1301:5-1-03 Regarding licenses.

(A) In accordance with sections 4735.02 to 4735.99 of the Revised Code, there shall be one real estate broker's license issued to an individual, a corporation, a partnership, limited liability corporation, limited liability partnership or an association.

(B) If a broker member of a partnership, association, limited liability corporation, limited liability partnership or corporation, desires to affiliate with another partnership, association, limited liability corporation, limited liability partnership or corporation, or engage in business as an individual, the broker must surrender the broker's license and make application for transfer.

(C) For purposes of section 4735.06 of the Revised Code, an applicant who is a corporation or limited liability company must have at least one individual broker affiliated with the corporation or limited liability company. This individual broker must be a member or officer of the corporation or limited liability company. Said individual broker shall perform the functions of a real estate broker solely on behalf of and in the name of the corporation or limited liability company. No corporation or limited liability company shall maintain a valid real estate broker's license without at least one individual broker affiliated with said corporation or limited liability company.

(D) All members or officers of a corporation or limited liability company which is applying for a real estate broker's license who are not individually licensed as a real estate broker shall submit to the division of real estate an affidavit stating that the member or officer is not authorized to nor will act as a real estate broker for the corporation or limited liability company.

(E) For purposes of section 4735.06 of the Revised Code, an applicant who is a partnership or limited liability partnership must have at least one individual broker affiliated with the partnership or limited liability partnership. This individual broker must be a general partner of the partnership or limited liability partnership. Said individual broker shall perform the functions of a real estate broker solely on behalf of and in the name of the partnership or limited liability partnership applicant. No partnership or limited liability partnership shall maintain a valid real estate broker's license without at least one individual broker affiliated with the partnership or limited liability partnership who is a general partner.

(F) All general partners or limited partners of a partnership or limited liability partnership which is applying for a real estate broker's license who are not individually licensed as a real estate broker shall submit to the division of real estate an affidavit stating that the general partner or limited partner is not authorized to nor will act as a real estate broker for the partnership or limited liability partnership.

(G) For the purposes of section 4735.06 of the Revised Code, an applicant who is an association must have at least one individual broker affiliated with the association. This individual broker must be a member of the association. Said individual broker shall perform the functions of a real estate broker solely on behalf of and in the name of the association. No association shall maintain a valid real estate broker's license without at least one individual broker affiliated with said association.

(H) All members of an association which is applying for a real estate broker's license who are not individually licensed as a real estate broker shall submit to the division of real estate an affidavit stating that the member is not authorized nor will act as a real estate broker for the association.

Effective: 01/01/2013
R.C. 119.032 review dates: 06/25/2012 and 06/30/2016
Promulgated Under: 119.03
Statutory Authority: 4735.10
Rule Amplifies: 4735.06 , 4735.08 , 4735.10 , 4735.13
Prior Effective Dates: 12/31/1975, 8/3/1987, 9/24/2000