Okla. Admin. Code § 605:10-17-6

Current through Vol. 42, No. 4, November 1, 2024

Section 605:10-17-6 - Requirements for suspended/revoked licensee

(a) A suspended/revoked licensee must destroy or return their license certificate and pocket identification card to the Commission office on or before the date the suspension/revocation becomes effective.

(b) When the suspension/revocation period becomes effective, the licensee shall comply with the following requirements:

(1) A suspended/revoked licensee shall not engage in any activity which requires a real estate license, as defined in Section 858-102.

(2) When a broker's license is suspended/revoked, associates under the suspended/revoked broker's supervision will automatically be placed "inactive" for the duration of the suspension/revocation period unless the licensee requests to be transferred to another broker.

(3) If the suspended/revoked broker has a branch office, the license for the branch office will be placed inactive unless otherwise ordered by the Commission; and all licensees associated with the branch office will automatically be placed "inactive" for the duration of the suspension/revocation period unless the licensee requests to be transferred to another broker.

(4) If a managing corporate broker of a corporation is suspended/revoked for an act which was on behalf of the corporation, the broker license of the corporation will be placed inactive unless otherwise ordered by the Commission; and all licensees associated with the corporation will automatically be placed "inactive" for the duration of the suspension/revocation period unless the licensee requests to be transferred to another broker.

(5) If the managing partner(s) of a partnership is suspended/revoked for an act which wason behalf of the partnership, the broker license of the partnership will be placed inactive unless otherwise ordered by the Commission; and all licensees associated with the partnership will automatically be placed on "inactive" for the duration of the suspension/revocation period and the other broker will be placed "inactive" unless he or she requests his or her license to be transferred out of the partnership.

(6) If a managing broker member of an association is suspended/revoked for an act which was in behalf of the association, the broker license of the association will be placed inactive unless otherwise ordered by the Commission; and all licensees associated with the association will automatically be placed "inactive" for the duration of the suspension/revocation period unless the licensee requests to be transferred to another broker.

(7) A suspended/revoked licensee shall only receive compensation during the suspension/revocation period for acts which were performed during the period in which the licensee was actively licensed.

(8) Listings must be cancelled by a suspended/revoked broker between the time the Order of suspension/revocation is received and the effective date of suspension/revocation, as listings will be void on the date the suspension/revocation becomes effective.

(9) A suspended/revoked broker shall not assign listings to another broker without the written consent of the owner of the listed property.

(10) A suspended/revoked broker shall not advertise real estate in any manner, and must remove and discontinue all advertising.

(11) The telephone in a suspended/revoked broker's office shall not be answered in any manner to indicate the suspended/revoked broker is currently active in real estate.

(12) All pending contracts, items or monies placed with the suspended/revoked broker must be transferred to another responsible broker as approved by the Commission and in compliance with Section 605:10-13-1 (n.).

(13) A suspended/revoked licensee shall be required to comply with Section 605:10-13-1(n) and provide the required information to the Commission prior to the effective date of suspension/ revocation.

(14) A representative of the Commission shall visit the office of any suspended/revoked broker prior to the effective date of the suspension/revocation to insure compliance with the requirements of (1) through (13) of this subsection.

Okla. Admin. Code § 605:10-17-6

Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 22 Ok Reg 2177, eff 7-1-05; 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