Termination of an Agent

Question:
If an agent’s relationship with a broker ceases, what happens to the agent’s files and keys to properties listed?
Recommendation:
Hopefully, all agents remain with their current Brokers forever!However, the reality is that Agents sometimes feel the need to

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switch their license to another Broker. If this occurs, there are several issues that need to be addressed by and between Agent and Broker regarding currently and previously listed properties.

One of the issues is: who is entitled to the keys and documents.

According to the Chapter 17 of the Louisiana Real Estate Commission’s Rules and Regulations, when a agent’s business relationship with a sponsoring broker has been terminated for any reason (whether voluntary or involuntary), the agent shall immediately relinquish all business related property to the sponsoring broker, including:

1. The keys to any and all properties listed with the broker;
2. Any documents that in any way pertain to real estate transactions wherein the agent has appeared in a licensing capacity.

The requirement to turn over keys and documents does not mean the agent cannot keep a copy of all documents for himself/herself.

According to Chapter 17, the agent can keep for himself/herself a copy of all documents related to real estate transactions.