La. Admin. Code tit. 46 § LXVII-5101

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

Section LXVII-5101 - Broker Cooperation

A. A Louisiana broker may cooperate with a licensed broker of another state in the sale, exchange, purchase, rental, leasing, or management of real property located in Louisiana within the limits provided in the Louisiana Real Estate License Law and rules and regulations of the commission under the following conditions.

1. The sale, exchange, purchase, rental, leasing, or management of Louisiana real property shall be handled under the direct supervision and control of the Louisiana broker who shall take full responsibility for all actions of the out-of-state broker. All advertising of any kind must contain the names of both the Louisiana licensed broker and the out-of-state broker. The out-of-state broker may place a sign on real property located in Louisiana with the written consent of the Louisiana licensed broker.

2. Any funds collected on behalf of others shall be maintained in the Louisiana broker's sales escrow checking account, rental trust checking account or security deposit trust checking account unless all parties having an interest in the funds to be deposited therein have agreed otherwise in writing.

3. In each instance herein where a Louisiana broker enters into a cooperating agreement with an out-of-state broker for the sale, exchange, purchase, rental, leasing, or management of Louisiana real property, the Louisiana broker must file one copy of a cooperating agreement with the Louisiana Real Estate Commission prior to the property being advertised, shown, or any contract taken. A written cooperating agreement must be filed for each separate transaction. This agreement must contain verbiage wherein both the Louisiana broker and the out-of-state broker agree to sign all written reports and contracts and comply with the Louisiana Real Estate License Law and rules and regulations of the commission in all respects.

4. Any fee or commission received as a result of a cooperative transaction shall be paid to the Louisiana broker who will, in turn, compensate the out-of-state broker. The percentage of fees or commission to be received by the Louisiana broker and the out-of-state broker shall be negotiable between the two parties and shall be agreed upon, in writing, by the parties in their cooperative agreement.

La. Admin. Code tit. 46, § LXVII-5101

Promulgated by the Department of Economic Development, Real Estate Commission, LR 26:51 (January 2000), amended by the Office of the Governor, Real Estate Commission, LR 37:3013 (October 2011).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1431 et seq.