(a)The license of a sales agent [salesperson
] immediately becomes inactive upon [each of the following
circumstances]:
(1)the death of the sales agent’s [
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 sales agent [
salesperson] or sponsoring broker;
(6)failure to timely complete continuing education
required under the Act and this chapter [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 sales agent [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 sales agent [salesperson]
intends to terminate the sponsorship, the sales agent [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 sales agent [
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 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 February 15, 2023
TRD-202300747 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: April 2, 2023
For further information, please call: (512) 936-3284
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