PUBLIC LAWS-CH. 664-AUG. 10, 1939
Notice by salesman
on termination of
service.
Acts while unem-
ployed.
License,
transfer
from one individual to
another.
Change in status.
No license to firm
unless every partici-
pating member li-
censed.
50 Stat.793.
20 D. C. Code,
Supp. IV, §1977.
Suspension or revo-
cation of license;
causes enumerated.
be issued by the Commission without the payment of any additional
fee, provided a written request therefor, accompanied by a new bond,
is filed."
(h) The eleventh paragraph of said section 7 of said Act is
amended by striking out the last sentence thereof and inserting in
lieu thereof the following: "When a salesman shall be discharged
or shall terminate his employment with the broker by whom he is
employed, it shall be the duty of such salesman to immediately
notify the Commission, and it shall be unlawful for him to perform
any of the acts contemplated by this Act either directly or indirectly
from and after such termination of employment until such time as
he has been employed by another licensed broker and a license has
been reissued him by the Commission."
(i) Section 7 of said Act is further amended by adding at the
end thereof two new paragraphs to read as follows:
"A license issued to an individual cannot be transferred to another
individual. However, an individual licensed as a broker may, upon
written request to the Commission, change his status to that of an
individual broker or to that of a partner of a partnership, or to
that of an officer of a corporation, for any unexpired term of his
license, without the payment of any additional fee, and such change
shall not work a revocation or require a renewal of the bond of any
such broker. This provision shall not be applicable to any real-
estate broker in respect to a change of license to that of a business
chance broker or vice versa.
"No license shall be issued to any firm, partnership, association, or
corporation unless every individual member, partner or officer of
such firm, partnership, association, or corporation who actively par-
ticipates in the brokerage business thereof is licensed as a broker.
SEC. 8 . Section 8 of said Act is amended to read as follows:
"SEC. 8. The Commission may, upon its own motion, and shall,
upon the verified complaint in writing of any person, provided such
complaint or such complaint together with evidence, documentary or
otherwise, presented in connection therewith, makes out a prima
facie case, investigate the conduct of any real-estate broker or real-
estate salesman, or business-chance broker or business-chance sales-
man, and shall have the power to suspend or to revoke any license
issued under the provisions of this Act, at any time where the licensee
has by false or fraudulent representation obtained a license, or
where the licensee, in performing or attempting to perform any of
the acts mentioned herein, has-
(a) Made any substantial misrepresentation;
(b) Made any false promises of a character likely to influence,
persuade, or induce;
(c) Pursued a continued and flagrant course of misrepresentation,
or making of false promises through agents or salesmen, or advertis-
ing or otherwise;
(d) Acted for more than one party in a transaction without the
knowledge of all parties for whom he acts;
(e) Accepted a commission or valuable consideration as a real-
estate salesman or as a business-chance salesman for the performance
of any of the acts specified in this Act from any person, except the
broker under whom he is licensed;
(f) Represented or attempted to represent a real-estate broker or
a business-chance broker other than the employer, without the express
knowledge and consent of the employer;
(g) Failed, within a reasonable time, to account for or to remit
any money, valuable documents, or other property coming into his
possession which belong to others;
1356
[53 STAT.
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