Mo. Code Regs. tit. 20 § 2250-4.070

Current through Register Vol. 49, No. 24, December 16, 2024

Section 20 CSR 2250-4.070 - Partnership, Association, or Corporation License

PURPOSE: This rule proclaims all provisions necessary to procuring and maintaining a partnership, association, or corporation license.

(1) Every partnership, association, or corporation must obtain a separate and distinct real estate broker license before transacting business as a broker pursuant to Chapter 339, RSMo. If the partnership, association, or corporation wishes to do business under an assumed or fictitious name, it shall first comply with 20 CSR 2250-4.030 regarding registration of the name.

(2) Before a broker license will be issued to a partnership, association, or corporation, each partner in a partnership or each associate in an association or each officer of a corporation, who actively participates in the supervision of the real estate brokerage business of the firm, as defined in the license law, shall hold the appropriate broker license and each broker-salesperson or salesperson associated with the firm who engages in activities defined in the license law shall hold the appropriate license. In addition, each broker-partner, broker-associate, or broker-officer shall retain a comparable position/title within the firm. An individual that maintains a salesperson license may also hold an officer title within a corporation.

(3) At the time of issuance of a partnership, association, or corporation license, the applicant shall make application to the commission on a form approved by the commission which shall include the following:

(A) The full name of the firm, the address of its principal place of business, and a statement as to its form of organization;

(B) The name, residence, and business addresses of each Missouri-licensed partner in a partnership, associate in an association, or officer of a corporation;

(C) The name and business address of the broker-partner, broker-associate, or broker-officer who has been designated by the firm as responsible for contact with the commission on business of the firm and to whom the commission will address its correspondence;

(D) The address of each branch office of the firm which engages in the activities outlined in Chapter 339, RSMo, and the name of the person in charge of the business at that address;

(E) If applying for a corporation license, a copy of the certificate of incorporation must be provided; and

(F) A statement that the information furnished is complete, true, and correct in all respects and that the entity is currently in good standing with the secretary of state. The commission must be notified in writing within ten (10) days of every change in a partnership, association, or corporation which changes any information furnished or causes the information to be incomplete. The designated broker for the firm shall be responsible for the notification.

(4) A change in the name of a partnership, association, or corporation shall require the filing of a new application with the commission accompanied by the required fee, the previously issued license and documentation from the secretary of state acknowledging the name change.

(5) A person qualifying for or renewing a broker license as a partner, associate, or officer in a licensed firm shall be issued a license as a broker-partner, broker-associate, or broker-officer, as the case may be. At the request of the holder, any such license in good standing may be converted by the commission to an individual broker, broker-salesperson, or inactive broker license on a form approved by the commission and accompanied by the required fee.

(6) Any person who qualifies as a broker may also be licensed as a broker-officer, broker-associate, or broker-partner or any combination of the four (4) types of broker licensure.

(7) The holder of a broker-partner, broker-associate, or broker-officer license is not required to maintain a separate escrow or trust account while affiliated with a licensed entity.

(8) When a broker-partner, broker-associate, or broker-officer license is returned to the commission, the licensee shall have six (6) months in which to change status or reinstate the license. If the application to change status or reinstate the license is not made within the six- (6-) month period, the applicant will be required to complete the required Missouri Real Estate Practice Course and show proof of satisfactory completion of that course within six (6) months prior to reinstatement of the license. If the license is not reinstated or placed on inactive status within the subsequent renewal period, the licensee will be required to requalify as if an original applicant.

20 CSR 2250-4.070

AUTHORITY: sections 339.010, 339.030, 339.040, 339.080, 339.110, 339.120, and 339.160, RSMo Supp. 2011.* This rule originally filed as 4 CSR 250-4.070. Original rule filed Nov. 14, 1978, effective Feb. 11, 1979. Amended: Filed March 14, 1984, effective June 11, 1984. Amended: Filed Oct. 2, 1985, effective Dec. 26, 1985. Amended: Filed June 16, 1989, effective Sept. 28, 1989. Amended: Filed Sept. 1, 1989, effective Dec. 28, 1989. Amended: Filed Feb. 2, 1994, effective Aug. 28, 1994. Amended: Filed June 28, 2002, effective Dec. 30, 2002. Moved to 20 CSR 2250-4.070, effective Aug. 28, 2006. Amended: Filed Oct. 12, 2007, effective April 30, 2008. Amended: Filed April 3, 2009, effective Sept. 30, 2009. Amended: Filed Oct. 27, 2011, effective April 30, 2012.

*Original authority: 339.010, RSMo 1941, amended 1945, 1967, 1978, 1987, 1988, 1993, 2002, 2004, 2006, 2008, 2010; 339.030, RSMo 1941, amended 1981, 1993, 2004, 2010; 339.040, RSMo 1941, amended 1945, 1978, 1981, 1983, 1993, 2004, 2006, 2010, 2011 ; 339.080, RSMo 1941, amended 1978, 1993, 2010; 339.110, RSMo 1941, amended 1978, 1993, 2010; 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993, 1995, 1999, 2004, 2008; and 339.160, RSMo 1941, amended 1993, 2004, 2 010.