Definitions.

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  4. Definitions.

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As used in this act:

1. “Commercial real estate” means any real estate other than:

  • a. real estate containing one to four residential units, or
  • b.real estate on which no buildings or structures are located and which is zoned for single-family residential use.

Commercial real estate shall not include single-family residential units such as condominiums, town houses, or homes in a subdivision when sold, leased, or otherwise conveyed on a unit-by-unit basis, even though these units may be a part of a larger building or parcel of real estate containing more than four residential units;

2. “Commission” means any and all compensation which may be due a broker for performance of licensed services; and

3. “Real estate broker” shall be defined pursuant to Section 858-102 of Title 59 of the Oklahoma Statutes.

Added by Laws 2006, c. 166, § 2, eff. Nov. 1, 2006.


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