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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; (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; 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.
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 December 6, 2010
TRD-201006915 Loretta R. DeHay
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2011
Proposal publication date: September 10, 2010
For further information, please call: (512) 465-3926
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