Q: How will it affect Realtors?
A: The impact will be in two areas. First, like anything that is new, it will take a bit of education to understand it. Both the state and local boards (of Realtors) in conjunction with the Oklahoma Real Estate Commission are sponsoring classes throughout the state for this purpose, and with licensees required to update education every three years, this is now a required class for license renewal.
The second change will be in our ability to give comfort to the public we serve in a direct and easier-to-understand act that will give the public confidence and also eliminate the constant concern of the Realtor about shifting between the two types of representation.
Q: What is the timeline?
A: The change takes effect on Nov. 1. The act was passed two legislative sessions ago, and in the last session, some small changes were made that clarified some parts that needed new language to ensure understanding. All Realtors who have listing or buyers agreements currently in place will have to change them to the new law if they are still in effect that day and the property is unsold or the buyer has not entered into contract.
Richard Mize, Real Estate Editor