David holds a New Hampshire associate broker license and has just passed the broker examination. He now wants to open his own independent brokerage. Under RSA Chapter 331-A, what must David do before he can legally operate as an independent broker?
Correct Answer
B) David must apply for and receive an active broker license from NHREC before operating independently.
Under RSA 331-A, passing the broker examination does not automatically upgrade a licensee's status. David must formally apply to the New Hampshire Real Estate Commission (NHREC) and receive an active broker license before he may operate independently. Until NHREC issues the broker license, David remains an associate broker and is still subject to all associate broker restrictions, including the requirement to be affiliated with a supervising broker.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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.
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