When a salesperson transfers from one broker to another, it is the duty of the former broker to:
As you know, Alabama law requires real estate salespersons to be licensed under a qualifying broker. This means that most real estate companies have one or more salespersons, with each salesperson operating under a qualifying broker. At times, salespersons change companies and qualifying brokers. Below are some issues to consider before and after a salesperson transfers, including policies to adopt, records to maintain and a word of warning on breaking existing agency agreements for personal gain. Show
Notice and Fee(Ala. Code § 34-27-34)
Agency Office Policy – Disclosure and Acknowledgement License law requires brokers to adopt a written office policy on the different types of brokerage service arrangements that the broker’s licensees may offer or accept. Qualifying brokers must provide his or her licensees with a copy of the policy and explain the policy to all licensees on a yearly basis. Each year, the licensees should sign a form that explains and acknowledges receipt of the policy. When new salespersons are employed, this disclosure must be provided and acknowledged. See Ala. Code § 34-27-83. Listings and Pending Sales One issue that may come up when salespersons change qualifying brokers is what to do with listings and pending sales. Here are some things to consider:
Records Maintained Records required to be maintained by the qualifying broker should be kept by the qualifying broker. Under Alabama license law and accompanying regulations, qualifying brokers must maintain certain records for three years. Records to be kept include “all contracts, leases, listings and other records pertinent to real estate transactions . . .”, as well as a copy of the estimated closing statement, or net sheet, when required to be provided, and records pertaining to trust funds. See Ala. Code § 34-36(a)(31); Ala. Admin. R. 790-x-3-.04; Ala. Code § 34-27-36(a)(8(c). Other records must be provided upon inspection by the Real Estate Commission. These include items such as closed transaction files, real estate licenses, the office policy on R.E.C.A.D. and all pending sales files. A more complete list can be found in Alabama Administrative Rule 790-x-3-.09. Rabbit Trails
Additional Materials Links to several additional articles are included below.
“Disclaimer: This article provides general information only and does not constitute legal advice. No attorney-client relationship is created by reading, viewing, opening, or other action related to this article. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Specific circumstances may change the applicable law or advice a competent individual would provide. In addition, this information is not meant to supplant or in any way replace Errors and Omissions Insurance or other insurance coverage. Mistakes may occasionally be made. Once notified, we will work diligently to correct the issue in a timely manner and mark any updated or changed articles accordingly.” How do I transfer my real estate license to another broker in Virginia?Any licensee may transfer from one licensed real estate firm or sole proprietorship to another by completing and submitting to the board a transfer application and the fee as set forth in 18VAC135-20-80.
How do I transfer my real estate license to another broker in Georgia?Transfer my license The Broker must release you from the current firm and then your new Broker must affiliate you with a new firm. Proceed to section E and complete parts A and B. NOTE: If your license is inactive and continuing education credits are current, this application will activate your license.
What is the fee to transfer a real estate salesperson's license from one brokerage to another in Ohio?(2) Reactivation or transfer of a license by a real estate salesperson, thirty-four dollars.
What is not a requirement to become a broker in Virginia quizlet?What is NOT a requirement to become a broker in Virginia? (minimum qualifications for individual licenses) A broker candidate must have 180 credit-hours of classroom, correspondence, or distance learning study. Buying, selling, or leasing on your own behalf does not require licensure.
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