La. Admin. Code tit. 46 § LXVII-1801

Current through Register Vol. 50, No. 12, December 20, 2024

Section LXVII-1801 - Broker Supervision

A. A broker must provide a sponsored licensee with written notice and acknowledgement of the activities that the broker authorizes the sponsored licensee to engage in under R.S. 37:1431(24).

B. A broker who sponsors licensees or is a qualifying broker for a corporation shall have written policies and procedures to ensure the following:

1. each sponsored licensee maintains their license in the active status at all times while they are engaging in real estate activates as described in R.S. 37:1431(24).

2. each sponsored licensee complies with the advertising and team rules;

3. a method and process for the sponsored licensee to provide documents to the broker for compliance with record keeping.

C. Listings and other agreements for real estate brokerage services must be solicited under the name of the broker corporation or supervising broker. These agreements shall be signed by the broker or by a sponsored licensee acting under written authority of the sponsoring broker.

D. A broker must maintain the rental trust account, the sales escrow account, and the security deposits trust account with appropriate controls for deposits and disbursements of funds received on behalf of consumers; and

E. When the broker is a business entity, the qualifying broker is the person responsible for the broker responsibilities under this Section.

La. Admin. Code tit. 46, § LXVII-1801

Promulgated by the Office of the Governor, Real Estate Commission, LR 43954 (5/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1435.