| (a) The license of an individual broker immediately
becomes inactive when:
(1) the Commission receives an application for inactive
status from the broker; or
(2) the broker is placed on inactive status by the
Commission for failure to comply with a requirement of the Act or
this chapter.
(b) The license of a business entity broker immediately
becomes inactive when:
(1) the Commission receives an application for inactive
status from the broker;
(2) the entity is not qualified to transact business
in Texas;
(3) the designated broker's license:
(A) expires;
(B) is suspended, including a probated suspension;
or
(C) is revoked, including a probated revocation; or
(4) the designated broker dies or resigns as designated
broker.
(c) The broker must confirm to the Commission in writing
that the broker has given all sales agents sponsored by the broker
written notice of termination of sponsorship at least 30 days before
filing the application for inactive status.
(d) It is the responsibility of the broker on inactive
status to pay all required license renewal fees timely to prevent
the inactive license from expiring.
(e) To return to active status, a broker on inactive
status must apply to the Commission for return to active status on
a form approved by the Commission, pay the appropriate fee, and satisfy
any continuing education requirements under the Act and this chapter.
|
| Source Note: The provisions of this §535.123 adopted to be effective November 18, 1991, 16 TexReg 6291; amended to be effective November 23, 1993, 18 TexReg 8198; amended to be effective May 27, 1998, 23 TexReg 5437; amended to be effective August 31, 2004, 29 TexReg 8296; amended to be effective January 1, 2011, 35 TexReg 11690; amended to be effective January 1, 2015, 39 TexReg 9669; amended to be effective September 7, 2016, 41 TexReg 6741 |
