Okla. Admin. Code § 605:10-7-8.4

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

Section 605:10-7-8.4 - [Effective until 11/1/2024] Corporations or Associations formed for the purpose of receiving compensation

Within the meaning of subsection 14 of Section 858-312 of the "Code" payment of a commission by a broker to a broker or an associate's corporation or association does not constitute a payment of a fee (commission) to an unlicensed person provided the corporation or association and the broker and/or associate abide by the following requirements:

(1) The corporation or association shall not perform any act requiring a real estate license and shall not hold itself out as engaged in such activity.

(2) The licensee requesting registration with the Commission must have an active individual real estate license.

(3) The managing broker must provide approval to the Commission of the broker or associate's corporation or association.

(4) The licensee requesting registration with the Commission must be the majority stockholder and president of the corporation or majority member of the association.

(5) Ownership of the broker or associate's corporation or association is limited to spouses and blood relatives.

(6) The corporation or association shall not advertise or receive referral fees or commissions except from the broker.

(7) The licensee requesting registration with the Commission must pay a fifty dollar ($50.00) registration fee and make the following declarations to the Commission:

(A) A statement that the licensee requesting registration with the Commission is the majority stockholder and president of the corporation or majority member of the association.

(B) Names and relations of all officers/members and/or stockholders.

(C) Verification that the association or corporation is in good standing with the Oklahoma Secretary of State.

(8) An individual broker or associate may only register one corporation or association for the purpose of receiving compensation.

Okla. Admin. Code § 605:10-7-8.4

Added at 29 Ok Reg 1402, eff 7-1-12

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021

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