Industry News

Antitrust officials watching minimum-service real estate laws

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Controversy is brewing again in Oklahoma over measures that require real estate brokers to provide a specific set of services for their clients. U.S. Justice Department officials in September issued a letter to members of the Oklahoma Real Estate Commission over a new set of rules that the commission considered relating to the adoption of Senate Bill 673, which requires brokers in the state to provide a minimum level of service for their clients. Commissioners have backed away from the new rules, which the commission's director said were intended to clearly define the requirements of the new law. The state Attorney General's Office has reportedly received a request to issue an opinion on the impacts of the new law. In April, U.S. Justice Department officials issued a letter to Oklahoma legislators opposing Senate Bill 673, which was backed by the Oklahoma Association of Realtors trade group. Justice Department officials alleged that the bill would "decrease competition among real esta...