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(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.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on June 22, 2000
TRD-200004385 Mark A. Moseley
General Counsel
Texas Real Estate
Commission
Effective date: September 1, 2000
Proposal publication date: April 21, 2000
For further information, please call: (512) 465-3900
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