Louisiana Revised Statutes 37:1451 – A. (1) The commission shall be notified in writing when a sponsoring broker dies and shall have the authority to appoint an active licensed associate broker or salesperson to complet
Terms Used In Louisiana Revised Statutes 37:1451
- 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
- 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
- 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
A. (1) The commission shall be notified in writing when a sponsoring broker dies and shall have the authority to appoint an active licensed associate broker or salesperson to complete, carry out, and enforce any incomplete real estate business activities of the deceased sponsoring broker, including real estate contracts left pending at the time of the death.
(2) The associate broker or salesperson shall immediately notify all sponsored licensees that the sponsoring broker has died. Such notice shall advise the sponsored licensees that no new contracts shall be instituted.
(3) In the absence of any sponsored licensees, the commission shall have the authority to appoint an active licensed broker to complete, carry out, and enforce any incomplete real estate activities of the deceased sponsoring broker, including real estate contracts left pending at the time of the death.
B. In the event of the physical or mental impairment of an individual real estate broker, the commission shall have the authority to appoint another individual real estate broker to complete, carry out, and enforce any incomplete real estate business activities of the impaired sponsoring broker, including real estate contracts left pending at the time of the impairment.
C. In the event of the physical or mental impairment of a sponsoring broker, an associate broker or, in the absence of an associate broker, a salesperson sponsored by the broker may be appointed by the commission to temporarily assume the duties and responsibilities of the broker.
D. In the event of the death or physical or mental incapacity of a qualifying broker, the commission shall be immediately notified and the licensed corporation, limited liability company, or partnership shall appoint a new qualifying broker within five days.
Acts 1978, No. 514, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1995, No. 1207, §1; Acts 2016, No. 533, §1.