1. A. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker, which shall be deemed to include, and which may not abrogate or waive, the mandatory duties and responsibilities set forth in this section.

2. B. The single-party broker shall have the following duties and responsibilities:

   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,
      3. c. present timely all 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 keep the party for whom the single-party broker is performing services informed regarding the transaction;
   5. 5. To account timely for all money and property received by the broker;
   6. 6. To keep confidential information received from a party confidential as required by Section 858-357 of this title;
   7. 7. To perform all brokerage activities for the benefit of the party for whom the single-party broker is performing services unless prohibited by law;
   8. 8. To disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act;
   9. 9. To obey the specific directions of the party for whom the single-party broker is performing services that are not contrary to applicable statutes and rules or contrary to the terms of a contract between the parties to the transaction; and
   10. 10. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules.
3. C. In the event a broker who is a single-party broker for a buyer or a tenant receives a fee or compensation based on a selling price or lease cost of a transaction, such receipt does not constitute a breach of duty or obligation to the buyer or tenant if fully disclosed to the buyer or tenant in the written brokerage agreement.
4. D. Except as provided in Section 858-358 of this title, such duties and responsibilities set forth in this section shall be performed by a single-party broker if such duties and responsibilities relate to the steps of the transaction which occur while there is a broker relationship.
5. E. Nothing in this section requires or prohibits a single-party broker from charging a separate fee or other compensation for each duty or other services provided during a transaction.
6. F. If a single-party 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 the 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, § 4, eff. November 1, 2000; Amended by Laws 2005, SB 673, c. 423, § 4, emerg. eff. June 6, 2005 (superseded document available).