Loading chat...

OK SB1672

Bill

Status

Introduced

2/6/2012

Primary Sponsor

Lee Denney

Click for details

Origin

Senate

2012 Regular Session

AI Summary

SB1672 Summary

  • Eliminates the distinctions between "transaction broker" and "single-party broker" relationships, replacing them with a unified "broker" role that can provide services for one or more parties to a real estate transaction.

  • Establishes mandatory broker duties and responsibilities that apply equally to all parties, including treating parties with honesty, receiving written offers, keeping parties informed, accounting for funds, maintaining confidentiality, and complying with applicable laws.

  • Requires written disclosure of broker duties and written notice to all parties for whom the broker is providing brokerage services prior to any party signing a contract.

  • Prohibits brokers from making subagency offers to other brokers and restricts associates from entering into brokerage agreements in their own name—agreements must be made in the broker's name.

  • Effective November 1, 2012.

Legislative Description

Real estate brokers; deleting single-party and transaction broker responsibilities; terms. Effective date.

Professions and Occupations

Last Action

Remove as author Senator Johnson (Rob); authored by Senator Newberry

2/28/2012

Committee Referrals

Business and Commerce2/7/2012

Full Bill Text

No bill text available