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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 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.
The agency certifies that legal counsel has reviewed
the adoption and found it to be a valid exercise of the
agency's legal
authority.
Filed
with the Office of the Secretary of State on November 24, 2014
TRD-201405655 Kerri Lewis
General Counsel
Texas Real Estate Commission
Effective date: January 1, 2015
Proposal publication date: September 5, 2014
For further information, please call: (512) 936-3092
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