Knowledge of associate or employer of violation by licensee or employee; penalties.
1. Any unlawful act or violation of any of the provisions of this chapter by any licensee is not cause to suspend, revoke or deny the renewal of the license of any person associated with the licensee, unless it appears to the satisfaction of the Commission that the associate knew or should have known thereof. A course of dealing shown to have been persistently and consistently followed by any licensee constitutes prima facie evidence of such knowledge upon the part of the associate.
2. If it appears that a registered owner-developer knew or should have known of any unlawful act or violation on the part of a real estate broker, broker-salesman or salesman employed by him, in the course of his employment, the Commission may suspend, revoke or deny the renewal of his registration and may assess a civil penalty of not more than $5,000.
3. The Commission may suspend, revoke or deny the renewal of the license of a real estate broker and may assess a civil penalty of not more than $5,000 against him if it appears he has failed to maintain adequate supervision of a salesman or broker-salesman associated with him and that person commits any unlawful act or violates any of the provisions of this chapter.
Last modified: February 27, 2006