PROFESSIONS AND BUSINESSES Real Estate Brokers and Salespersons: Require Real Estate Brokers to Pay Commission Only to Licensees Who Have Assigned Their License to the Broker\u27s Firm; Ensure a Qualified Broker Will Be Responsible in All Real Estate Business

Abstract

The Act provides procedures for ensuring that real estate brokerage firms will not pay compensation to a licensed broker unless the broker is assigned to the firm prior to the transaction. The Act requires each brokerage firm to be managed by a real estate broker or qualifying real estate broker who is ultimately responsible for this license assignation. The Act further provides that in any given business enterprise, a qualified broker must be able to bind the business in his capacity either as partner or as corporate officer