Angela holds a Michigan associate broker license affiliated with Peninsula Realty. She has met all the qualifications to upgrade to a full broker license and has passed the broker examination. She now wants to open her own brokerage while still completing a listing transaction she started at Peninsula Realty. Under Michigan law, which of the following best describes Angela's obligations during this transition?
Correct Answer
D) Angela must obtain her broker license from LARA-BPL and register her new brokerage entity before conducting any business under the new brokerage; the pending listing belongs to Peninsula Realty and she cannot unilaterally transfer it.
Under MCL 339.2505 and 339.2507, Angela must formally obtain her broker license from LARA-BPL and register her new brokerage entity as a licensed real estate company before conducting any business under the new brokerage. Additionally, the pending listing agreement is a contract between the seller and Peninsula Realty (the brokerage), not Angela personally. Angela cannot unilaterally transfer the listing to her new brokerage; the listing belongs to the employing broker. Any transfer would require agreement from Peninsula Realty's broker and potentially the seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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