SECTION 605:10-7-8.1. Partnership licensing procedures and requirements of good standing

(a)   Broker license requirement. Each partnership who performs activities which require a real estate license pursuant to Title 59, O.S., Section 858-102 of the License "Code" shall apply as a real estate broker. Upon approval by the Commission, the partnership shall be granted a real estate broker license. In order to obtain a license, the partnership shall furnish to the satisfaction of the Commission, but not limited to, the following items:

(1)   Completed application form(s) and required fee(s).

(2)   A written statement signed by all partners attesting to the formation of a partnership and that it is in good standing in the State of Oklahoma.

(3)   Partnership must be in compliance with Title 59, O.S., Section 858-312.1 of the License "Code."

(4)   Partnership must have a minimum of two managing partners who each hold a separate license as a real estate broker.

(5)   The designation of the managing partners shall be established by sworn statement signed by the managing partners of the partnership stating the date and place such action was effected.

(6)   In the event of the death or disability of the managing partner(s), or in the event of the retirement or cessation of employment for any reason of the managing partner(s), the partnership is dissolved unless the partnership agreement provides otherwise. If the partnership agreement provides for the continuation of the partnership after the loss of a partner, the partnership shall be required to appoint a new managing partner and such notice of change must be filed in the Commission office no later than thirty (30) working days of the occurrence of the event. The notice of change in managing partners must be accompanied by the appropriate documents as required by the Commission and a Twenty-five Dollar ($25.00) change of status fee.

(b)   Partnership and managing partners responsible for acts. The managing partners in conjunction with the partnership are responsible for all acts of the partnership, including the acts of all associates associated with the partnership. If a corporation or association is a partner of the partnership a letter must be submitted by the firm acknowledging that the managing member of the association or managing broker of the corporation is responsible for all acts of the partnership, including the acts of all associates associated with the partnership.

(c)   Partnership closing requirements or partial ceasing of real estate activities. When a partnership discontinues a portion of real estate activities or ceases all real estate activities, the partnership is required to comply with the following:

(1)   Immediately notify the Commission.

(2)   Comply with Section 605:10-13-1 (n).

(d)   Group change information. Under certain circumstances as determined by the Commission, the Commission may place a cap of Seven Hundred Fifty Dollars ($750.00) on group transactions requesting licenses to be issued. To qualify, such request must be received complete and require no further correspondence and/or documents except for the issuance of the licenses.

[Source: Amended at 12 Ok Reg 1813, eff 7-1-95; Amended at 15 Ok Reg 3322, eff 7-13-98; Amended at 16 Ok Reg 2561, eff 7-1-99; Amended at 28 Ok Reg 1812, eff 7-1-11; Amended at 29 Ok Reg 1402, eff 7-1-12; Amended at 35 Ok Reg 360, eff 11-1-17 (emergency); Amended at 35 Ok Reg 1968, eff 9-14-18; Amended at 36 Ok Reg 1949, eff 11-1-19]