Okla. Admin. Code § 605:10-7-8.3

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

Section 605:10-7-8.3 - [Effective until 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:

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

(2) An associate release form if previously associated with a sponsoring broker.

(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