1. A. A transaction broker shall have the following duties and responsibilities, which are mandatory and may not be abrogated or waived by a transaction broker:

   1. 1. To treat all parties with honesty and exercise reasonable skill and care;

   2. 2. To be available to:

      1. a. receive all written offers and counteroffers,
      2. b. reduce offers or counteroffers to a written form upon request of any party to a transaction, and
      3. c. present timely such written offers and counteroffers;
   3. 3. To inform in writing the party for whom the broker is providing services when an offer is made that the party will be expected to pay certain closing costs, brokerage service costs and approximate amount of said costs;
   4. 4. To account timely for all money and property received by the broker;
   5. 5. To keep confidential information received from a party confidential as required by Section 858-357 of this title;
   6. 6. To disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act; and
   7. 7. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules.
2. B. Except as provided in Section 858-358 of this title, such duties and responsibilities set forth in this section shall be performed by a transaction broker if such duties and responsibilities relate to the steps of the transaction which occur while there is a broker relationship.
3. C. Nothing in this section requires or prohibits a transaction broker from charging a separate fee or other compensation for each duty or other services provided during a transaction.
4. D. If a transaction broker intends to perform fewer services than those required to complete a transaction, written disclosure shall be provided to the party for whom the broker is providing services. Such disclosure shall include a description of those steps in the transaction for which the broker will not perform services, and also state that a broker assisting the other party in the transaction is not required to provide assistance with these steps in any manner.

Laws 1999, HB 1178, c. 194, § 3, eff. November 1, 2000; Amended by Laws 2005, SB 673, c. 423, § 3, emerg. eff. June 6, 2005 (superseded document available).