Oklahoma Administrative Code › Title 260 - Office of Management and Enterprise Services › Chapter 95 - Real Estate and Leasing › Subchapter 3 - Real Property Disposal › Section 260:95-3-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Subchapter,
				  shall have the following meaning unless the context clearly indicates
				  otherwise:
"Agency"
means any state agency, board,
				  commission or public trust having the State of Oklahoma as a
				  beneficiary.
"Appraisal"
means an estimate of the value of
				  real property prepared by a qualified appraiser.
"Asset protection"
means coverage provided
				  through the Oklahoma Risk Management program.
"Director"
or
"Director of Real Estate and
				  Leasing Services"
means the person designated by the Director of the
				  Office of Management and Enterprise Services to formulate, enter into or
				  administer contracts for real property or make written determinations and
				  finding with respect to them and carry out the duties of the Office relating to
				  real property transactions and the inventory of real property.
"Fair market value"
means the price which the
				  property would bring if offered for sale in the open market by a seller willing
				  but not obligated to sell and a buyer willing but not obligated to buy, both
				  being fully informed of all purposes for which the property is best
				  suited.
"Historic property"
means a property that is
				  listed on the National Registry of Historic Places or designated by the
				  Oklahoma Historical Society as a property of historic interest or
				  significance.
"Improvements"
means buildings or other
				  permanent or temporary structures or developments located on or attached to the
				  land.
"Interested party list"
means an electronic
				  listing of all parties that have attended pre-bid conferences, site tours, or
				  other publicly held meetings, tours or conferences held by the Office of
				  Management and Enterprise Services regarding lease or disposal of a specific
				  property, or parties who have requested to be added to the listing for a
				  specific property.
"Liquidation"
means disposal of property for
				  less than ninety percent (90%) of the appraised value.
"Maintenance"
means the repair or preventative
				  up-keep of equipment, machinery, property and building features or
				  fixtures.
"Owning agency"
means the agency named as owner
				  on the deed of record or the agency having management, operation and control of
				  the property.
"Public agency"
means an agency as defined in
				  Title 74, Oklahoma Statutes, Section
				  1003(A)(1)
				  for purposes of entering into agreements authorized by the Interlocal
				  Cooperation Act.
"Real Estate and Leasing forms"
means forms and
				  documents the Director of Real Estate and Leasing Services approves for real
				  property transactions and for providing information to the Office of Management
				  and Enterprise Services.
"Real property"
means land, and generally
				  whatever is erected, growing upon or affixed to land; also rights issuing out
				  of, annexed to, and exercisable within or about land.
"Real Property Inventory"
means a comprehensive
				  list of property submitted by the state agencies, boards, commissions and
				  public trusts listing all real property owned, the value of the property and
				  any underutilized property.
"State-owned property"
means all property
				  lawfully designated by the state for its own use; all property dedicated to the
				  state and all property for which there is no other owner.
"Survey"
means a map or plat drawn by a licensed
				  surveyor after measuring a piece of land, to show its area, boundaries,
				  contours, elevations, improvements and its relationship to the surrounding
				  land. A property survey confirms that a particular piece of land or building is
				  sited in accordance to its legal description.