A California real estate salesperson leaves one brokerage and is retained by another. Who reports the change to the Department of Real Estate, and by when?
Correct Answer
A) The new responsible broker files the change within 5 days, and the former broker reports the termination within 10 days
Reporting a change of employing broker is a broker duty, not something the salesperson carries alone. The broker who retains the salesperson notifies the Commissioner of that fact within five days, on the department's change form that the salesperson also signs. The broker whose affiliation has ended mails a termination notice to the Commissioner not more than ten days after the termination. Nothing in the licensing law makes the notice "immediate," and the department does not adjust affiliation records on its own.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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