What the Public Needs to Know

What the Public Needs to Know…

about the new Brokerage Relationships Act

Your dealings with brokers will be pretty much the same. There will be more disclosures and more paperwork to sign. Brokers will no longer be "agents" for either party in a transaction. Brokers will be either Single-Party brokers or Transaction brokers. A Single-Party broker works for the benefit of the party receiving his services. A Transaction broker assists the party he is working for without being an advocate for that party. Transaction brokers have more duties to you now than in the past when you were a customer under the old law of agency. This is a consumer benefit of the new law.

No More Dual Agency…

Brokers may no longer be dual agents representing both buyers and sellers in the same transaction. Dual agency is no longer allowed. In addition, brokers may not be Single-Party brokers for both parties in the same transaction. This is a consumer protection.

The Oklahoma Real Estate Commission…

The Oklahoma Real Estate Commission is allowing brokers to finish-out their agency agreements that were entered into before 1 November 2000. So don’t be surprised if your listing broker is your agent in selling your house (which was listed before 1 November) but cannot be your agent in helping you buy a new house after the first of November.

Think Consumer Protection…

By creating more duties for the Transaction broker and not allowing any form of "dual agency" the new law is more a consumer protection bill than it is an aid for the real estate industry.

Brokerage Relationships Act Tapes