Oklahoma Administrative Code › Title 605 - Oklahoma Real Estate Commission › Chapter 10 - Requirements, Standards, and Procedures › Subchapter 1 - General Provisions › Section 605:10-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
When used in this Chapter, masculine words shall include the
				  feminine and neuter, and the singular includes the plural. The following words
				  or terms, when used in this Chapter, shall have the following meaning, unless
				  the context clearly indicates otherwise:
"Advertising"
means all forms of representation,
				  promotion and solicitation disseminated in any manner and by any means of
				  communication, to include social networking, to consumers for any purpose
				  related to licensed real estate activity.
"Bona fide offer"
means an offer in
				  writing.
"Branch office"
means an extension of a broker's
				  main office location and normally is located at a different location than the
				  main office. A branch office shall not be independently owned by any person
				  other than the applicable broker or entity.
"Branch office broker"
means a person who
				  qualified for a broker license and who is designated by a broker manager or
				  proprietor broker to direct and supervise a branch office on behalf of the
				  broker in conformance with Section 858-310 of the Code. A branch office broker
				  is considered an associate of a broker manager or proprietor broker.
"Broker"
means a sole proprietor, corporation,
				  managing corporate broker of a corporation, association, managing broker member
				  or manager of an association, partnership, or managing partners of a
				  partnership and shall be one and the same as defined as a broker in Section
				  858-102 of the Code and whom the Commission shall hold responsible for all
				  actions of associates who are assigned to said broker.
"Code"
when used in the rules of this Chapter,
				  means Title 59, Section
				  858-101 et
				  seq, Oklahoma Statutes as adopted 1974 and amended.
"Entity"
means association, corporation and
				  partnership.
"Filed"
means the date of the United States
				  postal service postmark or the date personal delivery is made to the Commission
				  office.
"Firm"
means a sole proprietor, corporation,
				  association or partnership.
"Inactive status"
means a period in which a
				  licensee is prohibited from performing activities which require an active
				  license.
"Nonresident"
means a person who is licensed to
				  practice in this state, however, does not maintain a place of business in this
				  state but maintains a place of business in another state and who periodically
				  comes to this state to operate and perform real estate activities.
"Previously licensed applicant"
means a person
				  who has been licensed in another state and desires to obtain a resident license
				  in this state.
"Provisional sales associate"
shall be
				  synonymous in meaning with sales associate except where it is specifically
				  addressed in Subchapters 3, 5 and 7 of this Chapter.
"Rents"
or
"leases real estate"
as
				  referenced in Title 59, Section
				  858-102,
				  subparagraph 2, means the licensed activities provided by a broker through a
				  property management agreement with a party for a fee, commission or other
				  valuable consideration, or with the intention or expectation of receiving or
				  collecting a fee, commission or other valuable consideration. Licensed property
				  management activities may include, but shall not be limited to, showing real
				  property for rent or lease; soliciting tenants and landlords; negotiating on
				  behalf of the tenant or landlord; and complying with and maintaining the
				  property in accordance with Title 41, Oklahoma Statutes,
				  Non-Residential/Residential Landlord and Tenant Acts.
"Resident"
means a person who is licensed in
				  this state and operates from a place of business in this state.
"Sole proprietor"
means a broker who is the sole
				  owner of a real estate business.
"Team name"
means a name used by a team as
				  defined in Section 858-305 of the Code. All team names must be approved by the
				  broker and must be registered with the Commission.
"Trade name"
means the name a firm is to be
				  known as and which is used in advertising by the firm to promote and generate
				  publicity for the firm. A firm may or may not do business in the name under
				  which their license is issued but must register with the Commission all trade
				  names used by the firm.
Amended at 8 Ok Reg 2071, eff 7-1-91; Amended at 10 Ok Reg
					 2087, eff 7-1-93; Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 14 Ok Reg
					 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg
					 394, eff 1-1-99 (emergency); Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at
					 18 Ok Reg 1759, eff 7-1-01; Amended at 20 Ok Reg 2563, eff 7-11-03; Amended at
					 27 Ok Reg 1940, eff 7-1-10; Amended at 29 Ok Reg 1402, eff 7-1-12; Amended at
					 30 Ok Reg 2048, eff 11-1-13