Louisiana Revised Statutes 37:1439 – A. Upon compliance with the provisions of this Chapter and with the rules and regulations of the commission, the commission shall issue the appropriate license, certificate, or regis
Terms Used In Louisiana Revised Statutes 37:1439
- Associate broker: means a person who holds a broker's license and who is exclusively affiliated with and sponsored by another licensed real estate broker to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- 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.
- 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
- Sponsoring broker: means any individual real estate broker who sponsors associate brokers or real estate salespersons who participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- Timeshare developer: means an individual, partnership, limited liability company, corporation, or other legal entity, or the successor or assignee thereof, who creates a timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 37:1431
A. Upon compliance with the provisions of this Chapter and with the rules and regulations of the commission, the commission shall issue the appropriate license, certificate, or registration and shall prescribe the form of such license, certificate, or registration.
B. A broker license issued to an individual, partnership, limited liability company, association, corporation, or other legal entity, shall include the business name, the street address of the business, and the mailing address of the business, if it is different from the street address.
C. Each sales or associate broker license shall include the following information:
(1) The name of the licensee.
(2) The name of the sponsoring individual real estate broker, or the name of the partnership, limited liability company, association, corporation, or other legal entity, under which the license is issued.
(3) The license of each associate broker or salesperson shall be delivered to the individual real estate broker or the partnership, limited liability company, association, corporation, or other legal entity, under which the license is issued in the manner and mode determined by the commission.
D. Each timeshare developer registration shall include the name and street address of the developer and, the mailing address of the developer, if it is different from the street address.
E. Each timeshare sales registration shall include all of the following information:
(1) The name of the sales registrant.
(2) The residential address of the sales registrant, and the mailing address of the sales registrant, if it is different from the residential address.
(3) The name of the developer who employs the sales registrant.
F. The timeshare sales registration shall be delivered to the developer in the manner and mode determined by the commission and shall be kept in the custody and control of that developer.
G.(1) Associate brokers, salespersons, and timeshare interest salespersons shall not conduct any activities requiring a license or registration until such license or registration has been issued and is in the custody of the sponsoring broker or employing timeshare developer.
(2) This provision shall not apply if the sponsoring broker or employing timeshare developer has received written authorization from the commission authorizing such activity pending the issuance of the license or timeshare registration by the commission.
Acts 1978, No. 514, §1. Acts 1986, No. 670, §1; Acts 1995, No. 1207, §1; Acts 1997, No. 845, §1; Acts 1999, No. 452, §2; Acts 2016, No. 533, §1.