2012 Louisiana Laws
Revised Statutes
TITLE 37 — Professions and occupations
RS 37:1451 — Death or incapacity of a real estate broker
§1451. Death or incapacity of a real estate broker
A. In the event of the death of a sponsoring broker, any associate broker affiliated with the deceased broker or, in the absence of an associate broker, a salesperson sponsored by the deceased broker, may, after proper notification to and approval in writing by the commission, complete, carry out, and enforce any contracts to which the deceased broker was a party.
B. The associate broker or salesperson approved by the commission to complete the real estate business activities of the deceased sponsoring broker shall:
(1) Immediately notify all sponsored licensees of the death of the broker.
(2) Advise all sponsored licensees that no new contracts shall be instituted and that their licenses shall be returned to the commission.
(3) Return the licenses of the sponsored licensees to the commission within five days.
C. In the event that a deceased broker did not have any sponsored licensees, the commission may designate a broker to monitor any pending real estate transactions initiated by the deceased broker.
D. In the event of the physical or mental impairment of an individual real estate broker, the commission may appoint another individual real estate broker to complete, carry out, and enforce any contracts to which the impaired broker was a party.
E. In the event of the physical or mental impairment of a sponsoring broker, an associate broker or, in the absence of an associate broker, a salesperson sponsored by the broker may be appointed by the commission to temporarily assume the duties and responsibilities of the broker.
F. In the event of the death or physical or mental incapacity of a qualifying broker, the commission shall be immediately notified and the licensed corporation, limited liability company, or partnership shall appoint a new qualifying broker within five days.
Acts 1978, No. 514, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1995, No. 1207, §1.
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