Section 876 IAC 8-1-3 - Association with broker company; duties of partiesAuthority: IC 25-1-8-2; IC 25-34.1-2-5
Affected: IC 25-34.1-3-4.1
Sec. 3.
(a) An individual newly licensed as a broker shall choose either to be unassigned or to be assigned to a broker company.(b) If the broker wishes to be assigned, the broker's licensure application shall also be signed by the broker company's managing broker described in section 1(a) of this rule attesting to the assignment.(c) If an unassigned broker subsequently wishes to be assigned, it shall be the responsibility of the broker to have a reassignment application signed by the broker and the new broker company's managing broker described in section 1(a) of this rule and to pay the reassignment fee established in 876 IAC 5-3-1.(d) An inactive broker who reactivates the inactive license and qualifies for reactivation shall be treated in the same manner provided for in subsections (a) through (c).(e) A broker who reinstates an expired license and qualifies for reinstatement shall be treated in the same manner as provided for in subsections (a) through (c).(f) A broker in referral status who wishes to resume active status (and therefore be eligible to perform acts that require a broker's license under IC 25-34.1 beyond making referrals to brokers) and qualifies to resume active status shall be treated in the same manner as provided for in subsections (a) through (c).Filed 5/22/2014, 11:50 a.m.: 20140618-IR-876140061FRA, eff 7/1/2014Readopted filed 11/19/2020, 9:56 a.m.: 20201216-IR-876200513RFAReadopted filed 3/21/2024, 4:07 p.m.: 20240417-IR-876230829RFA