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2. Transaction Broker

A Transaction Broker provides services by assisting a party in a transaction without being an advocate for the benefit of that party.

Duties of the Transaction Broker:

1. To perform the term of the written brokerage agreement, it applicable:

2. To treat all parties with honesty:

3. To comply with all requirements of the Oklahoma Real Estate license Code and all applicable statutes and rules; and

4. To exercise reasonable skill and care including:

a. timely presentation of all written offers and counteroffers

b. keeping the party for whom the transaction broker is performing services fully informed regarding the transaction.

c. timely accounting for all money and property received by the broker,

d. keeping confidential information received from a party confidential as required by 858-357 of this act, and

e. disclosing information pertaining to the property as required by the Residential Property Condition 1 Disclosure Act.

Transaction broker may not accept contracts without written approval.

It is the intention of the Legislature that the employing Party not have vicarious liability for the actions of a Transaction broker.

The Transaction brokerage agreement need not be in writing but should always be.

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Brokerage Relationships Act Tapes