to November 1, 2000, shall remain in full force and effect until the agreement expires or is otherwise terminated by the parties to the agreement.

(3) Addendum or attachment to a brokerage service agreement existing before and on November 1, 2000. If a brokerage service agreement is entered into prior to November 1, 2000, it may contain an addendum or other attachment that allows the parties on or after November 1, 2000 to change their relationship with the real estate broker to those types of relationships permitted under the Broker Relationships Act. Such addendum or attachment must contain all relevant disclosures, consents and other requirements mandated by the Broker Relationships Act.

(4) Real Estate broker determines relationships under the Broker Relationships Act. Under Title 59, O.S, Section 858-355, the relationship(s) with any party or parties to any transaction shall be determined by the real estate broker only and not by the associated broker associates, sales associates, or provisional sales associates.

(b) Delivery of a contract to broker after acceptance of a contract between the parties.

A single-party broker is authorized to accept delivery of a contract between the parties to a transaction on behalf of the party for whom the broker is performing single-party services. A transaction broker is not authorized to accept delivery of a contract between the parties to a transaction on behalf of the party for whom the broker is performing transaction brokerage services unless the contract between the parties authorizes such and the transaction broker agrees to accept deliver in writing.

(c) Transaction broker may make a suggestion regarding value.

A transaction broker may provide market information and data which may indicate value and may make a suggestion regarding value, but shall not be an advocate for either party.

Brokerage Relationships Act Tapes