OKLAHOMA REAL ESTATE COMMISSION What You Need to Know About Broker Services

A real estate broker may work with one or both Parties to a . The Oklahoma Broker Relationships Law (Title 59, Oklahoma Statutes, §858-351 – 858-363) allows a real estate firm to provide brokerage services to both Parties to the transaction. This could occur when a firm has contracted with a seller to sell their property and a prospective buyer contacts that same firm to see the property. If the prospective buyer wants to make an offer on the property, the firm must now provide a written notice to both the buyer and seller that the firm is now providing brokerage services to both Parties to the transaction. Oklahoma real estate brokers have mandatory duties and responsibilities to all Parties in a real estate transaction. These duties and responsibilities shall be described and disclosed in writing prior to signing a contract to sell, purchase, , option or exchange real estate. These duties and responsibilities are to:

 Treat all Parties with honesty and exercise reasonable skill and care.

 Receive all written offers and counteroffers, reduce offers or counteroffers to a written form upon request of any party to a transaction and present timely all written offers and counteroffers (unless specifically waived in writing by a party).

 Timely account for all money and property received by the broker.

 Disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act.

 Comply with all requirements of The Oklahoma Real Estate License Code and all applicable statutes and rules.

 Keep confidential information received from a party or prospective party confidential unless written consent is granted by the party, the disclosure is required by law, or the information is public or becomes public as the results of actions from a source other than the broker. Confidential information includes: o That a party is willing to pay more or accept less than what is being offered o That a party or prospective party is willing to agree to financing terms different from those offered o The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or exchanging the property o Any information specifically designated as confidential by the party unless such information is public. A broker has additional duties and responsibilities only to a party for whom the broker is providing brokerage services. These duties and responsibilities shall also be described and disclosed in writing prior to signing a contract to sell, purchase, lease, option and exchange real estate. These duties are to:

 Inform the party in writing when an offers is made that the party will be expected to pay certain costs, brokerage services costs and approximate amount of the costs.

 Keep the party informed regarding the transaction. If a broker intends to provide fewer brokerage services than those required to complete a transaction, the broker shall provide written disclosure to the party for whom the broker is providing services. The disclosure shall include a description of those steps in the transaction that the broker will not provide and state that the broker assisting the other party in the transaction is not required to provide assistance with these steps in any manner. Disclosure of these duties and responsibilities is required in writing. The duties and responsibilities disclosed by the broker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract to purchase, option or exchange real estate. Services provided to a tenant do not automatically create a broker relationship. When a broker provides brokerage services to a under a property management agreement, the services provided to the tenant by the broker shall not be construed as creating a broker relationship between the broker and the tenant unless otherwise agreed to in writing; however, the broker owes to the tenant the duties of honesty and exercising reasonable skill and care.

For more information, visit www.orec.ok.gov

This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission. OREC BROKER SERVICES INFORMATION (11-2014)

OKLAHOMA REAL ESTATE COMMISSION DISCLOSURE TO SELLER OR BUYER OF BROKERAGE DUTIES, RESPONSIBILITIES AND SERVICES

This notice may be part of or attached to any of the following: □ Agreement □ Listing Brokerage Agreement □ Option Agreement □ Sales Agreement □ Exchange Agreement □ Other ______

1. Duties and Responsibilities. A Broker who provides Brokerage Services to one or both parties shall describe and disclose in writing the Broker’s duties and responsibilities prior to the party or parties signing a contract to sell, purchase, option, or exchange real estate. A Broker shall have the following duties and responsibilities which are mandatory and may not be abrogated or waived by a Broker, whether working with one party, or working with both parties: A. treat all parties to the transaction with honesty and exercise reasonable skill and care; B. unless specifically waived in writing by a party to the transaction: 1) receive all written offer and counteroffers; 2) reduce offers or counteroffers to a written form upon request of any party to a transaction; and 3) present timely all written offers and counteroffers. C. inform, in writing, the party for whom the Broker is providing Brokerage Services when an offer is made that the party will be expected to pay certain closing costs, Brokerage Service costs and the approximate amount of the costs; D. keep the party for whom the Broker is providing Brokerage Services informed regarding the transaction; E. timely account for all money and property received by the Broker; F. keep confidential information received from a party or prospective party confidential. The confidential information shall not be disclosed by a Broker without the consent of the party disclosing the information unless consent to the disclosure is granted in writing by the party or prospective party disclosing the information, the disclosure is required by law, or the information is made public or becomes public as the result of actions from a source other than the Broker. The following information shall be considered confidential and shall be the only information considered confidential in a transaction: 1) that a party or prospective party is willing to pay more or accept less than what is being offered, 2) that a party or prospective party is willing to agree to financing terms that are different from those offered, 3) the motivating factors of the party or prospective party purchasing, selling, optioning or exchanging the property, and 4) information specifically designated as confidential by a party unless such information is public. G. disclose information pertaining to the Property as required by Residential Property Condition Disclosure Act; H. comply with all requirements of the Oklahoma Real Estate Code and all applicable statutes and rules; I. when working with one party or both parties to a transaction, the duties and responsibilities set forth in this section shall remain in place for both parties. 2. Brokerage Services provided to both parties to the transaction. The Oklahoma broker relationships law (Title 59, Oklahoma Statutes, Section 858-351 – 858-363) allows a real estate Firm to provide brokerage services to both parties to the transaction. This could occur when a Firm has contracted with a Seller to sell their property and a prospective Buyer contacts that same Firm to see the property. If the prospective Buyer wants to make an offer on the property, the Firm must now provide a written notice to both the Buyer and Seller that the Firm is now providing brokerage services to both parties to the transaction. The law states that there are mandatory duties and responsibilities that must be performed by the broker for each party. 3. Broker providing fewer services. If a Broker intends to provide fewer Brokerage Services than those required to complete a transaction, the Broker shall provide written disclosure to the party for whom the Broker is providing services. The disclosure shall include a description of those steps in the transaction that the Broker will not provide and state that the Broker assisting the other party in the transaction is not required to provide assistance with these steps in any manner. 4. Confirmation of disclosure of duties and responsibilities. The duties and responsibilities disclosed by the Broker shall be confirmed in writing by each party in a separate provision, incorporated in or attached to the contract to purchase, option or exchange real estate. I understand and acknowledge that I have received this notice on ______day of ______, 20______.

(Print Name) ______(Signature) ______

(Print Name) ______(Signature) ______

This form was created by the Oklahoma Real Estate Contract Form Committee and approved by the Oklahoma Real Estate Commission OREC DISCLOSURE TO SELLER OR BUYER OF DUTIES AND RESPONSIBILITIES (11-2013) BROKERAGE RELATIONSHIP DISCLOSURE

Buyer(s) confirms that they have received the Single-Party Broker Disclosure Form prescribed by the Oklahoma Real Estate Commission and that disclosure of the Broker’s relationship, as required by law or regulation, was made to the Buyer(s) or their respective agents, by said agents and/or any transaction broker.

TENX RE, INC., DBA TEN-X IS A SINGLE-PARTY BROKER FOR THE SELLER EXCLUSIVELY

Oklahoma Brokers Relationship Act

In Oklahoma, the Oklahoma Real Estate code has replaced common law agency in the . Under Oklahoma Law, every real estate licensee (or associate) is assumed to be operating in a "transactional brokerage" relationship, in which the associate represents the "transaction" and not any specific party. Transactional Brokerage is very similar to the concept of dual agency in which the broker/associate licensee can represent both parties in a transactional status. With a written agreement, the relationship may become that of a Single-Party Brokerage arrangement.

Real Estate Licensees from the same brokerage company cannot represent both parties in a transaction as a single- party broker. However, a licensee can represent one party as a single-party broker and the other as a transaction broker, or represent both sides as a transaction broker, providing the relationships are disclosed to both parties.

Single-Party Brokerage

"A 'Single-Party Broker' means a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit of that party" (OS 59 § 858-351 3) -- in other works, the focus of a Single-Party Broker is to work for the benefit of the client.

Transaction Brokerage

"A 'Transaction Broker' means a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of that party" (OS 59 § 858-351 5) -- in other words, the focus of a Transaction Broker is to complete the transaction.

Additional Duties and Responsibilities for Single-Party Brokerage

- A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker. - To keep the party for whom the single-party broker is performing services informed regarding the transaction. - To exercise reasonable skill and care including: ● Performing all brokerage activities for the benefit of the client, unless prohibited by law ● Obeying the specific directions of the client, unless prohibited by law, rules, or contrary to terms of the written contract (OS 59 § 858-354).

Under Single-Party Brokerage, the client of the Real Estate Licensee may be vicariously liable for the acts or omissions of the broker.

Duties and Responsibilities common to both Transaction and Single-Party Brokerage - To treat all parties with honesty and exercise reasonable skill and care; - To be available to: ● Receive all written offers and counter offers. ● Reduce offers or counteroffers to a written form upon request of any party to a transaction. ● Present timely such written offers and counteroffers. - To inform in writing the party for whom the broker is providing services when an offer is made that the party will be expected to pay certain closing costs, brokerage service costs and approximate amount of such costs - To account for all money and property received by the broker. - To keep the confidential information received from a party confidential, as required by statute, including: ● That a party is willing to pay more or accept less than what is being offered ● That a party is willing to agree to financing terms that are different from those offered ● The motivating factors of the party purchasing, selling, leasing, optioning, or exchanging the property. - To disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act - To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules

THE LICENSEE IN THE REAL ESTATE TRANSACTION IS TENX RE, INC., DBA TEN-X, WHOSE LICENSE NUMBER IS 173422. THE LICENSEE IS ACTING FOR THE SELLER.

TENX RE, INC., DBA TEN-X LEE LESLIE License No. 173422 License No. 149227