Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 3 - Administration/Conducting Business › Rule 30-1601-3.5 - Real Estate Teams or Groups

Current through June 25, 2024
A. A "Team or
				Group" shall mean a collective name used by two or more active real estate
				licensees who represent themselves to the public as being part of a single
				entity which is organized with the written approval of a Principal Broker to
				perform licensable real estate activity. To qualify as a "Real Estate Team or
				Group" the active real estate licensees must be working together and each must
				(a) work under the direct supervision of the same Principal Broker, (b) work
				together on real estate transactions to provide real estate brokerage services,
				(c) must represent themselves to the public as being part of a Team or Group,
				(d) must be designated by a specific team or group name, and (e) must conduct
				all real estate activity from the primary office or branch office where their
				individual licenses are displayed.
B. All Principal Brokers must have specific
				information on each Team operating within their Brokerage and must register
				each Team with the Real Estate Commission on forms provided for that purpose;
				to include a detailed list indicating all approved Team names, the name of the
				Team Leader, the name of the individual Team members and the name of any
				unlicensed employee(s) of the Team. The working list(s) should indicate the
				dates that Team members are added to or deleted from any Team and should enable
				the Principal Broker and/or the Real Estate Commission to determine Team
				membership at any point in time. Adjustments to a Team should be filed with the
				Real Estate Commission within ten (10) working day of any change and should be
				on forms provided by the Commission.
C. All teams must appoint a Team Leader, who
				will be a Broker Associate with a minimum of one years' real estate experience,
				and will have supervisory responsibility (under the supervision of the
				Principal Broker) over the Team members. The Team Leader may be subject to
				disciplinary action for violations of the Mississippi Real Estate Brokers Act
				by Team members under their supervision.
D. A Team Name may, with the written approval
				of the Principal Broker and the Team Leader, be used in any type of
				advertising. Any individual whose name is displayed in any advertisement must
				be an active licensee who is sponsored by the Principal Broker. All advertising
				must fully comply with the guidelines established in MREC Administrative Rule
				3.3. Principal Brokers and Team
				Leaders must confirm that the name of the Principal Broker or the Brokerage
				Firm and their telephone number is prominently displayed on all advertising
				which includes contact information about a Licensee, a Team Member or a Team.
				The name of the Team must be situated near the name of the Brokerage Firm and
				shall be identified with the same sized or smaller print as that of the
				Brokerage.
E. Neither team names
				nor team advertising should suggest that the team is an independent real estate
				brokerage. Team names must not include terms such as (a) real estate brokerage,
				(b) realty, (c) real estate, or (d) company.
Miss. Code Ann.
				  §§
										73-35-3(4);
				  73-35-18 (3); 73-35-21 (d)