(1) Immediate notice shall be given in a manner acceptable to the commission by each licensee of any change of business location or employment. A change of business address or employment without notification to the commission shall automatically inactivate the licensee's license.
A broker who transfers to the address of another broker or a broker applicant whodesires to be employed by another broker shall inform the commission if the broker is to be in the employ of the other broker. The employing broker shall have the control and custody of the employed broker's license. The employed broker may not act on behalf of the broker or as broker for a partnership, limited liability company, or corporation during the term of the employment; but this shall not affect the employed broker's right to transfer to another employing broker or to a location where the employed broker may conduct business as an independent broker or as a broker acting for a partnership, limited liability company, or corporation.
In the event that any licensee is discharged by or terminates employment with abroker, it shall be the joint duty of both such parties to immediately notify the commission. Either party may furnish the notice in a manner acceptable to the commission. The party giving notice shall notify the other party in person or in writing of the termination of employment.
It is unlawful for any such licensee to perform any of the acts authorized under thelicense in pursuance of this part 2, either directly or indirectly, on or after the date that employment has been terminated. When any real estate broker whose employment has been terminated is employed by another real estate broker, the commission shall, upon proper notification, enter the change of employment in the records of the commission. Not more than one employer or place of employment shall be shown for any real estate broker for the same period of time.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 626, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-109 as it existed prior to 2019.