(a) Should a broker change the address of the broker's place of business, the broker shall notify the commission, in writing, within 30 days of such change.
(b) When an affiliated licensee leaves a broker for whom such licensee is acting, the broker shall immediately cause the license of that licensee to be forwarded either to the commission or to the new broker for whom the licensee will act. If the wall certificate of licensure is forwarded to the new broker for whom the licensee will act, the broker releasing the licensee shall notify the commission in writing of that action. The releasing broker shall furnish such other information regarding the termination of said licensee as the commission may require. Any licensee whose license is released by a broker shall not engage in the activities of a real estate licensee until the licensee:
(1) Personally delivers to the commission a commission approved application to transfer such licensee's license to a new broker or has the United States Postal Service postmark a letter containing such an application; or
(2) Receives from the commission a wall certificate of licensure authorizing the licensee to serve as the broker or the qualifying broker of a firm.
(c) A licensee transferring to a new broker may continue to act as a licensee for the former broker with regard to transactions begun prior to the transfer, provided:
(1) Both brokers agree in writing to the licensee's actions on behalf of the former broker;
(2) The transactions on which the licensee will act on behalf of the former broker are enumerated in the written agreement between the brokers;
(3) The former broker agrees in writing to assume full responsibility for the licensee's activities in the enumerated transactions; and
(4) The written agreement expresses the terms under which the licensee shall be compensated by the former broker.
(d) A salesperson or community association manager shall not act as a licensee for any broker other than the broker holding the salesperson's or community association manager's license except as provided in subsection (c) of this Code section.
Section: Previous 43-40-12 43-40-13 43-40-14 43-40-15 43-40-16 43-40-17 43-40-18 43-40-19 43-40-20 43-40-21 43-40-22 43-40-22.1 43-40-23 43-40-24 43-40-25 NextLast modified: October 14, 2016