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The Oklahoma Broker Relationships Act

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With the passage of SB1920, significant changes to the Oklahoma Broker Relationships Act (Title 59, Sections 858-351 to 858-363) became effective as of November 2024. Of note:

  • Brokers are now required to provide written disclosure of compensation and fees to clients.
    Brokers must use a specific method of notification for these disclosures.
  • A compensation agreement must include a timeframe not to exceed one year, and if not specified, the agreement is for 60 days.
  • These changes focus on increasing transparency around broker compensation and represent a significant update, specifically focused on compensation disclosure requirements and consumer protection through increased transparency in real estate transactions.

The changes target amendments to Section 858-353 but do not require a complete overhaul of the Broker Relationships Act. The core structure and other sections of the Act remain largely unchanged, and we will provide a review of these as well in this course.

As you’re no doubt aware, the Oklahoma Broker Relationships Act evolves over time to clarify licensee requirements and protect consumers. These changes are part of that evolution.

The Act continues to require a real estate company representing both parties of a transaction to notify those parties in writing that the company is representing each party before entering into any agreement.