Section 876 IAC 8-1-4 - Termination of 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. 4.
(a) Any broker, upon termination of the broker's association with a broker company, shall submit to the commission within five (5) business days of the termination, a reassignment application attesting to the termination and electing either to be unassigned or to be assigned to a new broker company. An unassigned broker may not practice real estate until the broker is assigned under the provisions of subsection (c).(b) Subsection (a) shall not prohibit an unassigned broker from practicing real estate as a sole proprietor broker company if eligible to do so under IC 25-34.1-3-4.1(f)(c) If a terminated broker is transferring to a new broker company upon departure from the broker's previous broker company, it shall be the responsibility of the broker to have the reassignment application signed by the broker and the new broker company's managing broker described in section 1(a) of this rule attesting to the assignment and to pay the reassignment fee established in 876 IAC 5-3-1.(d) If a broker who has become unassigned under subsection (a) is subsequently transferring to a new broker company, it shall be the responsibility of the broker to have the reassignment application signed by the broker and the new broker company's managing broker described in section 1(a) of this rule attesting to the assignment and to pay the reassignment fee established in 876 IAC 5-3-1.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