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Current and recent Oklahoma Real Estate Law changes that affect licensee's in this state.

    The newest change to the law that will affect people seeking a license is that your education is only valid to 3 years. So the classes you took 4 years ago will not satisfy the 90 hour requirement for a Basic or Broker License.

  • §858-302. Eligibility for license as real estate provisional sales associate—Qualifications—Examination.

    • A. Any person of good moral character, eighteen (18) years of age or older, and who shall submit to the Commission evidence of successful completion of ninety (90) clock hours or its equivalent as determined by the Commission of basic real estate instruction in a course of study approved by the Commission, may apply to the Commission to take an examination for the purpose of securing a license as a provisional sales associate. The education required in this subsection shall only be valid for a period of three (3) years from the date the school certified successful completion of the course; thereafter, the applicant shall be required to successfully complete an additional ninety (90) clock hours or its equivalent in basic real estate instruction.

       

  • §858-303. Eligibility for license as real estate broker or broker associate—Qualifications—Examination.

    • A. Any person of good moral character who holds a renewable sales associate license and who shall have had two (2) years’ experience, within the previous five (5) years, as a licensed real estate sales associate or provisional sales associate, or its equivalent, and who shall submit to the Commission evidence of successful completion of ninety (90) clock hours or its equivalent as determined by the Commission of advanced real estate instruction in a course of study approved by the Commission, which instruction shall be in addition to any instruction required for securing a license as a real estate sales associate may apply to the Commission, to take an examination for the purpose of securing a license as a real estate broker or broker associate. The education required in this subsection shall only be valid for a period of three (3) years from the date the school certified successful completion of the course; thereafter, the applicant shall be required to successfully complete an additional ninety (90) clock hours or its equivalent in basic real estate instruction.

     

    There has been changes in the rules concerning lapsed licenses. If you license is lapsed more than 3 years YOU MUST apply as an original applicant!
    If you license gets automatically revoked that is usually for a period of 3 years. Since the rule above applies you must apply as an original applicant...

  • 605:10-7-2. License terms and fees; renewals; reinstatements
    • (f) Reinstatement of license. Any licensee whose license term has expired shall be considered for reinstatement of such license upon payment of an amount equal to the current examination fee in addition to the license and late penalty fee(s) for each delinquent license period(s). The following documents and fees must be submitted:

      • (3) Lapsed more than three years. If an application is submitted more than three (3) years subsequent to the most recent year of licensure, the applicant shall be regarded as an original applicant.

 

Newest changes to the Broker Relationship laws. The Transaction Broker and Single Party Broker has been abrogated and replaced with Broker Services.

This is very good and if you represent both parties they are owed the same duties.

BROKER RELATIONSHIPS
§858-351. Definitions. Unless the context clearly indicates otherwise, as used in Section 858-351 through
858-363 of The Oklahoma Real Estate License Code:
1. “Broker” means a real estate broker, an associated broker associate, sales associate, or provisional sales
associate authorized by a real estate broker to provide brokerage services;
2. “Brokerage services” means those services provided by a broker to a party in a transaction;
3. “Party” means a person who is a seller, buyer, landlord, or tenant or a person who is involved in an option
or exchange;
4. “Transaction” means an activity or process to buy, sell, lease, rent, option or exchange real estate. Such
activities or processes may include, without limitation, soliciting, advertising, showing or viewing real property,
presenting offers or counteroffers, entering into agreements and closing such agreements; and
5. “Firm” means a sole proprietor, corporation, association or partnership.
§858-353. Broker duties and responsibilities.
A. A broker shall have the following duties and responsibilities to all parties in a transaction, which are
mandatory and may not be abrogated or waived by a broker:
1. Treat all parties with honesty and exercise reasonable skill and care;
2. Unless specifically waived in writing by a party to the transaction:
a. receive all written offers and counteroffers,
b. reduce offers or counteroffers to a written form upon request of any party to a transaction, and
c. present timely all written offers and counteroffers;
3. Timely account for all money and property received by the broker,
4. Keep confidential information received from a party or prospective party confidential. The confidential
information shall not be disclosed by a firm without the consent of the party disclosing the information unless
consent to the disclosure is granted in writing by the party or prospective party disclosing the information, the
disclosure is required by law, or the information is made public or becomes public as the result of actions from
a source other than the firm. The following information shall be considered confidential and shall be the only
information considered confidential in a transaction:
a. that a party or prospective party is willing to pay more or accept less than what is being offered,
b. that a party or prospective party is willing to agree to financing terms that are different from those
offered,
c. the motivating factors of the party or prospective party purchasing, selling, leasing, optioning or
exchanging the property, and
d. information specifically designated as confidential by a party unless such information is public;
5. Disclose information pertaining to the property as required by the Residential Property Condition
Disclosure Act; and
6. Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes and
rules.
B. A broker shall have the following duties and responsibilities only to a party for whom the broker is providing
brokerage services in a transaction which are mandatory and may not be abrogated or waived by a broker:
1. Inform the party in writing when an offer is made that the party will be expected to pay certain costs,
brokerage service costs and approximate amount of the costs; and
2. Keep the party informed regarding the transaction.
C. When working with both parties to a transaction, the duties and responsibilities set forth in this section
shall remain in place for both parties.
§858-355.1. Brokerage services to both parties in transaction—Disclosure
A. All brokerage agreements shall incorporate as material terms the duties and responsibilities set forth in
Section 858-353 of The Oklahoma Real Estate License Code.
B. A broker may provide brokerage services to one or both parties in a transaction.
C. A broker who is providing brokerage services to one or both parties shall describe and disclose in writing
the broker’s duties and responsibilities set forth in Section 858-353 of The Oklahoma Real Estate License
Code prior to the party or parties signing a contract to sell, purchase, lease, option, or exchange real estate.
D. A firm that provides brokerage services to both parties in a transaction shall provide written notice
to both parties that the firm is providing brokerage services to both parties to a transaction prior to the parties
signing a contract to purchase, lease, option or exchange real estate.
E. If a broker intends to provide fewer brokerage services than those required to complete a transaction,
the broker shall provide written disclosure to the party for whom the broker is providing brokerage services.
Such disclosure shall include a description of those steps in the transaction for which the broker will not provide
brokerage services, and also state that the broker assisting the other party in the transaction is not required to
provide assistance with these steps in any manner.
§858-356. Disclosures—Confirmation in writing. The written disclosures as required by subsection C of
Section 858-355.1 of this title shall be confirmed by each party in writing in a separate provision, incorporated
in or attached to the contract to purchase, lease, option, or exchange real estate. In those cases where a broker
is involved in a transaction but does not prepare the contract to purchase, lease, option, or exchange real estate,
compliance with the disclosure requirements shall be documented by the broker.
§858-358. Duties of broker following termination, expiration, or completion of performance.
Except as may be provided in a written brokerage agreement between the broker and a party to a transaction,
the broker owes no further duties or responsibilities to the party after termination, expiration, or completion
of performance of the transaction, except:
1. To account for all monies and property relating to the transaction; and
2. To keep confidential all confidential information received by the broker during the broker’s relationship
with a party.
§858-359. Broker compensation—Determination of relationship—Breach of duty.
A. The payment or promise of payment or compensation by a party to a broker does not determine what
relationship, if any, has been established between the broker and a party to a transaction.
B. In the event a broker receives a fee or compensation from any party to the transaction based on a selling
price or lease cost of a transaction, such receipt does not constitute a breach of duty or obligation to any party
to the transaction.
C. Nothing in this section requires a broker to charge, or prohibits a broker from charging, a separate fee
or other compensation for each duty or other brokerage services provided during a transaction.
§858-360. Abrogation of common law principles of agency—Remedies cumulative.
A. The duties and responsibilities of a broker specified in Sections 858-351 through 858-363 of The
Oklahoma Real Estate License Code shall replace and abrogate the fiduciary or other duties of a broker to a
party based on common law principles of agency. The remedies at law and equity supplement the provisions
of Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code.
B. A broker may cooperate with other brokers in a transaction. Pursuant to Sections 858-351 through 858-
363 of The Oklahoma Real Estate License Code, a broker shall not be an agent, subagent, or dual agent and an
offer of subagency shall not be made to other brokers.
C. Nothing in this act shall prohibit a broker from entering into an agreement for brokerage services not
enumerated herein so long as the agreement is in compliance with this act, the Oklahoma Real Estate Code and
the Oklahoma Real Estate Commission Administration Rules.
§858-361. Use of word “agent” in trade name and as general reference. A real estate broker and the
associates of a real estate broker are permitted under the provisions of Sections 858-351 through 858-363 of
this title to use the word “agent” in a trade name and as a general reference for designating themselves as real
estate licensees.
§858-362. Vicarious liability for acts or omissions of real estate licensee. A party to a real estate transaction
shall not be vicariously liable for the acts or omissions of a real estate licensee who is providing brokerage
services under Sections 858-351 through 858-363 of The Oklahoma Real Estate License Code.
§858-363. Associates of real estate broker—Authority. Each broker associate, sales associate, and provisional
sales associate shall be associated with a real estate broker. Associates shall not enter into a brokerage
agreement with a party in the associate’s name and shall only be allowed to enter into the agreement in the
name of the broker. A real estate broker may authorize associates to provide brokerage services in the name
of the real estate broker as permitted under The Oklahoma Real Estate License Code, which may include the
execution of written agreements.

www.burroughsco.com

We also have a sister site at MBSRE.com if you were looking for classes to take or to enroll...

That is short for Marie Burroughs School of Real Estate

www.mbsre.com

Thank you

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