Commercial Property
Oklahoma Governor Signs Minimum Real Estate Brokerage Service Bill
No longer will local MLSs be used as advertising mediums for FSBO-minded sellers who want the exposure of the MLS for minimum costs in Oklahoma. Brokers who thought they were providing genuine "service" to consumers by entering them into the MLS without providing any other service have just found out that even the Governor doesn"t think that"s a good idea for consumers -- even if that"s what they want. SB673, the bill sponsored by the Oklahoma Association of REALTORS®, was signed into law yesterday by Governor Brad Henry. "We couldn"t be more pleased that the Governor chose to protect consumers by upholding the protections outlined in Oklahoma"s Broker Relationships Act," OAR President Theresa Stewart of Ada said. "This is a victory for both the real estate industry and Oklahoma consumers." The consumer protections outlined in Oklahoma"s Broker Relationships Act, which are reiterated in SB673, include treating all parties with honesty, timely presentation of all written offers and counteroffers, timely accounting for all money and property received by the broker, providing a written estimate of closing costs and disclosing information about the property as required by the Residential Property Condition Disclosure Act. OAR says it supported the bill because it strengthens statutes already in existence. "All along, we"ve said SB673 is about upholding Oklahoma"s Broker Relationships Act, and this new law ensures that Oklahoma consumers will still receive the protections they deserve when dealing with a licensed real estate professional," Stewart says. SB673 was authored by Senator Jay Paul Gumm, D-Durant, a former Realtor, and Representative Doug Miller, R-Norman. The bill passed the State Senate on May 19 with a 40-4 vote and passed the House of Representatives on May 25 with an 89-7 vote. Since SB673 contains an emergency clause, the law goes into effect immediately with the Governor"s signature. Texas is waiting on Governor Rick Perry to sign a similar bill that has already passed through the House and Senate. Rep. Joe Pickett, D-El Paso, who sponsored the legislation, attached the amendment to a housekeeping bill last month requiring real estate brokers to do more than use the MLS as an advertising medium for sellers. A former Realtor, Pickett called for all agents who list homes for sale to present offers from buyers to the sellers and to be available to answer clients" questions. This action took the heat off of the Texas Real Estate Commission (TREC), which was considering rules to do the same. TREC attorneys were contacted by the Department of Justice and Federal Trade Commission to reconsider the rules, but when Pickett drove the bill through the legislature, it took federal attention away from TREC. Governor Perry is expected to sign the bill within the next couple of weeks.Kwik Quid commented:
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12.11.2011
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06.03.2012
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12.03.2012