§ 20-325l — Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state.

(a) An out-of-state broker may perform acts with respect to a commercial real estate transaction that require a license under this chapter, provided the out-of-state broker: (1) Works in cooperation with a licensed broker, whether in a cobrokerage, referral or other cooperative agreement or arrangement; (2) Enters into a written agreement with a licensed broker that includes the terms of cooperation and any compensation to be paid by the licensed broker and a statement that the out-of-state broker and the out-of-state broker's agents will comply with the laws of this state; (3) Provides the licensed broker a copy of the out-of-state broker's license or other proof of licensure from the states where the out-of-state broker maintains a license as a real estate broker; (4) Deposits all escrow funds, security deposits, and other money received pursuant to the commercial real estate transaction to be held as provided in section 20-324k unless the agreement required in subdivision (2) of this subsection specifies otherwise; (5) Complies with the laws of this state with respect to the transaction; and (6) Is credentialled as a real estate broker in another state. (b) An out-of-state salesperson may perform acts with respect to a commercial real estate transaction that require a license as a real estate salesperson under this chapter, provided the out-of-state salesperson complies with the laws of this state with respect to the transaction and: (1) Works under the direct supervision of an out-of-state broker who meets the requirements set forth in subdivisions (1), (5) and (6) of subsection (a) of this section; and (2) Provides the licensed broker who is working in cooperation with the out-of-state broker a copy of the out-of-state salesperson's license or other proof of licensure from the states where the out-of-state salesperson maintains a license as a real estate salesperson. (c) Any out-of-state broker or out-of-state salesperson licensed in a state that has no distinction between a real estate broker license and a real estate salesperson license shall be subject to the requirements of subsection (a) of this section with regard to any commercial real estate transaction in this state. (d) Each out-of-state broker or out-of-state salesperson that advertises for sale commercial real estate pursuant to this section shall include in any advertising material the name of the licensed broker with whom the out-of-state broker has a written agreement pursuant to subdivision (2) of subsection (a) of this section. Nothing in this section shall permit an out-of-state broker or out-of-state salesperson to accompany a prospective buyer at the site of commercial real estate pursuant to a real estate transaction in this state. (e) An out-of-state real estate licensee may receive compensation for referring to a real estate licensee in this state a prospective party to a real estate transaction in this state.

Legislative History

(P.A. 04-83, S. 1; P.A. 23-84, S. 32.) History: P.A. 23-84 deleted former Subsec. (a) defining “licensed broker”, “licensed salesperson”, “out-of-state broker”, “out-of-state salesperson”, “person” and “advertising”, redesignated existing Subsecs. (b) to (e) as Subsecs. (a) to (d), amended Subsec. (a) by deleting “complies with the laws of this state with respect to the transaction and” in the introductory language, substituting “states” for “jurisdictions” in Subdiv. (3) and adding Subdivs. (5) and (6) re compliance with laws of this state with respect to transaction and requirement of real estate broker credential in other state, amended Subsec. (b) by adding references to Subsec. (a)(5) and (6) in Subdiv. (1) and substituting “states” for “jurisdictions” in Subdiv. (2), adding Subsec. (e) re compensation for referrals, and made conforming changes throughout, effective April 1, 2024.