Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 1st Session of the 60th Legislature (2025)
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3 SENATE BILL 1068 By: Rosino
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7 AS INTRODUCED
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8 An Act relating to real estate brokers; amending 59
8 O.S. 2021, Section 858-353, as amended by Section 1,
9 Chapter 326, O.S.L. 2024 (59 O.S. Supp. 2024, Section
9 858-353), which relates to broker duties and
10 responsibilities; requiring written memorialization
10 of certain working relationship; establishing certain
11 limitations; and providing an effective date.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. AMENDATORY 59 O.S. 2021, Section 858-353, as
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17 amended by Section 1, Chapter 326, O.S.L. 2024 (59 O.S. Supp. 2024,
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18 Section 858-353), is amended to read as follows:
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19 Section 858-353. A. A broker shall have the following duties
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20 and responsibilities to all parties in a transaction, which are
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21 mandatory and may not be abrogated or waived by a broker:
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22 1. Treat all parties with honesty and exercise reasonable skill
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23 and care;
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Req. No. 342 Page 1
1 2. Unless specifically waived in writing by a party to the
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2 transaction:
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3 a. receive all written offers and counteroffers,
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4 b. reduce offers or counteroffers to a written form upon
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5 request of any party to a transaction, and
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6 c. present timely all written offers and counteroffers;
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7 3. Timely account for all money and property received by the
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8 broker;
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9 4. Keep confidential information received from a party or
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10 prospective party confidential. The confidential information shall
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11 not be disclosed by a firm without the consent of the party
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12 disclosing the information unless consent to the disclosure is
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13 granted in writing by the party or prospective party disclosing the
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14 information, the disclosure is required by law, or the information
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15 is made public or becomes public as the result of actions from a
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16 source other than the firm. The following information shall be
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17 considered confidential and shall be the only information considered
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18 confidential in a transaction:
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19 a. that a party or prospective party is willing to pay
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20 more or accept less than what is being offered,
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21 b. that a party or prospective party is willing to agree
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22 to financing terms that are different from those
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23 offered,
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1 c. the motivating factors of the party or prospective
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2 party purchasing, selling, leasing, optioning or
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3 exchanging the property, and
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4 d. information specifically designated as confidential by
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5 a party unless such information is public;
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6 5. Disclose information pertaining to the property as required
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7 by the Residential Property Condition Disclosure Act;
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8 6. Comply with all requirements of The Oklahoma Real Estate
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9 License Code and all applicable statutes and rules; and
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10 7. Disclose:
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11 a. information pertaining to compensation and fees
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12 assessed on each transaction to the represented party,
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13 which shall be communicated in writing before the
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14 effective date of the contract for sale or lease, and
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15 b. the time frame for which the compensation agreement is
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16 valid, not to exceed one (1) year. If no time frame
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17 is specified, the compensation agreement shall default
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18 to sixty (60) days.
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19 B. A broker shall have the following duties and
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20 responsibilities only to a party for whom the broker is providing
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21 brokerage services in a transaction which are mandatory and may not
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22 be abrogated or waived by a broker:
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Req. No. 342 Page 3
1 1. Inform the party in writing when an offer is made that the
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2 party will be expected to pay certain costs, brokerage service costs
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3 and the approximate amount of the costs; and
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4 2. Keep the party informed regarding the transaction.
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5 C. When working with both parties to a transaction, the duties
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6 and responsibilities set forth in this section shall remain in place
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7 for both parties.
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8 D. A buyer and a broker providing services for the buyer shall
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9 memorialize in writing the relationship between the buyer and the
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10 broker including, but not limited to:
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11 1. The duration of the relationship for which the broker is
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12 responsible to the buyer, not to exceed one (1) year; and
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13 2. The compensation agreed to by the broker and the buyer for
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14 the duration of the contract including commissions, fees, and any
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15 other compensation that is received by the broker during the course
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16 of the relationship.
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17 E. A document memorializing the working relationship between a
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18 buyer and a broker providing services for the buyer shall be signed
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19 by both the buyer and the broker prior to touring a home at the
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20 direction of the broker.
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21 F. Upon the expiration or termination of such a working
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22 relationship, nothing shall preclude a buyer and broker from signing
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23 a new agreement with terms memorialized in the same manner as
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24 required by this section. Such contracts shall not include terms
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Req. No. 342 Page 4
1 which cause the contract to renew without additional agreement from
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2 both the buyer and the broker.
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3 SECTION 2. This act shall become effective November 1, 2025.
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5 60-1-342 CAD 1/16/2025 3:03:59 PM
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Req. No. 342 Page 5Every fact on this page links to its source, starting with the official bill record.