Oklahoma Real Estate License Code; requiring broker to provide compensation and fees disclosure; specifying method of notification. Effective date.

This bill updates Oklahoma real estate laws to require brokers to provide specific written disclosures about compensation and fees to the parties they represent. Under the new rules, brokers must inform clients about the costs and the duration of their compensation agreement within ten days of a contract's effective date, defaulting to a sixty-day period if no specific timeframe is set. The legislation also clarifies that brokers must keep certain transaction details, such as a party's willingness to pay more or accept less, confidential unless explicitly waived in writing. These changes apply to all real estate transactions in the state and take effect on November 1, 2024.