Economic Development & Taxation
Premise: Investment in real estate is an essential ingredient in the economic development of our state. The Oklahoma Association of REALTORS® (OAR) Legislative Agenda includes pro-economic development legislation aimed toward expanding existing and attracting new business, thereby increasing investment activity in real estate. The foundation upon which economic growth is based should be ad valorem tax reform; continued tort and workers’ compensation reform; enhancing our state’s workforce development structure; and attracting the development of research & technology.
Infrastructures for Business Growth
- Support reforms in the workers’ compensation laws while ensuring real estate licensees paid on a commission basis remain exempt.
- Promote housing opportunity and affordability throughout the state and seek new resources.
- Support significant tort reform.
- Monitor legislation restricting the business use of telecommunications systems
- Monitor tax incentives and tax credits for corporations and small businesses to ensure continued economic and housing growth.
- Support meaningful ad valorem tax reform to assure fair and accurate assessment, levy and collections procedures that encourage real estate investment.
- Support the repeal of taxation on the transfer of business personal property in commercial real estate transactions.
- Support the repeal of the estate tax.
- Assist local boards and associations in any manner to ensure local governments do not impose additional licensing/signage/transfer fees on REALTORS® as a condition of doing business within the jurisdiction.
- Oppose any sales taxation of professional services including those of REALTORS®.
- Oppose any effort to increase the documentary stamp tax for any purpose.
- Monitor and strive to analyze all tax-related legislation and tax increases coming before a vote of the people on a real estate and business impact basis. Study any proposal that would eliminate the state income tax and any impact on the real estate industry.
- Support legislation creating home buyer savings accounts designed to help save for a down payment and closing costs for first-time participants in the “American Dream”.
- Monitor the Tax Credit Incentive Evaluation Commission recommendation process.
- Support efforts to prohibit private real estate transfer fees.
- Support efforts to increase financial literacy education in Oklahoma’s secondary school system.
- The Oklahoma Association of REALTORS® will provide staff and membership support to the National Association of REALTORS®’ lobbying efforts on national issues.
- Monitor the development of ethics rules and laws that affect campaign contributions and regulation of political action committees. OAR shall work to ensure restrictions are not unduly cumbersome and exclusionary.
- Monitor legislation regarding data and privacy breaches.
- Monitor burdensome laws that negatively affect home affordability.
Land Use & Environmental Issues
Premise: Protecting the quality of our air, water and land, as well as reasonable preservation of natural resources, must be balanced by the impact legislative and regulatory protection has upon private property owners. Unnecessary government interference restricts a property owner’s freedom to enjoy the uninterrupted use of their own asset. The Oklahoma Association of REALTORS® recognizes the balance of property development, management and preservation of natural resources is vital to the future of housing as well as the supply and quality of marketable real estate.
- Protect private property rights and support the elimination of impediments to property ownership.
- Support just compensation for the confiscation of private property including unreasonable dedication, wetlands or exclusionary zoning.
- Support voluntary conservation measures to increase the energy efficiency of existing buildings.
- Support private property rights laws that require state agencies to analyze rules and regulations to determine whether those rules and regulations result in a “constitutional taking” that require just compensation.
- Support state programs that provide tools to local governments that encourage collaborative and regional comprehensive planning while supplementing, rather than displacing, local control and decision making.
- Oppose legislation that unduly and unnecessarily restricts the use of private property or imposes unreasonable financial burdens on property owners.
- Monitor proposed legislation and/or regulation relating to further disclosure of any known moisture and mold problem or condition by real estate brokers and property managers.
- Monitor proposed changes to termite treatment standards and applicator regulations.
- Monitor legislation regarding surface; water; mineral; natural resources; or, air rights issues.
- Monitor and analyze legislation and/or regulation relating to growth management strategies of urban areas that restrict the use of private property.
- Monitor the list of endangered species for Oklahoma and possible impact on private use of land.
- Monitor legislation and/or regulation relating to remediation standards and additional disclosures for properties used for the manufacturing of methamphetamines.
- Monitor proposals dealing with eminent domain.
- Monitor legislation regarding earthquake damage to real property and evaluate the potential effect on property owner’s insurance and property value.
State Regulation of the Real Estate Industry & Real Estate Law
Premise: An increase in consumerism will result in continued efforts to regulate the real estate industry and support services. The Oklahoma Association of REALTORS® is aware of the increasing consumer scrutiny of REALTORS® and the cost and necessity of services provided. Our efforts will continue to improve the public image of REALTORS® by supporting high quality license education requirements, enforcing strict ethical standards, and increasing awareness of the laws and regulations pertaining to the real estate industry. OAR, in conjunction with the Oklahoma Real Estate Commission (OREC), will work to ensure licensing laws balance the needs of the consumer with the economic concerns of licensees.
Real Estate Licensing Laws
- Support current licensing laws as they relate to applicants with felony convictions.
- Support license reciprocity with other states.
- Oppose the consolidation of OREC functions with other state agencies.
- Oppose the creation of any specialty permits under real estate licensing laws as restrictive and unnecessary.
- Monitor legislation and/or regulations relating to unbundled services in the real estate industry.
- Support the registration of approved broker associate “team” or group” names.
- Monitor the Broker Relationship Act as needed.
Real Estate Business Activities
- Support sustaining licensing requirements for closing companies that allow real estate licensees to close their own in-company transactions.
- Support state law allowing the utilization of an electronic notary public.
- Support open ownership of title insurance agencies that encourages competition and protects the public interest.
- Support changes to the abstracting laws of Oklahoma to ensure they are fair and affordable to Oklahoma property owners.
- Support changes in the title insurance laws that eliminate the requirement for an abstract in the issuance of a title insurance policy.
- Support efforts to digitize county records.
- Oppose any mandatory requirement that an attorney or attorney’s representative be present or involved in any aspect of the real estate transaction.
- Oppose state-imposed limits or restrictions placed on “controlled business arrangements” regulated under RESPA.
- Oppose efforts that would inhibit access to public records.
- Oppose state legislation and/or regulation that attempts to erode the definition of “independent contractor” relating to exemptions available for REALTORS®.
- Oppose legislation that would allow banks and other financial institutions entry into the real estate brokerage or property management business.
- Monitor legislation and/or regulation that would potentially impact the availability and/or affordability of property insurance.
- Monitor legislation regarding the activities involved in the closing of a real estate transaction. Such activities include but are not limited to: inspections; appraisals; abstracting; title insurance; mortgage origination; mortgage companies and homeowner’s insurance; and, other related trades.
- Oppose legislation making property owner/manager liable for criminal activity occurring on their property.
- Support real estate licensees to be utilized to provide real property market valuation for “sheriff sales”.
- Monitor legislation regarding the commercial use of drones.
Real Estate Law
- Support legislation that requires unrepresented sellers (FSBOs) to comply with the requirements of the Residential Property Condition Disclosure Act.
- Support the innocent landowner defense.
- Monitor efforts to mandate property registration and/or inspections of rental properties.
- Oppose required inspections on properties in conjunction with the issuance of occupancy permits.
- Monitor legislation that would require property owners to provide storm shelters and/or evacuation plans to tenants.
- Monitor legislation regarding disclosure.
- Oppose buyer inducements.
- Monitor legislation regarding property management and the Oklahoma Landlord Tenant Act.