SCR501 Independent Contractor Agreement requires the BIC and associated licensees are licensed. Good to renew annually to ensure everyone is licensed.
https://screaltors.org/wp-content/uploads/Forms/501.pdf
You can look your license up at LLR website to ensure you have an active real estate license.
BICs double check your licensees are active licensees regularly.
Licensees check your own license for active status regularly, especially after renewing to ensure the electronic renewal worked.
https://verify.llronline.com/LicLookup/Rec/Rec.aspx?div=19
Other issues to consider having a written agreement between BIC and associated licensees:
Compensation
Team Compensation
Leaving Brokerage Issues (e.g., retirement, change brokerages) – what can be said to the brokerage’s clients…can clients move with the licensee…referral fees…commission split changes…pendings…files…debts…equipment.
Posted by: Byron King on 4/27/21 (This information is only accurate as of 4/27/21. You must contact SCR for updates and changes to this information after 4/27/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)