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Note: The Oklahoma Real Estate Commission's Commission Comment is the Official Publication of the Oklahoma Real Estate Commission. Past Commission Comment newsletters may be viewed online at the OREC website anytime by clicking here. The following Commission Comment was published first by OREC on November 20th, 2015.
New Oklahoma Real Estate Commission Contracts and Forms were released on November 1. While the response to changes on these forms has been overwhelmingly positive, we've received several questions we'd like to clarify for Oklahoma licensees. This special edition of Commission Comments will answer these questions. Remember, the Residential Property Condition Disclosure Form is required by law, and the new form must be used for any residential property subject to the Residential Property Condition Disclosure Act listed after November 1. Otherwise, all of the OREC contracts and forms, including the new Listing Agreement, are optional. Your broker and/or local board/association of REALTORS® may have a different listing agreement you can use.
What is the "entity" number?
Why was the repair cap removed?
What is a floodway?
We hope these questions help you better understand our new Contracts and Forms. As always, the OREC Contract and Forms committee appreciates and welcomes any questions or suggestions you might have – please contact the OREC offices (firstname.lastname@example.org).