partnerships - Registration of brokerage teams. A. The Oklahoma Real Estate Commission may license as a broker any association or corporation in which the managing member or managing officer holds a license as a real estate broker, as defined in this Code, and in which every member, officer or employee who acts as a real estate broker or real estate sales associate holds a license for that purpose, as defined in this Code. The Commission may license as a real estate broker any partnership in which each partner holds a license as a real estate broker, as defined in this Code. B. The Oklahoma Real Estate Commission shall require the registration of all teams affiliated under a brokerage for the purpose of allowing the Commission to better align and track the teams within each brokerage. For the purposes of this section, a team shall mean any two or more licensees who work under the supervision of the same broker, work together on real estate transactions to provide brokerage services, represent themselves to the public as being part of a team, and are designated by a team name. Such registration shall occur before a team performs any licensed activities, and the broker shall notify the Commission when any team name is no longer being used. The Commission may charge a registration fee for each team not to exceed the administrative costs of the registration process. C. Application for licenses and registrations described in this section shall be made on forms prescribed by the Commission and shall be issued pursuant to rules promulgated by the Commission. Added by Laws 1974, c. 121, § 305, operative July 1, 1974. Amended by Laws 1996, c. 159, § 2, eff. Nov. 1, 1996; Laws 2017, c. 248, § 4, eff. Nov. 1, 2017.
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