Oklahoma Real Estate Commission comment, 2nd qtr 2012, v.47 no.1

              5. “Transaction broker” means a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of that party “Firm” means a sole proprietor, corporation, association or partnership.
SECTION 2. AMENDATORY 59 O.S. 2011, Section 858-353, is amended to read as follows:
Section 858-353. A. A transaction broker shall have the following duties and responsibilities to a party, which are
The Commission has already begun work on implementing the new law. The Broker Relationship Task Force, Commission staff and counsel will meet over the next few months to develop rules for implementing the law. Development of education content and disclosure forms will follow by rewriting the state examination questions and ultimately the state real estate contracts and addenda. The Commission plans for education sessions to be conducted for real estate instructors and licensees to begin in May, 2013. Following is the law as signed by the Governor on May 15, 2012:
HOUSE BILL 2524
SECTION 1. AMENDATORY 59 O.S. 2011, Section 858-351, is amended to read as follows:
Section 858-351. Unless the context clearly indicates otherwise, as used in Sections 858-351 through 858-363 of this title The Oklahoma Real Estate License Code:
1. “Broker” means a real estate broker as defined in Section 858-102 of this title, and means, further, except where the context refers only to a real estate broker, an associated broker associate, sales associate, or provisional sales associate authorized by a real estate broker to provide brokerage services;
2. “Brokerage services” means those services provided by a broker to a consumer in a consumer transaction;
3. “Party” means a person who is a seller, buyer, landlord, or tenant or a person who is involved in an option or exchange;
3. “Single-party broker” means a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit of that party;
4. “Transaction” means any or all of the steps that may occur by or between parties when a party seeks an activity or process to buy, sell, lease, rent, option or exchange real estate and at least one party enters into a broker relationship subject to this title. Such steps activities or processes may include, without limitation, soliciting, advertising, engaging a broker to list a property, showing or viewing a real property, making presenting offers or counteroffers, entering into agreements and closing such agreements; and
OFFICIAL PUBLICATION OF THE
Oklahoma Real Estate Commission Volume 47, 2nd Quarter 2012, No. 1
Oklahoma Real Estate
Commission Comment
New Broker Relationships Statute Effective November 1, 2013
If not, follow these steps to sign on to the system: Go to www.orec.ok.gov and select the “Online Renewal” box, then select “First Time Login”. If you are logging in to provide information for a licensed entity (Corporation (CP), Association (AS), Partnership (PR) or Branch Office (BO) you will enter the license number of the entity and the license expiration date of the entity then press “Login”.
If you are logging in as an individual license type of Broker Proprietor (BP), Broker Manager (BM), Branch Broker (BO), Broker Associate (BA), Broker Inactive (BR), Sales Associate (SA), Provisional Sales Associate (PS), or Provisional Sales Associate Military (PM) you will enter your license number and enter your last name then press “Login”.
Once you press Login it will bring up a screen for you to: enter your email address, reenter your email address, and press Continue.
An email message will be sent to you (at the email address you provided) asking you to click on a link. Upon arriving at the link you will be asked to answer some security questions that are unique to you and create a password. The password must contain 8 characters and numbers and nothing can repeat itself, i.e., 1234fort, wanted85. Upon submitting the information, a screen will come up allowing you to login to the system using your security question answers and password.
Once you are in the online module you will be able to review the status of your recorded education, change your personal contact information, or renew your license. You are encouraged to keep your personal contact information up to date as the Commission will send periodic notices to your current email address (to include a license renewal notice).
There is a fee to renew your license online. The fee is necessary to cover credit card and banking fees and maintenance of the online module platform. The fees range from $3.50 to $5.25 based on the cost of your license.
If you have any questions or need assistance in logging into the online license and information module, please contact the Commission.
In this issue:
Chairman’s Corner. 2
Disciplinary Actions. 2
Governor Appointments . 4
Farewell Commissioner Saunier. 4
Retention of Records. 4
Permanent Rules Effective July 1. 4
Square Footage Law Amended. 5
Licensee Guidance on Immigration Law. 5
Articles of Interest From HUD. 6
Have You Used the Online License Module?
To Renew Your License • To Update Your Personal Contact Information •To View the Status of your Continuing Education
New Office Location
The Commission is now located at 1915 North Stiles, Suite 200, Denver Davison Building, Oklahoma City, Oklahoma 73105. All other contact information remains the same. The building is a secured state location so you will enter through a security check point and you will be directed to our office location on the second floor.
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