Limited service takes a hit

In a sign of possible things to come, The state
Senate in Oklahoma passed an emergency measure last week that sets mandatory
services for brokers involved in real estate
transactions.

The legislation
provides that a transaction broker has duties and responsibilities “which are
mandatory and may not be abrogated or waived by any party for whom the
transaction broker performs any services.” These mandatory services include: to
perform the terms of the written brokerage agreement, if applicable; to treat
all parties with honest and exercise reasonable skill and care; to be available
to receive all written offers, counteroffers or other communications concerning
a transaction, and reduce offers or counteroffers to a written form upon request
of any party to a transaction, among other requirements.

In a sign of possible things to come,
The state Senate in Oklahoma passed an
emergency measure last week that sets mandatory services for brokers involved in
real estate transactions.

The
legislation provides that a transaction broker has duties and responsibilities
“which are mandatory and may not be abrogated or waived by any party for whom
the transaction broker performs any services.” These mandatory services include:
to perform the terms of the written brokerage agreement, if applicable; to treat
all parties with honest and exercise reasonable skill and care; to be available
to receive all written offers, counteroffers or other communications concerning
a transaction, and reduce offers or counteroffers to a written form upon
request of any party to a transaction, among other
requirements.

Perhaps this will
be the start of things to come. So long as everything is upfront and not hidden
in a bait-and-switch scheme, then competition will reign out.

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