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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 260. Office of Management and Enterprise Services |
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Chapter 95. Real Estate and Leasing |
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Subchapter 3. Real Property Disposal |
SECTION 260:95-3-2. Definitions
Latest version.
- 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.