1. A. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker.

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

   1. 1. To perform the terms of the brokerage agreement;
   2. 2. To treat all parties with honesty;
   3. 3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and

   4. 4. To exercise reasonable skill and care including:

      1. a. timely presentation of all written offers and counteroffers,
      2. b. keeping the party for whom the single-party broker is performing services fully informed regarding the transaction,
      3. c. timely accounting for all money and property received by the broker,
      4. d. keeping confidential information received from a party confidential as required by Section 7 of this act,
      5. e. performing all brokerage activities for the benefit of the party for whom the single-party broker is performing services unless prohibited by law,
      6. f. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act, and
      7. g. obeying 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.
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, 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.

Laws 1999, HB 1178, c. 194, § 4, eff. November 1, 2000.