Okla. Admin. Code § 605:10-7-8.3

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

Section 605:10-7-8.3 - [Effective 11/1/2024] Sole Proprietor licensing procedures

(a)Sole Proprietor. A sole proprietor is a broker that is the sole owner of a real estate business/firm. To qualify for a sole proprietorship, the firm shall not conduct business in the name of an entity, i.e., corporation, association (Limited Liability Company) or partnership and the business/firm shall not be owned by any other person or entity. To apply as a sole proprietor one must meet all requirements for a broker license and submit to the Commission the following:

Completed sole proprietor broker application form(s) and fee(s) as required by the Commission.

(b)Death, disability or retirement. In the event of the death, disability or retirement of the sole proprietor, the sole proprietor firm shall cease business activities.

(c)Broker responsible. A sole proprietor broker is responsible for all acts of associates licensed with the firm.

(d)Ceasing business activities. When the sole proprietor discontinues a portion of the real estate activities or ceases all real estate activities, the sole proprietor is required to comply with the following:

(1) Immediately notify the Commission in writing.

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

Okla. Admin. Code § 605:10-7-8.3

Added at 28 Ok Reg 1812, eff 7-1-11; Amended at 29 Ok Reg 1402, eff 7-1-12

Amended by Oklahoma Register, Volume 40, Issue 23, August 15, 2023, eff. 11/1/2023

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