28-Mar-2008

When the relationship between a principal broker and an affiliate broker is terminated, regardless of the reason, Section 62-13-310 of the Brokers' Act requires the principal broker to sign and date the TREC change of affiliation form immediately. According to TREC Rule 1260-2-.02, the principal broker's supervisory responsibility shall terminate upon signing the release form.
Once the form has been provided to TREC and the appropriate fees have been paid, the affiliate broker may act under a contract with another principal broker.
An affiliate broker has 10 days from the date of the release to complete the required administrative measures for change of affiliation, temporary retirement, or (if ineligible for temporary retirement) placement on "inactive" status. It is the responsibility of an affiliate broker to assure that the release and fees are transmitted promptly to TREC and that his/her license is prominently displayed in the new brokers' principal place of business.