(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 corporation, the dissolution
of the corporation or the forfeiture of its charter, which also places the
license of the entity on inactive status; or
(4) if the sponsoring broker is a corporation, limited liability
company or partnership, the expiration, suspension, revocation or inactivation
of the license of the person designated as broker, manager, or partner on
the license certificate of the entity, which also places the license of the
entity on inactive status.
(b) When the sponsorship of a salesperson ends, the broker
shall immediately return the salesperson's license certificate to the commission.
The commission will no longer consider the broker to sponsor the salesperson
upon receipt of the license certificate 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 so notify the salesperson in writing. If the
sponsorship has ended because the salesperson has left the sponsorship, the
salesperson shall immediately so 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 and request the former broker to return
the license certificate to the commission.
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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 |