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Connecticut General Statutes Title 20. Professional and Occupational Licensing, Certification, Title Protection and Registration. Examining Boards § 20-325l. Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective April 1, 2024. See, also, section 20-325 l effective until April 1, 2024.>

(a) An out-of-state broker may perform acts with respect to a commercial real estate transaction that require a license under this chapter, provided the out-of-state broker:

(1) Works in cooperation with a licensed broker, whether in a cobrokerage, referral or other cooperative agreement or arrangement;

(2) Enters into a written agreement with a licensed broker that includes the terms of cooperation and any compensation to be paid by the licensed broker and a statement that the out-of-state broker and the out-of-state broker's agents will comply with the laws of this state;

(3) Provides the licensed broker a copy of the out-of-state broker's license or other proof of licensure from the states where the out-of-state broker maintains a license as a real estate broker;

(4) Deposits all escrow funds, security deposits, and other money received pursuant to the commercial real estate transaction to be held as provided in section 20-324k unless the agreement required in subdivision (2) of this subsection specifies otherwise;

(5) Complies with the laws of this state with respect to the transaction; and

(6) Is credentialled as a real estate broker in another state.

(b) An out-of-state salesperson may perform acts with respect to a commercial real estate transaction that require a license as a real estate salesperson under this chapter, provided the out-of-state salesperson complies with the laws of this state with respect to the transaction and:

(1) Works under the direct supervision of an out-of-state broker who meets the requirements set forth in subdivisions (1), (5) and (6) of subsection (a) of this section; and

(2) Provides the licensed broker who is working in cooperation with the out-of-state broker a copy of the out-of-state salesperson's license or other proof of licensure from the states where the out-of-state salesperson maintains a license as a real estate salesperson.

(c) Any out-of-state broker or out-of-state salesperson licensed in a state that has no distinction between a real estate broker license and a real estate salesperson license shall be subject to the requirements of subsection (a) of this section with regard to any commercial real estate transaction in this state.

(d) Each out-of-state broker or out-of-state salesperson that advertises for sale commercial real estate pursuant to this section shall include in any advertising material the name of the licensed broker with whom the out-of-state broker has a written agreement pursuant to subdivision (2) of subsection (a) of this section. Nothing in this section shall permit an out-of-state broker or out-of-state salesperson to accompany a prospective buyer at the site of commercial real estate pursuant to a real estate transaction in this state.

(e) An out-of-state real estate licensee may receive compensation for referring to a real estate licensee in this state a prospective party to a real estate transaction in this state.

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Cite this article: FindLaw.com - Connecticut General Statutes Title 20. Professional and Occupational Licensing, Certification, Title Protection and Registration. Examining Boards § 20-325l. Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state - last updated January 01, 2025 | https://codes.findlaw.com/ct/title-20-professional-and-occupational-licensing-certification-title-protection-and-registration-examining-boards/ct-gen-st-sect-20-325l/

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