In Oklahoma, the Oklahoma Real Estate code has replaced common law agency in the real estate business.  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. 

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.

 Additional Duties and Responsibilities for Single-Party Brokerage:

  1. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker

  2. To keep the party for whom the single-party broker is performing services informed regarding the transaction,

  3. To exercise reasonable skill and care including:

    1. performing all brokerage activities for the benefit of the client, unless prohibited by law

    2. 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.

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.

 Real Estate Licensees from the same brokerage company can not 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.

We hope this help you understand the type of brokerage relationship most suited to fit your needs.

Rick and Nancy