1. When any real estate broker-salesperson or salesperson terminates, for any reason, his or her association with the real estate broker with whom he or she was associated, or his or her employment with the owner-developer by whom he or she was employed, the real estate broker or owner-developer shall:
(a) Deliver or mail by certified mail to the Division the real estate broker-salesperson’s or salesperson’s license, together with a written statement of the circumstances surrounding the termination of the association or the employment, within 10 days after the termination occurs.
(b) At the time of delivering or mailing the license to the Division, address a communication to the last known residence address of the broker-salesperson or salesperson, advising him or her that the license has been delivered or mailed to the Division. A copy of the communication must accompany the license when delivered or mailed to the Division.
2. A broker-salesperson or salesperson must, within 30 days after termination of that association, become associated with or employed by another broker or owner-developer or request that the license be placed on inactive status.
3. It is unlawful for any real estate salesperson to perform any of the acts contemplated by this chapter, either directly or indirectly, under authority of the license on or after the date of receipt of the license from the broker or owner-developer by the Division and until the license is transferred or reissued or a new license is issued.
[Part 17:150:1947; A 1949, 433; 1955, 77] — (NRS A 1963, 674; 1969, 95; 1975, 1550, 1641; 1979, 1548; 1981, 1034; 1989, 1611)