37-51-309. Broker -- salesperson -- personal transactions of salesperson -- notice to department of change of association. (1) A salesperson may not be associated with or under contract to more than one licensed broker or perform services for a broker other than the one designated on the license issued to the salesperson.
     (2) When a licensed salesperson desires to change association or contractual relationship from one licensed broker to another, the salesperson shall notify the department promptly in writing of these facts, pay the required fee, and return the salesperson's license, and a new license and pocket card must be issued. A salesperson may not directly or indirectly work for or with a broker until the salesperson has been issued a license to work for or with that broker. On termination of a salesperson's association or contractual relationship, the salesperson shall surrender the salesperson's license to the salesperson's broker, who shall return it to the department for cancellation.
     (3) Only one license may be issued to a salesperson to be in effect at one time.
     (4) (a) The provisions of this chapter do not prohibit a salesperson from engaging in personal transactions, and the provisions of this chapter do not require a broker to exercise any supervision or provide any training for a salesperson with respect to personal transactions of the salesperson.
     (b) A broker is not responsible or liable for the personal transactions of a salesperson.
     (c) Prior to entering into a personal transaction, a salesperson shall disclose in writing to the other party that the transaction is a personal transaction with respect to the salesperson and that the transaction does not involve the salesperson's broker or real estate firm.
     (5) For the purposes of this part, "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.