HB 1245 Summary

• Removes the term "single-party broker" from statute of frauds provisions in 15 O.S. 2011, Section 136, allowing brokers to be authorized to sign real estate contracts on behalf of parties.

• Modifies broker duties in the Oklahoma Real Estate License Code by replacing the term "consumer" with "party" and distinguishes between duties owed to all parties versus duties owed only to parties the broker represents.

• Establishes mandatory broker duties applicable to all parties in a transaction including honesty, skill, care, handling written offers, and confidentiality of specified information.

• Creates separate broker duties only to parties being represented, including informing parties about expected costs and keeping them informed about the transaction.

• Effective date is November 1, 2013.