Louisiana Revised Statutes 37:1437.2 – A. Any corporation, limited liability company, or partnership formed under the laws of this state or any foreign corporation, limited liability company, or partnership that has been
Terms Used In Louisiana Revised Statutes 37:1437.2
- Commission: means the Louisiana Real Estate Commission. See Louisiana Revised Statutes 37:1431
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Individual real estate broker: means an individual person licensed as a real estate broker and does not mean a licensed corporation, limited liability company, or partnership licensed as a real estate broker. See Louisiana Revised Statutes 37:1431
- Licensee: means any person who has been issued a license by the commission to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Qualifying broker: means the sponsoring broker for a licensed corporation, limited liability company, or partnership and is the individual real estate broker designated by a licensed corporation, limited liability company, or partnership, by resolution, as its representative in all matters relating to its real estate business activities in Louisiana and in administrative and regulatory matters before the commission. See Louisiana Revised Statutes 37:1431
- Real estate: shall mean and include condominiums and leaseholds, as well as any other interest in land, with the exceptions of oil, gas and other minerals and whether the real estate is situated in this state or elsewhere. See Louisiana Revised Statutes 37:1431
- real estate broker: means a licensed real estate broker performing activities as an individual real estate broker, a sponsoring broker or designated qualifying broker, or a corporation, partnership, or limited liability company which has been granted a real estate license through a designated qualifying broker. See Louisiana Revised Statutes 37:1431
A. Any corporation, limited liability company, or partnership formed under the laws of this state or any foreign corporation, limited liability company, or partnership that has been granted a certificate of authority to do business in this state may be granted a real estate broker‘s license by the commission upon application and compliance with the requirements of this Chapter.
B. Every application for a real estate broker license issued to a corporation, limited liability company, or partnership shall be submitted by a licensed individual real estate broker who has been chosen by the corporation, limited liability company, or partnership as its qualifying broker.
(1) An individual real estate broker may serve as a qualifying broker for more than one corporation, limited liability company, or partnership.
(2) A corporation, limited liability company, or partnership may designate a new qualifying broker at any time, as provided in La. Rev. Stat. 37:1441(C).
C. A corporation, limited liability company, or partnership shall notify the commission within five calendar days of its dissolution, accompanied by notice of the termination of the broker license, as provided in La. Rev. Stat. 37:1441, for each sponsored licensee, at which time the commission shall cancel the real estate broker license of the corporation, limited liability company, or partnership, thereby prohibiting such entity from performing any act for which a real estate broker license is required.
D. A corporation, limited liability company, or partnership shall notify the commission within five calendar days following the effective date of a merger or consolidation with another corporation, limited liability company, or partnership.
F.-I. Repealed by Acts 1999, No. 452, §3.
Added by Acts 1983, No. 380, §1. Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1995, No. 1207, §1; Acts 1997, No. 845, §1; Acts 1999, No. 452, §3; Acts 2016, No. 533, §1.