ENGR. H. B. NO. 3345 - Summary

• Amends the Oklahoma Real Estate Code (59 O.S. 2011) to add "property management" to the definition of real estate broker activities, requiring property managers to potentially become licensed real estate brokers.

• Defines "property management" as management of real estate for another, including collection of rents and security deposits, accounting of fees, advertising for lease/rent, procuring tenants, negotiating lease terms, and executing agreements for compensation.

• Modifies Section 858-301 exception to permit property owners to engage in property management of their own real estate as an incident to ownership, without requiring licensure.

• Effective date: November 1, 2014.