(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[, which also places the license of the entity on inactive status]; (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[, which also places the license of the entity on inactive status]; [or] (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. [(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 intends to terminate [ has terminated] the sponsorship, the broker must [shall ] 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 sponsorship has ended because] the salesperson intends to terminate [has left] the sponsorship, the salesperson must [shall] immediately: (1)notify the broker in writing; and [ 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. ] (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. [(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.]
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to
adopt.
Filed
with the Office of the Secretary of State on August 25, 2014
TRD-201404038 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: October 5, 2014
For further information, please call: (512) 936-3092
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