Key Takeaways
- Oklahoma allows single agency (representing one party) and providing services to both parties in a transaction
- When providing services to both parties, the broker must give written notice to both buyer and seller
- All licensees have mandatory duties to ALL parties: honesty, presenting offers, accounting for funds, and confidentiality
- A broker must disclose in writing any personal interest in a transaction to all parties
- Compensation from multiple parties requires full written disclosure to all parties
Oklahoma Agency Relationships
Oklahoma law defines the types of relationships that real estate brokers may have with consumers through the Broker Relationships Act.
Types of Broker Relationships
Single-Party Representation
A broker providing services to only one party in a transaction:
| Single Agent Role | Represents |
|---|---|
| Seller's broker | Seller only |
| Buyer's broker | Buyer only |
Single-party representation duties include:
- Loyalty to the represented party
- Confidentiality of party's information
- Full disclosure of material facts
- Keeping the party informed
- Reasonable care and diligence
Providing Services to Both Parties
Under Oklahoma law, a broker may provide brokerage services to both parties in the same transaction:
- Occurs when same firm represents both buyer and seller
- Written notice required to both parties
- Broker must remain neutral
- Cannot advocate for one party over the other
Requirements for Services to Both Parties
| Requirement | Description |
|---|---|
| Written notice | Both parties must receive written notice |
| Neutral position | Broker must be impartial |
| Confidentiality | Cannot disclose either party's confidential information |
| Timely presentation | Must present all offers fairly |
Warning: When providing services to both parties, a broker has significant limitations on what they can do for either party. Full disclosure and neutrality are essential.
Landlord-Tenant Relationships
Oklahoma has specific rules for property management and tenant services:
Property Management Services
| Situation | Relationship Created |
|---|---|
| Broker manages property for landlord | Broker relationship with landlord |
| Broker shows property to tenant | NOT automatically a broker relationship with tenant |
Key Point: Services provided to a tenant do not automatically create a broker relationship. Unless otherwise agreed in writing, the broker owes only honesty and reasonable skill and care to the tenant.
Personal Interest Disclosure
A licensee must provide timely written disclosure when they have a personal interest in a transaction:
- When the licensee is buying or selling for themselves
- When acting for immediate family
- When acting for any entity in which the licensee has a personal interest
Key Rule: This disclosure must be provided to ALL parties to the transaction.
Compensation Disclosure
Single Source Compensation
Standard practice - no special disclosure needed when receiving compensation from only the represented party.
Multiple Source Compensation
A broker shall not accept compensation from more than one party without full written disclosure to all parties:
| Situation | Requirement |
|---|---|
| Receiving fee from one party | Standard - no special disclosure |
| Receiving fee from multiple parties | Must disclose to ALL parties in writing |
Compensation Terms (2025)
| Requirement | Details |
|---|---|
| Time limit | Compensation agreement cannot exceed 1 year |
| Default period | If not specified, defaults to 60 days |
| Written disclosure | Must be communicated before contract effective date |
Broker Providing Fewer Services
If a broker provides fewer services than those required to complete a transaction:
- Must provide written disclosure to the party being served
- Party must acknowledge understanding of limited services
- Broker remains responsible for mandatory duties
What happens when an Oklahoma broker provides services to both the buyer and seller in the same transaction?
Under Oklahoma law, which duty does a broker owe to ALL parties in a real estate transaction?
When must an Oklahoma licensee disclose a personal interest in a transaction?