§514E-2.5 Licensing of sales agents and acquisition agents. (a) Except as provided in section 467-2, no sales agent shall act or assume to act as a real estate salesperson or a real estate broker without a license previously obtained under and in compliance with chapter 467 and the rules and regulations of the real estate commission.

(b) Except as provided in section 467-2, no acquisition agent shall solicit or encourage others to attend a time share sales presentation or to contact a time share sales agent or developer except as otherwise provided for by rules adopted by the director pursuant to chapter 91 without a real estate broker's license previously obtained under and in compliance with chapter 467 and the rules and regulations of the real estate commission or without registering as required by section 514E-10.

(c) The director shall adopt rules limiting the activities of and governing sales agents and acquisition agents, regardless of whether such persons are also licensed under chapter 467. The rules:

(1) May authorize an acquisition agent, whether or not licensed under chapter 467, and its employees and independent contractors, whether or not licensed under chapter 467, to invite others to attend a time share sales presentation or an entertainment function offered in connection therewith, so long as the invitation is made from a principal place of business, branch office, or other real estate place of business, or from a booth operated in accordance with state and county laws by the acquisition agent;

(2) May authorize an acquisition agent, whether or not licensed under chapter 467, and its employees and independent contractors, whether or not licensed under chapter 467, to extend invitations from a principal place of business, branch office, or other real estate place of business, or from a booth, without requiring the physical presence of a person licensed under chapter 467; provided that the acquisition agent's employees remain in the principal place of business or the booth at all times;

(3) Shall provide that any individual, who for compensation solicits or encourages others to attend a time share sales presentation or to contact a time share sales agent or developer, shall be employed, either directly or as an independent contractor, by a sales agent or acquisition agent;

(4) Shall provide that a real estate broker or acquisition agent who employs, either directly or as an independent contractor, an individual who is not licensed under chapter 467, to solicit or encourage others to attend a time share presentation or to contact a time share sales agent or developer, shall be responsible for the acts of the employee;

(5) Shall establish rules and conditions strictly regulating and, if legally permissible, prohibiting telephone solicitation of guests in hotels; and

(6) Shall establish such other rules as the director deems to be in the public interest.

(d) If the director determines, after notice and a hearing, that an acquisition agent has violated any provision of this chapter or any rule or regulation adopted by the director pursuant to this chapter, the director may suspend or revoke the registration of such person as an acquisition agent.

(e) If the real estate broker's license, issued under chapter 467, of an acquisition agent or sales agent is forfeited, suspended, revoked, terminated, or placed on inactive status, the acquisition agent or sales agent shall not act as an acquisition agent or sales agent under this chapter. [L 1981, c 81, pt of §1; am L 1982, c 186, §2; am L 1984, c 41, §3; am L 1989, c 217, §2; am L 2001, c 17, §2; am L 2002, c 204, §6]