1301:5-1-06 Broker return of licenses, notification of salesperson termination.

(A) Any real estate broker who terminates a salesperson associated with the broker shall give such salesperson notice thereof in writing by certified mail within three business days of returning the salesperson's license to the division.

(1) Such notice shall state that upon return of the salesperson's license to the division, such license will be automatically placed in an inactive status and that the superintendent may reactivate the license without examination pursuant to the reactivation requirements of rule 1301:5-1-19 of the Administrative Code.

(2) Failure to give such notice to the salesperson herein prescribed may be deemed to be evidence of misconduct in violation of division (A)(6) of section 4735.18 of the Revised Code.

(B) Upon receipt of a written request from the superintendent, a real estate broker shall immediately return the license of a salesperson or broker. Failure to return the license within three days of the date of the superintendent's written request may be deemed to be evidence of misconduct in violation of division (A)(6) of section 4735.18 of the Revised Code.

(C) Pursuant to division (H) of section 4735.13 of the Revised Code, prior to filing a transfer application with the division, the salesperson shall provide written notice to the broker, with which the salesperson is currently affiliated, that the salesperson intends to make application to transfer the salesperson's license to another broker. The salesperson shall certify on the salesperson's transfer application that such written notice has been provided to the broker.

(D) Pursuant to division (H) of section 4735.13 of the Revised Code, the superintendent may process a salesperson's application to transfer their license from one broker to another broker, without the return of the salesperson's license to the superintendent, if the salesperson certifies on the application for transfer that the salesperson has provided the broker from which the salesperson is transferring, written notification of intent to transfer to another broker.

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: 4735.10 , 4735.13 , 4735.18
Prior Effective Dates: 12/31/1975, 12/4/1981, 8/3/1987, 1/4/1988, 9/24/2000, 11/22/2004, 03/26/2007