Final answer:
Listings held by a sales agent who leaves a brokerage are retained by that brokerage, not transferred to the new broker or taken over by the real estate board.
Step-by-step explanation:
When a sales agent leaves the employ of a particular broker, the listings they have do not automatically transfer to the new broker, nor are they retained by the departing agent or assigned directly to the seller. Instead, such listings are typically retained by the brokerage for which the agent was working. This is based on the principle that real estate listings are technically between the seller and the brokerage, not the individual agent. When an agent moves to a different brokerage, the listings do not follow the agent. It's the brokerage, through the previous contractual agreements, that maintains control of these listings. In some cases, the brokerage may reassign the listings to another agent within the same company.
Moreover, listings are not taken over by the local real estate board as they are generally not involved in the contractual relationship between seller and brokerage. The duties and responsibilities attached to the listings remain with the original brokerage until the agreement's terms are fulfilled or renegotiated by the involved parties. Therefore, it's essential for agents switching brokerages to understand the implications for their active listings and communicate with all parties to ensure a smooth transition.