Okla. Admin. Code § 605:10-7-8

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

Section 605:10-7-8 - [Effective until 11/1/2024] Corporation and Association licensing procedures and requirements of good standing

(a)Broker license requirement. Each corporationand association who performs activities which require a real estate license pursuant to Title 59, O.S., Section 858-102 of the License "Code" shall apply as a real estate business entity. Upon approval by the Commission, the corporationor association shall be granted a real estate license. In order to obtain a license, the corporation or association shall furnish to the satisfaction of the Commission, but not limited to, the following items:

(1) Completed application form(s) and required fee(s).

(2) Verification that the corporation or association is authorized to transact business as a business entity in the State of Oklahoma and that the corporationor association is in good standing in the State of Oklahoma.

(3) Corporationor association must be in compliance with Title 59, O.S., Section 858-312.1 of the License "Code."

(4) Corporationor association must have a managing corporate broker who holds a separate license as a real estate broker.

(5) The designation of a managing broker shall be established by sworn statement signed by the President of the corporationor authorized member or manager of the association stating the date and place such action was effected.

(6) In the event of the death or disability of the managing broker, or the event of the retirement or cessation of employment for any reason by the managing broker, or the event of the retirement or cessation of employment for any reason by the managing broker, the corporationor association shall be required to appoint a new managing broker and such notice of change must be filed with the Commission no later than thirty (30) days after the occurrence of the event. The notice of change in a managing broker must be accompanied by the appropriate documents as required by the Commission and a Forty Dollar ($40.00) change of status fee.

(7) Corporations and associations must notify the Commission in writing within ten (10) days of the date of a change in corporate officersor association members.

(b)Business entity and managingbroker responsible for acts. The managing broker in conjunction with the corporationor association is responsible for all acts of the business entity, including the acts of all associates associated with the entity.

(c)Business entityclosing requirements or partial ceasing of real estate activities. When a corporationor association discontinues a portion of real estate activities or ceases all real estate activities, the business entity is required to comply with the following:

(1) Immediately notify the Commission.

(2) Comply with Section 605:10-13-1(n).

(d)Group change information. Under certain circumstances as determined by the Commission, the Commission may place a cap of Seven Hundred Fifty Dollars ($750.00) on group transactions requesting Licenses to be issued. To qualify, such request must be received complete and require no further correspondence and/or documents except for the issuance of the licenses.

(e)Limited liability company. A limited liability company shall be considered as an association.

Okla. Admin. Code § 605:10-7-8

Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 28 Ok Reg 1812, eff 7-1-11; Amended at 29 Ok Reg 1402, eff 7-1-12

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