Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2250 - Missouri Real Estate Commission › Chapter 4 - Licenses › Section 20 CSR 2250-4.070 - Partnership, Association, or Corporation License

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule proclaims all provisions necessary
				  to procuring and maintaining a partnership, association, or corporation
				  license.
(1) Every
				partnership, association, or corporation must obtain a separate and distinct
				real estate broker license before transacting business as a broker pursuant to
				Chapter 339, RSMo. If the partnership, association, or corporation wishes to do
				business under an assumed or fictitious name, it shall first comply with
				20 CSR 2250-4.030
				regarding registration of the name.
(2) Before a broker license will be issued to
				a partnership, association, or corporation, each partner in a partnership or
				each associate in an association or each officer of a corporation, who actively
				participates in the supervision of the real estate brokerage business of the
				firm, as defined in the license law, shall hold the appropriate broker license
				and each broker-salesperson or salesperson associated with the firm who engages
				in activities defined in the license law shall hold the appropriate license. In
				addition, each broker-partner, broker-associate, or broker-officer shall retain
				a comparable position/title within the firm. An individual that maintains a
				salesperson license may also hold an officer title within a
				corporation.
(3) At the time of
				issuance of a partnership, association, or corporation license, the applicant
				shall make application to the commission on a form approved by the commission
				which shall include the following:
(A) The
				full name of the firm, the address of its principal place of business, and a
				statement as to its form of organization;
(B) The name, residence, and business
				addresses of each Missouri-licensed partner in a partnership, associate in an
				association, or officer of a corporation;
(C) The name and business address of the
				broker-partner, broker-associate, or broker-officer who has been designated by
				the firm as responsible for contact with the commission on business of the firm
				and to whom the commission will address its correspondence;
(D) The address of each branch office of the
				firm which engages in the activities outlined in Chapter 339, RSMo, and the
				name of the person in charge of the business at that address;
(E) If applying for a corporation license, a
				copy of the certificate of incorporation must be provided; and
(F) A statement that the information
				furnished is complete, true, and correct in all respects and that the entity is
				currently in good standing with the secretary of state. The commission must be
				notified in writing within ten (10) days of every change in a partnership,
				association, or corporation which changes any information furnished or causes
				the information to be incomplete. The designated broker for the firm shall be
				responsible for the notification.