Louisiana Revised Statutes 37:1441 – A. When the sponsorship of an associate broker or salesperson is terminated for any reason, the terminating party shall submit a form attesting to the termination to the commission,
Terms Used In Louisiana Revised Statutes 37:1441
- 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.
- 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 activity: means any activity relating to any portion of a real estate transaction performed for another by any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, who for a fee, commission, or other valuable consideration or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:
(a) Sells, exchanges, purchases, manages, rents, or leases or negotiates the sale, exchange, purchase, rental, or leasing of real estate. 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. When the sponsorship of an associate broker or salesperson is terminated for any reason, the terminating party shall submit a form attesting to the termination to the commission, within five calendar days of such termination.
(1) Upon submission of a form indicating the termination of sponsorship, the license of an associate broker or salesperson shall no longer be in force or effect, and the associate broker or salesperson shall be prohibited from conducting real estate activities, as defined in this Chapter, until such time as the associate broker or salesperson obtains a new sponsoring broker.
(2) An associate broker or salesperson, whose sponsorship has been terminated, shall be entitled to a license transfer upon submission of a form indicating the transfer to a new broker to the commission and payment of the required fee.
B.(1) When the affiliation of a timeshare sales registrant with a registered developer is terminated for any reason, the developer shall notify the commission in writing within five days of such termination.
(2) Any timeshare sales registrant, whose affiliation with a registered developer has been terminated, shall notify the commission, in writing prior to beginning an affiliation with another registered developer.
(3) When an affiliate timeshare sales registrant is terminated by a registered timeshare developer, such sales registration shall no longer be in force or effect, until such time that the commission receives a written notice that the timeshare sales registrant is affiliated with a new developer and the prescribed fees have been remitted.
C. When the association between a designated qualifying broker and a partnership, limited liability company, association, corporation, or other legal entity, foreign or domestic, is terminated for any reason, the following actions shall be taken:
(1) The terminating party shall submit a copy of the letter or resignation or termination to the commission, within five calendar days of such termination.
(2) The outgoing qualifying broker shall notify all sponsored licensees within five calendar days of the termination, including the effective date, by certified or registered mail.
(3) Neither the licensed partnership, limited liability company, association, corporation, or other legal entity, foreign or domestic, nor any licensee sponsored by the terminated qualifying broker, shall engage in any real estate activity requiring a license until a new qualifying broker has been designated by the partnership, limited liability company, association, corporation, or other legal entity, foreign or domestic, and the designation has been reflected in the files of the commission.
(4) Upon termination of a qualifying broker’s association with a partnership, limited liability company, association, corporation, or other legal entity, foreign or domestic, such entity shall designate a new qualifying broker and shall notify the commission by submission of a form indicating the designation of such broker within five calendar days of the termination.
(5) Upon designation of a new qualifying broker, the outgoing qualifying broker shall provide custody of the licenses of all sponsored licensees to the new designated qualifying broker.
(6) All sponsored licensees of the partnership, limited liability company, association, corporation, or other legal entity, foreign or domestic, shall be informed of the change in the designation of a qualifying broker, including the effective date, by certified or registered mail, not later than five calendar days following the effective date of the designation.
Acts 1978, No. 514, §1. Acts 1986, No. 839, §1; Acts 1995, No. 1207, §1; Acts 1997, No. 845, §1; Acts 2016, No. 533, §1.