Looking for a real estate agent in Oklahoma? Maybe you need a Single-Party Broker Relationship

Ok, so you want more representation and advice than a transaction brokeragage realtionship give you.  Time to consider the Single Party Brokerage Relationship with your Oklahoma real estate licensee.  A single party relationship lets your broker work in your best interest, but be careful, you can be held vicariously liable for what that broker does. 

READ ON!

When you sign a Single-Party Broker Relationship Disclosure Form and your Oklahoma license is performing Single-Party Broker Services, he(she) will:

1. Perform the terms of the Brokerage Agreement;
2. treat all parties to the transaction with honesty and exercise reasonable skill and care;
3. Be available to: (i) receive all written offer and counteroffers; (ii) reduce all offers or counteroffers to a written form upon request of any party to a transaction; and (iii) present timely such written offers and counteroffers;
4. When an offer is made, inform in writing the party for whom the Broker is providing services that such party will be expected to pay certain closing costs, brokerage service costs and the approximate amount of those costs;
5. Keep the party for whom the Broker is performing services informed regarding the transaction;
6. Timely account for all money and property received by the Broker;
7. Keep confidential information received from a party confidential as set stated below;
8. Perform all brokerage activities for the benefit of the party for whom the single-party broker is performing services unless prohibited by law;
9. Disclose information pertaining to the Property as required by Residential Property Condition Disclosure Act;
10. Obey 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;
11. Inform the party for whom the Broker is providing services that the party may be vicariously liable for the acts and omissions of the Broker; and
12. Comply with all requirements of the Oklahoma Real Estate Code and all applicable statutes and rules.

Difference in Role of Transaction Broker:

A Transaction Broker has all the duties and responsibilities of a Single-Party Broker except for the duties and responsibilities of:

a. performing all brokerage activities for the benefit of the party for whom the Broker is performing services,

b. obeying the specific directions of the party for whom the Broker is performing services that are not contrary to law or the contract between parties, and

c. keeping the party for whom the Broker is performing services informed regarding the transaction.

 A Transaction Broker does not provide services for the benefit of a party, but assists in the transaction. In addition, a party for whom a transaction Broker is performing services is not vicariously liable for the acts or omissions of Broker.

When the Broker provides services as a Single-Party Broker for both parties to a transaction, the Broker is required to obtain the consent of each party to become a Transaction Broker for purposes of that transaction. This situation occurs when the Broker has listed a property for sale as a Single-Party Broker and also provides services as a Single-Party Broker to another party who desires to purchase that property.

The Broker is a Single-Party Broker for both the Seller and the Buyer. In such a transaction, the Broker as a Single-Party Broker will perform services for more than

one party whose interest could be different or even adverse, and such a transaction requires the Broker to seek the consent of each party to such transaction to permit a change in the brokerage relationship.