Revised Versions of Two Important Documents Are Now Available!

The newly revised OKCMAR Bylaws is now available for your reference.

Article VI, Section 13 and Article V, Section 5 have been updated to reflect the NAR Board decision to change the Code of Ethics cycle. The Code of Ethics cycle is now a 3-year cycle.  The current cycle is Jan 1st, 2019 – Dec 31st, 2021. 

According to OKCMAR Bylaws: Article XVI, Section 1a: (a) When Bylaws amendments are mandated by NAR policy, these Bylaws may be automatically amended to reflect the mandate as of the effective date of the mandatory policy authorized by the NATIONAL ASSOCIATION OF REALTORS®. The association shall provide notice of that change in a regular or special membership communication. The OKCMAR Board adopted this amendment on January 30th, 2020 and for this amendment, a membership vote is not required.  

The NAR Board of Directors approved a change to NAR’s Code of Ethics training requirement in the November board meeting. The change extends the training requirement from every two years to every three years and extends the current Cycle 6 deadline from Dec. 31, 2020, to Dec. 31, 2021. The next cycle (Cycle 7) will begin Jan. 1, 2022, and end Dec. 31, 2024.

The Code of Ethics cycle change was one of several recommendations of a 2019 presidential advisory group established to study the Code training requirement. Prior to the board meeting, NAR’s Leadership Team approved several recommendations of the advisory group that did not require a board vote:

  • That the learning objectives for the existing-member Code of Ethics training be revised to include content on professional conduct, courtesies, business etiquette, and real-life scenarios.
  • That NAR establish Code of Ethics training equivalency options that members can take to satisfy the Code of Ethics training requirement, and that the Commitment to Excellence (C2EX) endorsement be an equivalency option.
  • That only courses and equivalencies provided by a local, state, or national REALTOR® association can satisfy the Code of Ethics training requirement.
  • That an implementation team be appointed to develop a microsite that compiles all available options for fulfilling the Code of Ethics training requirement, including C2EX ethics modules, NAR-approved online courses, and links to association-approved courses.
  • That the Core Standards requirements be amended to clarify an association’s duties regarding administration of the Code of Ethics training requirement.

 
The changes are as follows:
 
1.  Additional options for keybox information:
Section 12B 1) now reads:
 
1) Broker (check one) [] is [] is not authorized to place a key box containing a key to the      Property on the Property. In the event Broker is authorized to place a key box, then  one or all the following may be used as designated:
[ ] Supra (MLS) Lockbox;
[ ] Combination Lockbox (Broker has explained risks);
[ ] Keyless Entry (Broker has explained risks);
 
2.  Utilities added to Section 15:
D. At Seller’s expense, turn on or leave on until closing or termination of this Listing Agreement all utilities or have service persons do so in order to show the Property or to permit inspection of Property.
 
3.  “Disclosure of Offers” added as Section 25:
The Seller and Broker agree that Broker, in response to inquiries from Buyers or cooperating brokers shall disclose, with the Sellers’ approval, the existence of offers on the property.
Where disclosure is authorized, Brokers shall also disclose whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating Broker. Seller (check one) [] does [] does not authorize Broker to disclose  the existence of offers on the property.
 
The form is available on TransactionDesk.

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