KIP Notes:  Knowledge is Power

 New TREC Rule Allows Grace Period After Designated Broker’s Death

 What happens if your broker dies?  If you are sponsored by an individual broker, your license becomes inactive. You can request a new broker through TREC’s Online Relationship Management Tool right away to quickly set up a new sponsorship.

If you are sponsored by a business entity, the process is more involved, which is why TREC has adopted a new Death of a Designated Broker rule (535. 124).  The rule allows a 14-day grace period between the time a designated broker for a business entity dies and when the licenses of the business entity and the sponsored sales agents go inactive.  This will allow business entities time for the process of designating a new broker who satisfies legal requirements, including that the new broker has managing authority for the business and is in good standing.

Article Credit:  Texas Realtor October/November

YvonneApodaca.com

 


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