Okla. Admin. Code § 605:10-7-7

Current through Vol. 42, No. 3, October 15, 2024

Section 605:10-7-7 - [Effective 11/1/2024] Branch offices

(a)Each additional office must be licensed. If a broker desires to do business from more than one office location, the broker must license each additional office location as a branch office by submitting forms and fees as required by the Commission. The license shall be maintained in the branch office and available upon request.

(b)Associate's license issuance. An associate's license shall be issued electronically and maintained in each Associate's License Portal under the supervision of the Branch Broker and Managing Broker.

(c)Broker to designate a branch broker to act. A broker shall designate a branch broker, other than himself or herself, to act as broker for each location, to supervise the activities of the branch office. The branch office shall be licensed in conformance with Section 858-310 of the Code. The branch broker may be designated to perform all duties and sign documents on behalf of the broker with respect to the branch office at the discretion of the broker. The branch broker assumes responsibility in conjunction with the broker, for all associates assigned to the branch office.

(d)Broker may act as branch broker; restriction. A broker may act as the branch broker if the branch office is located at the same location as the main office upon the appropriate documents and fees being filed with the Commission.

(e)Reappointment of branch broker. In the event of the death or disability of the designated branch broker, or in the event of the retirement or cessation of employment for any reason by the designated branch broker, and the branch office is to continue business, the main office broker shall appoint a new branch broker and file the appropriate documents with the Commission within thirty (30) days of the occurrence of the event.

(f)Branch office must utilize the same name or trade name of main office. A branch office may utilize a trade name which is different than the main office so long as the broker registers the name(s) with the Commission.

Okla. Admin. Code § 605:10-7-7

Amended at 10 Ok Reg 2087, eff 7-1-93; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 18 Ok Reg 3485, eff 8-1-01 (emergency); Amended at 19 Ok Reg 2410, eff 7-1-02; Amended at 29 Ok Reg 1402, eff 7-1-12; Amended at 30 Ok Reg 2056, eff 11-1-13

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018

Amended by Oklahoma Register, Volume 36, Issue 24, September 3, 2019, eff. 11/1/2019

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 11/1/2024