New Hampshire § 331-A:16-b Commission Payments to Unlicensed Entities

New Hampshire Statutes

§ 331-A:16-b — Commission Payments to Unlicensed Entities

New Hampshire·Title XXX OCCUPATIONS AND PROFESSIONS·Ch. 331-A NEW HAMPSHIRE REAL ESTATE PRACTICE ACT

I. A principal broker may pay all or part of a fee, commission, or other compensation earned by his or her firm, broker, associate broker, or salesperson to a partnership, association, limited liability company, limited liability partnership, or corporation only if all of the following conditions are satisfied:

(a)All of the partners, members, officers, or shareholders of any unlicensed business entity, including a partnership, association, limited liability company, limited liability partnership, or corporation, hold a valid and active license issued under this chapter.

(b)At least one of the partners, members, officers, or shareholders of the unlicensed business entity, including a partnership, association, limited liability company, limited liability partnership, or corporation, is th

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I. A principal broker may pay all or part of a fee, commission, or other compensation earned by his or her firm, broker, associate broker, or salesperson to a partnership, association, limited liability company, limited liability partnership, or corporation only if all of the following conditions are satisfied:
(a) All of the partners, members, officers, or shareholders of any unlicensed business entity, including a partnership, association, limited liability company, limited liability partnership, or corporation, hold a valid and active license issued under this chapter.
(b) At least one of the partners, members, officers, or shareholders of the unlicensed business entity, including a partnership, association, limited liability company, limited liability partnership, or corporation, is the licensee who earned the fee, commission, or other compensation.
(c) The partnership, association, limited liability company, limited liability partnership, or corporation does not engage in any of the prohibited acts specified in RSA 331-A:26 and the partnership, association limited liability company, limited liability partnership, or corporation is registered to do business in New Hampshire.
(d) The broker keeps a record of all of the following information for each transaction, for a period of 3 years after the date of the transaction:
(1) The name of the licensee who earned the fee, commission, or other compensation;
(2) The amount of the fee, commission, or other compensation that was earned;
(3) The name of the partnership, association, limited liability company, limited liability partnership, or corporation to which the broker paid the licensee's fee, commission, or other compensation.
II. Compliance with this section does not relieve a broker of any obligations to supervise a licensee, or of any other requirements of this chapter or rules adopted pursuant to this chapter.
III. Compliance with this section does not render a broker or licensee exempt from any portion of the chapter, or immune from liability in a regulatory action against the broker or licensee for a violation of this chapter or rules adopted pursuant to this chapter.

New Hampshire § 331-A:16-b (Commission Payments to Unlicensed Entities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.