When used in this Code, unless the context clearly indicates otherwise, the following words and terms shall be construed as having the meanings ascribed to them in this section: 1. The term “real estate” shall include any interest or estate in real property, within or without the State of Oklahoma, whether vested, contingent or future, corporeal or incorporeal, freehold or nonfreehold, and including leaseholds, options and unit ownership estates to include condominiums, time-shared ownerships and cooperatives; provided, however, that the term real estate shall not include oil, gas or other mineral interests, or oil, gas or other mineral leases; and provided further, that the provisions of this Code shall not apply to any oil, gas, or mineral interest or lease or the sale, purchase or exchange thereof; 2. The term “broker” shall include any person, partnership, limited liability company, association, corporation, or business entity, foreign or domestic, who for a fee, commission, or other valuable consideration, or who with the intention or expectation of receiving or collecting a fee, commission, or other valuable consideration, performs any of the following acts: a. sells, exchanges, purchases, rents, or leases real estate, b. offers to sell, exchange, purchase, rent, or lease real estate, c. negotiates or attempts to negotiate the listing, sale, exchange, purchase, rent, or lease of real estate, d. lists or offers, attempts, or agrees to list real estate for sale, exchange, rent or lease, e. auctions or offers, attempts, or agrees to auction real estate, f. controls the acceptance or deposit of rent from a resident of a single-family residential real property unit, g. solicits listings of places for rent or lease, h. solicits for prospective tenants, purchasers, or sellers, or i. advertises or holds himself or herself out as engaged in such activities; 3. The term “broker associate” shall include any person who has qualified for a license as a broker associate, and who is employed or engaged by, associated as an independent contractor with, or on behalf of and with the permission of a broker to perform any act set out in the definition of a broker; 4. The term “business day” means any calendar day except for Saturday, Sunday, or any public holiday recognized by state or federal law; 5. The term “contract” means any agreement or arrangement, including power of attorney, for the purchase, sale, or assignment of real estate; 6. The term “homeowner” means any individual, entity, trust, or partnership holding title to residential property; 7. The term “real estate sales associate” shall include any person having a renewable license and employed or engaged by, or associated as an independent contractor with, or on behalf of, a broker to do or deal in any act, acts or transactions set out in the definition of a broker; 8. “Provisional sales associate” shall include any person who has been licensed after June 30, 1993, employed or engaged by, or associated as an independent contractor with, or on behalf of, a broker to do or deal in any act, acts or transactions set out in the definition of a broker and subject to an additional forty-five- clock-hour postlicensing educational requirement to be completed within the first twelve-month license term. However, the Oklahoma Real Estate Commission shall promulgate rules for those persons called into active military service for purposes of satisfying the postlicensing educational requirement. The license of a provisional sales associate shall be nonrenewable unless the postlicensing requirement is satisfied prior to the expiration date of the license. Further, the terms sales associate and provisional sales associate shall be synonymous in meaning except where specific exceptions are addressed in the Oklahoma Real Estate License Code; 9. The term “successful completion” shall include prelicense, postlicense, and distance education courses in which an approved public or private school entity has examined the individual, to the satisfaction of the entity and standards as established by the Commission, in relation to the course material presented during the offering; 10. The term “renewable license” shall refer to a broker, broker associate or sales associate who is a holder of such license or to a provisional sales associate who has completed the educational requirements within the required time period as stated in the Code; 11. The term “nonrenewable license” shall refer to a provisional sales associate who is the holder of such license and who has not completed the postlicense educational requirement within the required time period as stated in the Code; 12. The term “surrendered license” shall refer to a real estate license which is surrendered, upon the request of the licensee, due to a pending investigation or disciplinary proceedings; 13. The term “canceled license” shall refer to a real estate license which is canceled, upon the request of the licensee and approval of the Commission, due to a personal reason or conflict; 14. The term “publicly market” shall include all advertisements and marketing conducted in a public or open manner or place; 15. “Licensee” shall include any person who performs any act, acts or transactions set out in the definition of a broker and licensed under the Oklahoma Real Estate License Code; 16. The word “Commission” shall mean the Oklahoma Real Estate Commission; 17. The word “person” shall include and mean every individual, partnership, association or corporation, foreign or domestic; 18. Masculine words shall include the feminine and neuter, and the singular includes the plural; 19. The word “associate” shall mean a broker associate, sales associate or provisional sales associate; and 20. The term “wholesaler” means any individual or entity engaging in the business of securing, negotiating, or facilitating the sale of residential real estate for the primary purpose of transferring, assigning, or selling their equitable interest in the property, directly or indirectly, for financial profit. This includes any person or entity that: a. enters into a contract to purchase residential real estate with the intent of assigning or selling the contractual rights to another party before taking possession or legal ownership of such residential real estate, and b. engages in double closing. As used in this paragraph, “double closing” means the wholesaler simultaneously closes two separate transactions on the same property, one with the original seller and one with the end buyer, without the intent to reside in or otherwise materially improve such residential real estate. Added by Laws 1974, c. 121, § 102, operative July 1, 1974. Amended by Laws 1991, c. 43, § 2, eff. July 1, 1993; Laws 1992, c. 94, § 1, eff. July 1, 1993; Laws 1994, c. 149, § 1, eff. July 1, 1994; Laws 1998, c. 60, § 1, eff. Jan. 1, 1999; Laws 1999, c. 26, § 1, eff. Nov. 1, 1999; Laws 2001, c. 235, § 1, eff. Aug. 1, 2001; Laws 2004, c. 142, § 1, eff. Nov. 1, 2004; Laws 2017, c. 248, § 1, eff. Nov. 1, 2017; Laws 2024, c. 159, § 1, eff. Nov. 1, 2024; Laws 2025, c. 301, § 1, eff. Nov. 1, 2025.
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