Sec. 20-325l. Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state.
Sec. 20-325l. Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state. (a) As used in this section: (1)
"Licensed broker" means a person licensed under this chapter as a real estate broker,
(2) "licensed salesperson" means a person licensed under this chapter as a real estate
salesperson, (3) "out-of-state broker" means a person licensed in another state as a real
estate broker who is not licensed as a real estate broker under this chapter, (4) "out-of-state salesperson" means a person licensed in another state as a real estate salesperson
who is not licensed as a real estate salesperson under this chapter, (5) "person" means
a person, as defined in section 20-311, and (6) "advertising" means advertising, as defined in section 20-329a.
(b) 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
complies with the laws of this state with respect to the transaction and:
(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 jurisdictions where the out-of-state broker maintains a license
as a real estate broker; and
(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.
(c) 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 subdivision (1) of subsection (b) 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 jurisdictions where the out-of-state salesperson maintains a license as a real
estate salesperson.
(d) 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 (b) of this section with regard to any
commercial real estate transaction in this state.
(e) 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 (b) 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.
(P.A. 04-83, S. 1.)