Greg is a licensed Kansas salesperson affiliated with Metro Realty. His sponsoring broker, Linda, retires and closes Metro Realty without transferring Greg's license to a new broker. Under Kansas law, what is the immediate effect on Greg's license, and what must Greg do to resume practicing real estate?
Correct Answer
B) Greg's license becomes inactive, and he must affiliate with a new licensed Kansas broker and notify KREC before resuming practice.
Under K.S.A. 58-3039, a Kansas salesperson's license is tied to affiliation with a sponsoring broker. When the sponsoring broker ceases to hold an active license or closes the firm, the salesperson's license becomes inactive. Greg cannot engage in any real estate brokerage activities until he affiliates with a new licensed Kansas broker and the new broker notifies KREC of the affiliation. There is no grace period for independent practice.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a first-time Wyoming salesperson applicant starts the application process. Which statement is correct?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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