§ 37:1451 — Death or incapacity of a real estate broker

§1451. Death or incapacity of a real estate broker
A. (1) The commission shall be notified in writing when a sponsoring broker dies and
shall have the authority to appoint an active licensed associate broker or salesperson to
complete, carry out, and enforce any incomplete real estate business activities of the deceased
sponsoring broker, including real estate contracts left pending at the time of the death.
(2) The associate broker or salesperson shall immediately notify all sponsored
licensees that the sponsoring broker has died. Such notice shall advise the sponsored
licensees that no new contracts shall be instituted.
(3) In the absence of any sponsored licensees, the commission shall have the
authority to appoint an active licensed broker to complete, carry out, and enforce any
incomplete real estate activities of the deceased sponsoring broker, including real estate
contracts left pending at the time of the death.
B. In the event of the physical or mental impairment of an individual real estate
broker, the commission shall have the authority to appoint another individual real estate
broker to complete, carry out, and enforce any incomplete real estate business activities of
the impaired sponsoring broker, including real estate contracts left pending at the time of the
impairment.
C. In the event of the physical or mental impairment of a sponsoring broker, an
associate broker or, in the absence of an associate broker, a salesperson sponsored by the
broker may be appointed by the commission to temporarily assume the duties and
responsibilities of the broker.
D. In the event of the death or physical or mental incapacity of a qualifying broker,
the commission shall be immediately notified and the licensed corporation, limited liability
company, or partnership shall appoint a new qualifying broker within five days.

Legislative History

Acts 1978, No. 514, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1995, No. 1207, §1; Acts 2016, No. 533, §1.