Bill > SB1225

This bill amends the Oklahoma Real Estate License Code to provide more transparency and flexibility for real estate brokers and agents. Specifically, the bill allows real estate brokers and agents to negotiate compensation and fees with their represented party in advance of providing services, and requires them to disclose detailed information about these fees, including who is responsible for payment and the specific amount of each payment. The bill mandates that brokers who collect fees in advance must provide a detailed accounting of expenditures within ten days after the specified service time or upon written request, but no later than one year from the contract date. Additionally, the bill prohibits requiring real estate brokers or agents to obtain a buyer broker showing agreement or contract prior to showing a property, which appears to give brokers more flexibility in how they conduct their business. The changes are designed to increase transparency in real estate transactions and reduce administrative barriers for brokers and agents. The bill will become effective on November 1, 2026.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1225&Session=2600