| (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;
(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, or the death of the designated
broker;
(5) termination of sponsorship by the salesperson or
sponsoring broker;
(6) failure to timely complete continuing education
required under the Act and this Chapter; or
(7) receipt by the Commission of an application for
inactive status.
(b) If the broker intends to terminate the sponsorship,
the broker must immediately:
(1) notify the salesperson in writing; and
(2) terminate the sponsorship:
(A) through the online process approved by the Commission;
or
(B) on the appropriate form delivered to the Commission.
(c) If the salesperson intends to terminate the sponsorship,
the salesperson must immediately:
(1) notify the broker in writing; and
(2) terminate the sponsorship:
(A) through the online process approved by the Commission;
or
(B) on the appropriate form delivered to the Commission.
(d) If a sponsorship is terminated on a form under
this section, the effective date of the termination of the sponsorship
is the date the Commission receives the completed form and any applicable
fee.
(e) It is the responsibility of the salesperson on
inactive status to pay all required license renewal fees timely to
prevent the inactive license from expiring.
|
| 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 TexReg 4053; amended to be effectiveJanuary 1, 2015, 39 TexReg 9669 |
