Oklahoma Broker Relationships Act
Oklahoma frames a licensee's obligations through the Broker Relationships Act, which sets statutory duties owed to parties rather than traditional common-law agency. This chapter covers those duties and how relationships are disclosed.
Statutory Duties, Not Common-Law Agency
The Broker Relationships Act defines the duties a broker and associates owe to parties in a transaction. Oklahoma treats these as statutory duties owed to a party rather than the fiduciary agency model used in many states. Candidates should be ready to distinguish Oklahoma's approach from buyer/seller agency terminology used elsewhere.
Mandatory Duties
A broker working with a party generally must treat all parties honestly, exercise reasonable skill and care, disclose information required by law such as known material defects, keep confidences where required, and account for money and property received. These duties arise from the statutory relationship, not from a promise of any particular result.
Disclosure of the Relationship
The Act requires the broker to disclose the nature of the relationship to a party before the party enters into a contract to buy or sell, so the consumer understands who is working for whom. Early written disclosure protects both the consumer and the broker and is a frequent exam focus.