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(a) A suspended or revoked license and the pocket part of the license must be immediately surrendered by the employing broker to the commission. If the license and pocket part are not in the possession of a broker, they must be immediately surrendered to the commission by the licensee. A license and pocket part are considered surrendered when they have been placed in the United States mail, registered with postage prepaid, and properly addressed to the commission, or when they have been otherwise delivered to the commission.
(b) When a real estate broker surrenders the broker's license, the licenses of all licensees employed by the broker who are not subject to an order of suspension or revocation must be returned to the licensees; the broker shall execute and send to the commission a notice of termination for each of the licensees employed by the broker. Within 15 days of receipt of the returned license, licensees whose licenses are returned shall submit to the commission a properly executed notice of employment or a request for inactivation. Failure to follow the requirements of this section will result in automatic suspension of the employee's license and interruption in the licensee's active status beginning on the date of the broker's suspension or revocation and continuing until a properly executed employment notice or request for inactive status is received by the commission.
(c) When an associate real estate broker or real estate salesperson is discharged or released from a broker's employ for violating the provisions of AS 08.88 or this chapter, the broker shall notify the commission, in writing, of the release or discharge circumstances and reasons for the broker's action. Failure to immediately notify the commission constitutes ratification of the acts of the associate broker or salesperson by the broker.
(d) No refund of the license fee will be made by the commission when a license is surrendered.
(e) A licensee whose license has been suspended or revoked may not engage in any of the activities authorized by AS 08.88 until the license has been reissued.
History: Eff. 8/6/67, Register 24; am 8/22/79, Register 71; am 12/6/81, Register 80; am 7/16/94, Register 131; am 2/12/99, Register 149
Authority: AS 08.88.081
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Last modified 7/05/2006