Final answer:
The Oklahoma Brokerage Relationships Act of 2013 deals with the real estate industry and outlines how brokers should interact with their clients. It addresses and clarifies aspects not fully covered by common law, establishes statutory fiduciary duties, and introduces concepts like designated brokerage.
Step-by-step explanation:
The Oklahoma Brokerage Relationships Act of 2013 is a piece of legislation that pertains to the real estate industry, particularly in how it regulates the relationships between brokers and their clients. When considering the options provided, the act does the following:
- Supplements the common law of agency, filling in where the common law might not address specific scenarios encountered in real estate transactions.
- Increases the broker's fiduciary duties, by setting clear statutory requirements and expectations.
- Replaces and abrogates the common law of agency, effectively rewriting the framework with which real estate professionals interact with their clients.
- Introduces designated brokerage, allowing for a new structure within real estate firms that can address potential conflicts of interest.
While each option might have some merit, the most accurate description of what the Oklahoma Brokerage Relationships Act of 2013 does should be directly sourced from the text of the statute itself or reliable summaries of the law.