Final answer:
When a broker's license is suspended, the licensees must either transfer to another broker, pause their activities, or obtain their own broker's license to continue practicing legally. They must act quickly to align with state regulations and avoid penalties.
Step-by-step explanation:
When a broker has their license suspended by the MREC (Mississippi Real Estate Commission), the licensees working under that broker must cease conducting business under the suspended broker's supervision. They have a few options to maintain their legal ability to practice real estate:
- Transfer their license to another eligible broker in good standing with the MREC.
- Pause their real estate activities until the suspension of their broker's license is lifted and it is legal to resume work under them again.
- Choose to apply for a broker's license themselves if they meet the eligibility criteria, and continue their practice independently or start their own brokerage.
Licensees need to take immediate action to remain compliant with real estate laws and regulations. Failing to operate under a licensed broker may result in penalties or their own licenses being suspended. Therefore, licensees must quickly adapt to the changes brought about by a broker's suspended license to protect their careers.