| (a) The license of a salesperson immediately becomes
inactive upon each of the following circumstances:
(1) the death of the salesperson's sponsoring broker;
(2) the expiration, suspension, revocation or inactivation
of the license of the sponsoring broker;
(3) if the sponsoring broker is a business entity,
the dissolution of the entity or the forfeiture of its charter, which
also places the license of the entity on inactive status;
(4) if the sponsoring broker is a business entity,
the expiration, suspension, revocation or inactivation of the license
of the designated broker of the entity, which also places the license
of the entity on inactive status; or
(5) if a broker notifies the commission in writing
that the broker no longer sponsors the salesperson.
(b) The commission will no longer consider the broker
to sponsor the salesperson upon receipt of the license or upon receipt
of a written request from a new sponsoring broker to sponsor the salesperson,
whichever first occurs. If the sponsorship has ended because the broker
has terminated the sponsorship, the broker shall immediately notify
the salesperson in writing. If the sponsorship has ended because the
salesperson has left the sponsorship, the salesperson shall immediately
notify the broker in writing. If the commission receives a request
from a broker to sponsor a salesperson shown in the commission's records
as sponsored by another broker, the commission shall notify the former
broker of the change in sponsorship.
(c) When the sponsorship of a salesperson ends, the
broker shall immediately return the salesperson's license or copy
thereof to the commission or otherwise notify the commission in writing
that the sponsorship has ended.
|
| Source Note: The provisions of this §535.121 adopted to be effective January 1, 1976; amended to be effective November 14, 1979, 4 TexReg 4002; amended to be effective July 20, 1981, 6 TexReg 2291; amended to be effective March 19, 1990, 15 TexReg 1236; amended to be effective January 4, 1993, 17 TexReg 8954; amended to be effective May 27, 1998, 23 TexReg 5437; amended to be effective September 1, 2000, 25 TexReg 6509; amended to be effective July 4, 2005, 30 TexReg 3876; amended to be effective January 1, 2011, 35 TexReg 11690; amended to be effective November 1, 2011, 36 TexReg 7332; amended to be effective June 3, 2012, 37 TexReg4053 |
