37-51-309. Broker -- salesperson -- for-sale-by-owner personal transactions of salesperson -- notice to department of change of association. (1) A salesperson may not be associated with, be under contract to, or perform services for more than one supervising broker, except on a temporary basis as provided in 37-51-302.

(2) (a) If a licensed salesperson desires to change association or contractual relationship from one supervising broker to another, the salesperson shall notify the department promptly in writing and pay the required fee.

(b) The successor supervising broker shall notify the department in writing of acceptance of the salesperson.

(c) After the department receives written acceptance of the salesperson from the successor supervising broker, the department shall issue a new license to the salesperson and a new endorsement to the supervising broker. A salesperson may not directly or indirectly work for or with a supervising broker until the salesperson has been issued a license to work for or with that supervising broker.

(3) (a) If a licensed salesperson chooses to change association or contractual relationship from the salesperson's supervising broker, but the salesperson does not have another supervising broker who has accepted supervision of the salesperson, the salesperson shall notify the department promptly in writing, at which time the salesperson's license will automatically be put on inactive status.

(b) When the conditions in subsection (3)(a) apply, the department may not charge a fee for the change in status.

(c) The salesperson may not practice during a time when the salesperson has no supervising broker or when the salesperson's license is on inactive status.

(4) A supervising broker who wishes to terminate supervision of a salesperson shall notify the salesperson in advance or concurrently with notification to the board. Termination of supervision by the supervising broker is not effective under this subsection until the supervising broker has notified both the salesperson and the board.

(5) Only one license issued to a salesperson is in effect at one time.

(6) (a) The provisions of this chapter do not prohibit a salesperson from engaging in for-sale-by-owner personal transactions, and the provisions of this chapter do not require a supervising broker to exercise any supervision or provide any training for a salesperson with respect to for-sale-by-owner personal transactions of the salesperson.

(b) A supervising broker or real estate firm is not responsible or liable for the for-sale-by-owner personal transactions of a salesperson.

(c) Prior to entering into a for-sale-by-owner personal transaction, the salesperson shall disclose in writing to the other party that the transaction is a for-sale-by-owner personal transaction with respect to the salesperson and that the transaction does not involve the salesperson's supervising broker or real estate firm.

(d) A supervising broker or real estate firm is not responsible or liable for the failure of a salesperson to provide the disclosure required in subsection (6)(c).

(7) For the purposes of this section, "for-sale-by-owner personal transaction" includes the following:

(a) the sale, purchase, or exchange of real property owned or acquired by the salesperson; and

(b) the leasing or renting of real property owned by the salesperson.

History: En. Sec. 12, Ch. 250, L. 1963; amd. Sec. 186, Ch. 350, L. 1974; R.C.M. 1947, 66-1935(2), (3); amd. Sec. 5, Ch. 306, L. 1979; amd. Sec. 6, Ch. 565, L. 1995; amd. Sec. 1, Ch. 294, L. 2001; amd. Sec. 37, Ch. 492, L. 2001; amd. Sec. 4, Ch. 79, L. 2011; amd. Sec. 1, Ch. 414, L. 2013; amd. Sec. 4, Ch. 27, L. 2017.