Bill > SB1062

This bill amends Oklahoma state law regarding broker compensation in real estate transactions, specifically Section 858-359. The bill clarifies and expands the rights of brokers and real estate professionals by explicitly authorizing brokers or real estate owners to compensate or offer compensation to licensed real estate professionals for brokerage services related to purchasing, leasing, selling, transferring, or exchanging real estate in Oklahoma. The legislation emphasizes that a broker's receipt of fees or compensation based on transaction price does not constitute a breach of duty, and it maintains that brokers are not required to charge separate fees for each service provided during a transaction. Importantly, the bill also specifies that brokers are not obligated to offer compensation to real estate professionals, thus providing flexibility in compensation arrangements. This amendment appears designed to provide more clarity and freedom in how real estate professionals can be compensated for their services. The bill is set to become effective on November 1, 2025, giving stakeholders ample time to understand and prepare for the changes.

Business and Industry, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1062&Session=2600