58-3084. Expiration, suspension or revocation of certain licenses;
effect on pending closings.
- A supervising broker or branch broker whose license is expired
or is suspended, deactivated or revoked may not personally finalize
any pending closings. This responsibility must be given to another
broker, an attorney, a financial institution or an escrow company.
- If the commission has not authorized another broker to act as the
supervising broker or branch broker, transfer of the responsibility
for finalizing a pending closing shall be done with the written approval
of all parties to the transaction.
- If the commission has not authorized another broker to act as the
supervising broker or branch broker, all parties to the transaction
shall be advised of the facts concerning the situation concerning
the status of the license of the supervising broker or branch broker
and shall be provided the name, address and telephone number of the
responsible entity where all trust and escrow moneys will be held
in accordance with the written agreement of the parties to the transaction.
- The provisions of this section shall be a part of and supplemental
to the Kansas real estate brokers' and salespersons' license act.
(History: L. 2007, ch. 88, § 14; L. 2009, ch. 7, § 8; July
1.)
