SECTION 605:10-11-3. Associate's corporation or association 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 an associate's corporation or association does not constitute a payment of a fee (commission) to an unlicensed person provided the corporation or association, the associate and the broker, abide by the following requirements:

(1)   The associate's 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 associate must have an active individual real estate license.

(3)   The broker of the associate must provide the Commission a written statement approving of the associate's corporation or association.

(4)   The associate must be the majority stockholder and president of the corporation or majority member of the association.

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

(6)   The associate's corporation or association shall not advertise nor receive referral fees or commissions except from the associate's broker.

(7)   The broker and associate must complete and sign a Commission approved form that includes the following:

(A)   A statement that the associate is the majority stockholder and president of the corporation or majority member of the association.

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

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

[Source: Amended at 13 Ok Reg 1723, eff 7-1-96; Amended at 14 Ok Reg 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 22 Ok Reg 2177, eff 7-1-05; Amended at 29 Ok Reg 1402, eff 7-1-12]