ADRE LAW BOOK 2025

F. This section does not enlarge the functions of salespersons, allow salespersons to assume any of the responsibilities or functions of brokers or relieve the commissioner of any regulatory power or authority over salespersons or brokers. G. A corporation, limited liability company or partnership licensed under subsection A of this sec tion or a professional corporation or professional limited liability company licensed under subsec tion B of this section is exempt from the education requirements imposed pursuant to this chapter. The commissioner shall not charge a license fee or a renewal fee pursuant to section 32-2132 to a corporation, professional corporation, limited liability company, professional limited liability company or partnership licensed or approved under this section. H. A corporation, limited liability company or partnership licensed under this section shall report to the department within ten days: 1. Any change in officers, directors, members, managers or partners or any change of con trol of the entity. 2. Any amendment to its articles of incorporation or organization or to its partnership agreement. 3. If a corporation, when a person becomes an owner of ten percent or more of the stock in the corporation. 4. The dissolution of the corporation, limited liability company or partnership. 32-2125.01. Issuance of license; multiple licenses; use A. When the requirements for application, examination and payment of fees are completed to the satisfaction of the commissioner, the commissioner shall issue the license applied for to the appli cant. Any person who has passed the state examination for broker or salesperson must become licensed within one year from the date of the examination. Failure to comply with this section will necessitate the submission to and passing of another examination. B. Not more than one license shall be issued and outstanding to or in favor of a licensee at any one time, except that a person licensed as a real estate broker or real estate salesperson may engage in cemetery or membership camping sales activities without being separately licensed to engage in these activities. A real estate licensee may have only one employing broker in each of the following categories: 1. Cemetery. 2. Membership camping. 3. Real estate. C. A designated or employing real estate broker may engage in cemetery or membership camping sales activities and may employ cemetery and membership camping salespersons and associate brokers without being separately licensed as a cemetery or membership camping broker or sales person. 32-2125.02. Nonresident licensees; service of process; employment Amended by Ariz. Sess. Laws Ch. 52, (2024) A. An application for and acceptance of a license as a nonresident salesperson or broker shall be deemed to constitute irrevocable appointment of the commissioner as the agent or attorney in fact of the licensee for the acceptance of service of process issued in this state in any action or proceed ing against the licensee arising out of the licensing, out of transactions under the license or in any action that may result in payment from the real estate recovery fund.

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