§514E-2.5 Licensing of sales agents and acquisition agents. (a) Except as provided in section 467-2, no sales agent or acquisition agent shall act or assume to act as a real estate salesperson or a real estate broker without a license previously obtained under and in compliance with chapter 467 and the rules and regulations of the real estate commission. No sales agent or acquisition agent shall solicit or encourage others to attend a time share sales presentation or to contact a time share sales agent or developer except as otherwise provided for by rules adopted by the director pursuant to chapter 91 without a license previously obtained under and in compliance with chapter 467 and the rules and regulations of the real estate commission.
(b) The director shall adopt rules and regulations limiting the activities of and governing sales agents and acquisition agents, whether or not such persons are also licensed under chapter 467. Such regulations:
(1) May authorize an acquisition agent who is not licensed under chapter 467 to invite others to attend a time share sales presentation or an entertainment function offered in connection therewith so long as such invitation is made from a principal place of business, branch office, site office or booth operated in accordance with state and county laws by a person licensed under chapter 467 as a real estate broker;
(2) May authorize an acquisition agent who is not licensed under chapter 467 to extend invitations from a booth without requiring the physical presence of a person licensed under chapter 467, provided that the acquisition agent remains in the booth at all times;
(3) Shall provide that any acquisition agent not licensed under chapter 467 shall be employed, either directly or as an independent contractor, by a sales agent or acquisition agent who in either case is licensed as a real estate broker under chapter 467;
(4) Shall provide that a real estate broker who employs, either directly or as an independent contractor, an acquisition agent who is not licensed under chapter 467 shall be responsible for the acts of such acquisition agent;
(5) Shall establish rules and conditions strictly regulating and, if legally permissible prohibiting telephone solicitation of guests in hotels; and
(6) Shall establish such other rules as the director deems to be in the public interest.
(c) If the director determines, after notice and a hearing, that an acquisition agent or sales agent has violated any provision of this chapter or any rule or regulation adopted by the director pursuant to this chapter, the director may suspend or revoke the registration of such person as an acquisition agent, or sales agent. [L 1981, c 81, pt of §1; am L 1982, c 186, §2; am L 1984, c 41, §3; am L 1989, c 217, §2]