(a) When any licensee is terminated by the broker or broker organization or voluntarily terminates, the broker shall immediately notify the Commission of such termination.

(1) Upon the broker terminating the licensee, the broker, at the time of the notification to the Commission, shall address a communication to the last known address of such licensee. The communication shall advise the licensee of the termination. A copy of the communication to the licensee shall accompany the notification to the Commission.

(2) No terminated licensee shall perform any real estate services or engage directly or indirectly in providing real estate services until the Commission, in its discretion, shall issue a new license showing a new broker and a new approved business location.

(b) Upon completion of a form as provided in the rules and regulations and payment of the prescribed fee, the Commission shall place any active licensee on an inactive status for an unlimited amount of time. A licensee may reactivate an inactive status license, subject to payment of the biennial registration fees, for such time as the license has been inactive, and upon submission of proof of fulfillment of continuing education requirements for each renewal period.

(c) A licensee may transfer his or her license from 1 broker to another upon completion of a form as provided in the rules and regulations and upon payment of the prescribed fee. The releasing broker must file a completed form with the Commission within 5 business days of obtaining a sponsoring broker and the transferring licensee’s signatures on the form.

35 Del. Laws, c. 63, § 8; Code 1935, § 5480; 24 Del. C. 1953, § 2920; 52 Del. Laws, c. 109; 57 Del. Laws, c. 403, §§ 1-3; 63 Del. Laws, c. 154, § 1; 67 Del. Laws, c. 121, § 23; 70 Del. Laws, c. 186, § 1; 70 Del. Laws, c. 603, § 10; 71 Del. Laws, c. 103, § 4; 78 Del. Laws, c. 166, § 1.