Bill > SB1068

This bill amends Oklahoma's real estate broker regulations by requiring written documentation of the working relationship between a buyer and their broker. Specifically, the bill mandates that before a broker guides a buyer to tour a home, they must sign a written agreement that outlines the duration of their professional relationship (not exceeding one year) and details all compensation arrangements, including commissions and fees. The agreement must be signed by both the buyer and broker prior to home tours. The bill emphasizes that while the relationship can be renewed, any new contract cannot automatically renew without explicit agreement from both parties. This legislation aims to increase transparency in real estate transactions by ensuring buyers understand the terms of their relationship with their broker, including the scope of services and financial obligations. The new regulations will take effect on November 1, 2025, giving real estate professionals time to adjust their practices to comply with the new requirements.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1068&Session=2600