Okla. Admin. Code § 605:10-9-8

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

Section 605:10-9-8 - [Effective until 11/1/2024] Branch office closing instructions

The Commission must receive in writing, the requirements listed in this Section at the time notice is given to the Commission that the branch office has closed; however, a written request may be submitted to the Commission for approval to extend the period for submitting such documents and information. Unless specifically approved otherwise by the Commission, a real estate branch office shall be closed by the main office broker in the following manner:

(1) Notify the Commission in writing of the date the branch office will close and advise as to the location where records will be stored and retained for a minimum of five (5) years in conformance with 605:10-13-1(1).

(2) Return the branch office license certificate and pocket identification card along with all license certificates of those associated with the branch office to the Commission and advise the Commission as to the circumstances involving any not returned.

(3) Release forms must be filed for all licensees affiliated with the branch office.

(4) The branch office broker must either transfer his or her license to a firm of his or her choice or place his or her license on inactive status.

(5) If the main office is not going to service the branch office's existing listing and management clients, as well as parties and co-brokers to existing contracts, notice is to be sent in writing advising all parties of the date the branch office will close and advise each client that he or she may enter a new listing or management agreement with a firm of his or her choice.

(6) All advertising in the name of the branch office must be terminated and offering signs removed within thirty (30) days of office closing.

(7) Trust account funds and pending contracts must be maintained by the responsible broker until final proper disbursal or until new agreements are secured from all parties for transfer of the funds and/or contracts. The Commission is to be notified in writing of any accounts that are closed.

Okla. Admin. Code § 605:10-9-8

Added at 10 Ok Reg 2087, eff 7-1-93; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98